End-to-end automation for accounts payable processes
Intelligent Contract Reader - Automates Contract Abstraction
Businesses deal with a variety of contracts and can find it difficult to determine which legal terms and pricing arrangements are current, resulting in lost contracts, lost revenue, lost savings, and hidden clauses leaving the organization open to liabilities. Manual contract abstraction is expensive, time-consuming, and requires a lot of human intervention. Gartner predicts that “lawbots” will handle 25% of internal legal requests by 2023.
Turbocharge your workforce with Bumi
Customer Success Story
Multi-National Manufacturing Corporation
Needed to manually review 17,000 contracts to identify key information, analyze the data and update the ERP system. Resources for this project included 4 FTEs with a timeline of 1 year, each contract taking up at least 3-4 hours of manual labor.
With the implementation of Bumi, the customer was able to automate the pre-processing of contracts to remove unwanted documentation, extract important information, and deliver this information to the existing ERP system. Bumi comes fully equipped with audit trails.
Bumi was able to complete document reviews within 8 minutes per contract on average and brought down the cost of processing contracts significantly. The resources for the project were reduced to 2 FTEs, with a timeline of 3 months.
Pre-Processor: The pre-processor enables the review of documents to remove any noise present, such as the removal of blank pages, the management of images, proper page orientation, multi-document classification, header and footer management, paragraph continuity, and many other elements that improve the readability of the documents.
Classifier: The classifier is the core component of Bumi. It classifies data according to pre-determined requirements such as section segmentation, intelligent key value pairing, clause extractions, summarization of content, and sentiment analysis based on the specific needs of the use case. Amazon Comprehend is used for NLP needs, such as contextual analysis and entity extraction.
HighIQ User Board (HUB): Real-time standard reporting is made available in the HUB for further processing in your contract management lifecycle. Customizable reporting in various formats is available, such as JSON, CSV, TXT, etc.
HighIQ’s intelligent contract reader, Bumi, is powered by HighIQ’s proprietary algorithms, Amazon Web Services (AWS), and Amazon’s Textract, which automatically extracts data from scanned documents. Deploy intelligent automation for contract abstraction instantly in your own secure AWS Cloud environment.
If you have any questions or need technical support, please reach us at firstname.lastname@example.org and we will get back to you.