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10xDS AI solution automates data extraction from contracts for Auditors

AI Solution for Data Extraction from Contracts

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.

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