With the help of MaxinAI, ExtractHD, a document extraction platform, was able to offer a solution that scans documents and extracts text, saving hours of manual labor.
Property managers must process and file mountains of paperwork related to their properties. This information needs to be kept searchable and accurately indexed for compliance reasons as well as to provide an audit to their landlord clients.
- Approximately 20% of the working day is spent searching, indexing and managing property information.
- Across an organisation this adds up to hundreds of thousands in cost annually.
ExtractHD – capturing property data in seconds
Rentancy is a UK company providing property management software that automates the role of the property manager. Because of this, the Rentancy team partnered with MaxinAI to offer a solution based on Artificial Intelligence, ExtractHD.com, was created to automate property document extraction with high accuracy, saving thousands of dollars and man-hours.
How does ExtractHD work?
ExtractHD is a website, run by Rentancy and uses the technology of MaxinAI.com, where users can upload an image of a gas certificate or other property documents and automatically extract the necessary fields which can then be turned into renewal reminders and key data.
Our team provides ExtractHD with a technology based on Optical Character Recognition (OCR) and Natural Language Processing (NLP) that uses smart algorithms to analyze the information within physical documents, making it possible to understand the data contained in these documents and digitize them in seconds. The data is later connected to the corresponding tag in the system (name, invoice number, start date, etc.).
Who can benefit from this solution?
- Property Managers
Managers must focus on important tasks, but often in the property industry, these same managers are bombarded with mountains of repetitive tasks related to extracting data from documents. However, ExtractHD returns this time to managers with intelligent automation.
- Property teams
ExtractHD digitizes all documents and can be accessed from any device, improving productivity and facilitating the exchange of information within the team.
With the help of the software, tenants have access to organized information in a snap of fingers, reducing workload and eliminating surprises.
- Anyone who dislikes monotonous work
Here is what the process looks like:
Upload a scanned version of a physical document.
ExtractHD will process documents using NLP Deep Learning models, making sense of your document text for further data extraction.
The key data will be extracted from documents and connected to the corresponding tag (name, invoice number, start date, etc.).
- Save Money
Automating the above-mentioned process will free around 30% of the workday for workers.
How ExtractHD simplifies daily life for property managers
Spending time storing, inspecting and analyzing stacks of documents can take many hours. In today’s competitive environment, spending time searching for information that can be found in seconds can be interpreted as wasted. This is exactly what ExtractHD wants to eliminate. Here are the benefits one gets with the software:
- Increased productivity
Instead of manual data entry, one can focus on the tasks that really matter to them or their business, resulting in increased productivity.
- Accuracy and Speed:
With ExtractHD, data extraction from property documents can be done more accurately and in a matter of seconds, eliminating human error.
- Reduced costs
People detest repetitive work so much that they are even willing to hire someone else to do these monotonous tasks. Automating this process and saving time will ultimately be more economical for the user.
Range of property-related documents that ExtractHD can process with our dedicated AI engine
People who are dedicated to the real estate sector know the immense amount of documentation that must be faced sometimes even daily. ExtractHD made this struggle a thing of the past and with MaxinAI’s solution, offers automatic data extraction from documents such as:
- Gas Certificate
- Energy Certificate
- Electricity Certificate
- H&S Survey
- Tenancy Agreement
- +Many More
The smarter way to handle your documents
The collective partnership of MaxinAI and Rentancy resulted in an innovative solution that combats ineffective manual work and with automated data extraction, returns control of time and decisions back to people.
With MaxinAI’s smart technology, ExtractHD is successfully operating in the data extraction industry, as its software extracts data with the highest precision so users can rest easy and spend their precious time on the things that really matter.
If you are interested in partnering for a specific project, where MaxinAI leads technology development and your company is responsible for business development, schedule a free call with our experts, we are open to partnerships!
P.S. in case of mutual interest, we offer a pilot project at no cost so it does not cost you anything to test our solution.
If someone asked you to name a thing that affected everyone globally, what would you answer?
There is a high probability that your response would be the COVID-19 pandemic that still haunts the world.
On a positive note, based on preliminary findings, a vaccine developed by Pfizer and BioNTech showed 90% effectiveness in preventing the coronavirus. The pandemic may (hopefully) disappear soon, but the effects that the disorder related to it created for businesses will be hard to forget.
Today, we will look at the pandemic chaos from a different, less discussed but equally important perspective – keeping track of force majeure clauses – and will also discuss the ways in which Artificial Intelligence deals with the problem.
What is force majeure?
The force majeure clause is a part of the contract that frees the included parties from responsibilities and obligations in the case of certain events listed in the text, such as earthquake, war, hurricane, or pandemic.
Such clauses can be found in various documents such as association agreements, property and equipment lease, employment contract, etc. and it is important for companies as it serves as a temporary relief in unforeseen circumstances.
COVID-19 and force majeure
The coronavirus is arguably the single most damaging force majeure situation to hit the entire world, causing companies to tragically cancel projects, postpone events, and in some cases even close businesses.
As the pandemic affected all sectors and made it impossible for obligations to be fulfilled, lawyers and company representatives are being bombarded with tasks of reviewing all contracts to identify force majeure clauses.
Reviewing these documents, especially when it comes to a large company, is not only time-consuming, but sometimes even impossible, as some organizations have thousands of contracts with force majeure clauses in different places and different wording in each document.
