How can consultants leverage AI document review to improve their clients processes, mitigate risks, and reduce costs?
Consultants are constantly required to step up their vocabulary, and AI, machine learning, and RPA (Robotic Process Automation) have recently been added to the mix.
One field of Artificial Intelligence technology that nurtures a great potential for the corporate environment is automated document review (in case you wonder, they also call it text analytics, contract analytics or contract review).
AI document review -and AI in general- proves to be an efficient tool for repetitive, semi-defined tasks, like spotting patterns, identifying and extracting text, flagging anomalies: an efficient component of a corporate RPA strategy.
But where and how exactly can AI document review fit in?
The good point about automated document review is versatility. Every corporate department has a number of tasks that are:
- Repetitive and consistent, with the same step being performed repeatedly;
- Particularly prone to human error.
These features make the perfect environment for automation.
What areas can be improved through the use of AI document review?
There are a few areas where consultants can leverage the power of AI document review.
According to Gartner, 89% of general accounting operations could be highly automatable. AI-powered document review technology is able to analyse entire sets of documents – from expenses to invoices, extract relevant text and collect it in a repository where the extracted data can be stored, manipulated and supplemented with additional data.
Auditing can benefit from automated document review – Gartner estimates 72% of financial controlling could end up being automatized in some way or another. For instance, AI document review technology can be leveraged to identify indications of fraud, just by reviewing changes in patterns of invoices over time or unusual invoiced items.
The sales process, although traditionally a more “creative” one, can be supported through the use of machine learning powered document review.
One of the main friction points before sealing a deal with a client, is identifying potential risks in the draft agreement, before it is submitted to the analysis of the legal department – that very often ends up flagging criticalities and ends up slowing the clients onboarding. Some document review systems allow for comparing the contract against a database of known and approved contracts, identifying deviations in standard clauses, reducing the risk and expediting the approval process by the legal department.
Cognitiv+’s Contract Comparison feature can match any new document with a list of pre-vetted documents and automatically highlight differences, pinpointing any changes and anomalies and summarizing them in a redlined document.
Cognitiv+’s Contract Comparison feature can match any new document with a list of pre-vetted documents and automatically highlight differences
HR departments deal with contracts – a lot of them – and AI can help with identifying key information in employment agreements, such as salary, restrictions on annual leaves, and terms and termination clauses, which can be classified, interpreted, and extracted. Data from contracts can be integrated with data from the company’s payroll.
This is the area where machine learning document review and extraction technology can prove all their versatility. As tasks can vary wildly according to the data science project, there may be the need to retrain the machine learning algorithm in–house for each new task. Not many document review technologies offer this capability.
Cognitiv+ GrayBox is a customizable, easy to use solution that allows data scientists to build deep learning models in a fraction of the time than with traditional data science methods. We dubbed it “Deep Learning for the Masses”.
No tech is an island, entire of itself
Now, artificial intelligence technology is not a magic wand, it is just one of the many tools that consultants and companies utilize to improve their processes and solve their – very real – problems.
Integrating the technology into an existing workflow becomes as important as the capabilities of that technology.
Integrating AI technology into a company’s processes requires accurate planning – doing RPA right means that companies can’t be left alone with an expensive toy in their hands, but need to be guided in the discovery and implementation process. To put it simply. The role of the consultant consists not only in identifying issues and suggesting the best technology tool, but also integrating it into the existing processes and technology.
AI technology that smoothly integrates
On the other hand, a shiny new AI tool needs to be flexible enough to be integrated with the existing software and DMS that the company is using. Cognitiv+ API allows for easy integration with existing systems or for building your own system on top of our machine learning technology.
The role of the consultant consists not only in identifying issues and suggesting the best technology tool, but also integrating it into the existing processes and technology.
The role of the consultant
In a survey conducted by ISG on a pool of 550 European companies, results showed that a wide majority of companies prefer to engage with existing providers rather than hiring new providers to implement new RPA technologies.
In other words, they prefer their long term relationship with existing consultants and would like them to be the ones that help them buy, deploy and integrate a new technology into their processes. Innovation is cool, but old relationships are cooler.
At Cognitiv+ we keep pushing the limits of artificial intelligence for document analysis. We love what we built and we think the applications of our platform can be manyfold.
We don’t sell an “off-the-rack” product, but a customizable technology that we help you integrate into existing processes, so you can provide your clients with a comprehensive solution to their problems.
Are you a consultant? We would like to hear from you and see how we can help your clients leverage artificial intelligence. Get in touch and book a free demo.