Streamlining Lease Contract Management with OCR & AI Technologies
+
Lease Contract Data: a World of Inefficiencies
Currently, the process of extracting and inserting lease contract data is mostly manual and takes a significant amount of time. This process generally includes the following steps:
1
Contract Identification & Organization
Organizations must identify and gather all relevant lease contracts, often scattered across multiple locations or departments.
This process can be challenging, especially for large enterprises with numerous lease agreements.
Once contracts are collected, teams of contract managers, lawyers, and accountants manually review each document, line by line, to extract critical data points.
After that, this information is manually entered into lease accounting systems or spreadsheets.
Manual Review & Data Entry
2
To ensure accuracy, the extracted data undergoes multiple rounds of review and validation by different teams or individuals.
This step aims to detect any errors or inconsistencies in the extracted information.
Quality Assurance & Validation
3
After the data is validated, it is integrated into the organization’s lease accounting systems or reporting tools.
This process can be complex, particularly when different systems or formats are involved.
Data Integration & Reporting
4
Avoid the typical challenges involved in managing lease contracts manually.
Manual data extraction and insertion from Lease Contracts can be a laborious, error-prone, and costly process.
The lack of standardization and automation exacerbates inefficiencies, inconsistencies, and compliance risks.
Resource Intensiveness
The extraction and insertion process demands significant human resources. Contract managers, lawyers, and accounting professionals must meticulously review and validate the extracted data.
Dynamic Business Landscape
While other document types, such as invoices, benefit from OCR and AI automation, lease contracts lag behind due to their unique complexities
Lease Contracts Complexity
Lease agreements span various formats, languages, and structures. Extracting relevant data—such as payment terms, lease commencement dates, and critical clauses—requires precision and efficiency
Financial and Reputational Risk
Inaccurate data extraction can lead to financial discrepancies, compliance violations, and reputational risks. Organizations need a robust solution that minimizes errors and ensures data integrity
Revolutionize your lease contract management, making it efficient, compliant, and hassle-free.
The high maturity of AI technologies such as Natural Language Processing (NLP) and OCR ensures higher accuracy and efficiency in extracting information from documents.
Boost Efficiency
AI-driven OCR systems offer improved capabilities to structure extracted data, ensuring seamless integration with lease contract management systems.
Enhance Data Structuring
Sophisticated AI algorithms minimize the need for manual intervention by identifying and handling exceptions effectively, reducing the likelihood of errors.
Effortless Exception Handling
The widespread adoption of AI in various business processes showcases its efficacy and reliability, encouraging its implementation in diverse sectors.
Get the Industry Best Practices
Transform extracted data into a structured format compatible with your Contract Lease software for automatically inserting new contracts.
Automate Your Data
Technological strides have led to faster processing speeds, enabling quick extraction and validation of data from large volumes of contracts, thus enhancing overall workflow efficiency.
Increase Processing Speed
Together, we offer the most suitable support for your business's entire lifecycle of lease contract data management:
In-depth knowledge of different Contract Lease Management Softwares (SAP Re-FX, Nakisa, Lease Accelerator, ...)
Successful implementation of several transformation and maintenance projects on multinational context
One of the most experienced European companies in Contract Lease Management
+
Provider of automation solutions for lease contracts using OCR and AI technologies
In-depth knowledge of automation of contract data, modifications & reporting in lease accounting with AI.
A team of the most experts in contract Lease management in North America
Technology Analysis
Depth analysis of top technology solutions, assessing their capabilities, reputation, and compatibility with your needs.
Our team helps you evaluate the efficiency of AI and OCR technologies by analyzing your contracts and considering factors such as accuracy, speed, and adaptability.
Meet our Services
Services Analysis
We assist you in evaluating your automation pathways, comparing the benefits of Management Services versus Implementation Services.
Examining both options ensures you choose the most effective strategy for optimizing your automation processs.
