10xDS AI solution automates data extraction from contracts for Auditors
An auditing firm required to extract key information from contract documents to reduce the cycle time for the auditors.
Challenges
- The firm faced some difficult challenges such as:
- Multiple page contract (lease) documents needed to be thoroughly reviewed to identify key information
- Scanned image documents made it impossible to copy the information
- Manual calculation and manual scheduling of payments
- The entire process was time-consuming
Solution
10xDS AI solution processes multiple types of contracts with a descriptive analytics interface for data consolidation. The solution significantly reduces cycle time. The business intelligent dashboard provides a consolidated view of all the contracts. The audit coverage is maximized on critical area likes of contract vouching/testing.