Where can AI help?
Some might speculate that Artificial Intelligence was created to conquer the world but the real motivation behind this is not that thrilling since the main reason for AI development is to make people’s lives more efficient and simple.
And AI is exactly what solves the challenging situation mentioned above with a smarter solution that searches and finds the force majeure clauses in just a matter of seconds, an operation that would take normal person hours or even days.
How exactly can AI do that? Well, with the help of deep learning, computer vision, and optical character recognition (OCR), AI can easily understand your digital documents and almost instantly identify relevant and necessary information within the file, in this case, force majeure clauses.
Companies can set search parameters and artificial intelligence models will analyze contracts to determine if they contain force majeure clauses and if there is a specific reference to an epidemic.
The models are so intelligent that even in case of no texts directly related to an epidemic, it can also search for phrases inside the contract that discuss situations outside the control of the parties that may also apply to the pandemic.
All of this text is highlighted so that human experts can review the information and decide what the next steps may be according to the contract.
Thanks to the AI solution companies can:
- Perform the search more quickly and accurately
- Find relevant and useful information even if force majeure clauses are not included in a contract
A real-life example
As one of our projects, we created a product, ExtractHD, that eliminates the tedious work of manual data extraction and instead automates it so that people can obtain the necessary information from digital documents in a matter of seconds, without problems.
At the core of this solution is computer vision and OCR, technologies that can also help companies quickly identify force majeure clauses, as we mentioned earlier.
As much as we can hope that force majeure situations will not happen again, as the coronavirus situation demonstrated, we cannot ignore the importance of being prepared for them. If your organization wants to save time and money by quickly finding force majeure clauses or automating text extraction and analysis, our experts would love to explore it further with a free consultation.
Anyone with a good understanding of the banking industry knows the crucial importance of data entry and extraction for financial organizations.
Precisely with data entry, financial organizations can keep all relevant information in one place so that it is available quickly and efficiently. In this way, these institutions can create bank statements, loan agreements, credit and debit reports, etc.
However, all those who have had to work in the banking sector are also aware of the inconvenience and difficulty that data extraction, an important but repetitive task, can cause.
And it is very likely that they know it first-hand since this is a task that almost every bank worker has had to deal with at some point in their career.
And what happens when tedious and unwanted duties collide? Increases the probability of human error.
This has posed a serious problem for the financial sector, as data entry and extraction is a major operation. Therefore, the industry has been trying to find a perfect solution that minimizes human error and takes the stress out of work.
Challenges of manual data entry and extraction:
- High probability of inaccuracy
- Repetitive and demotivating
AI as the perfect answer to financial data management
The fact that automation can help increase a company’s productivity is no longer news.
However, automating tasks with an intelligent system that does not require human intervention but can mimic and even surpass human performance is what has revolutionized companies today.
Exactly with the help of subsets of AI – Optical character recognition (OCR); Deep Learning and computer vision – financial companies can address the problem of manual data handling.
Before we get to how it’s done, let’s define all these subsets:
- OCR – A technology that recognizes and transforms text from digital documents, such as photos, into machine-readable text data.
- Deep learning – A subset of AI motivated by the human brain that mimics it with artificial neural networks to solve complex problems with large amounts of data.
- Computer Vision – a field that deals with the way computers see and understand images and videos. Computer vision includes OCR but also incorporates additional features such as facial recognition.
Now that we know what each of them represents, let’s look at the detailed process of how these technologies address the challenge of data extraction.
- The first step for the AI-powered machine to work efficiently is to provide it with the necessary data of texts, letters, figures, numbers, etc. This creates a kind of character dictionary for the system that is later used as a reference.
- For the next step, the desired document is uploaded to the system and the system tries to identify the characters that are present in the file. This is done by analyzing each symbol for its characteristics, such as curves, corners as well as other details and referencing it with the system´s database.
- In addition to the symbol dictionary, the system also understands words as a whole. Therefore, if some letters are difficult to identify, the OCR system checks its dictionary of words to find the closest match.
- The intelligent system can also identify the type of document (financial statement, invoices, annual reports, etc.) and customize its information extraction process, increasing the precision of the extracted data.
What are the results and benefits of this process?
- Increased document processing capacity – The process we mentioned above takes several seconds for a good AI-powered system. Imagine the number of documents that you can digitize and extract data from in a matter of minutes.
- Happier employees – Employee satisfaction became one of the main objectives of businesses since it is directly related to the performance of the company. Freeing your staff from uninteresting tasks and giving them meaningful work will benefit your entire organization.
- Greater precision in data extraction – Automating the data extraction process eliminates human error and provides greater accuracy for businesses.
- Cost reduction – Financial companies are one of the leading organizations engaged in document handling. The costs associated with the artificial intelligence system and automated document data extraction are justified and more profitable in the long run.
The financial sector should pay more attention to recent innovations in the industry, as they can be a turning point in terms of gaining a competitive advantage.
One of the most important innovations is the inclusion of AI to streamline and optimize various operations such as data entry and extraction.
And while it may seem like a big compromise, in reality, it could prove to be a cheaper solution that makes the document data extraction process more accurate, faster, and can free up your staff from uninteresting labor.
One of the main goals of Artificial Intelligence has always been to simplify human life by handling repetitive tasks and freeing up our time to focus on more meaningful projects.
Lawyers know more than anyone how important and crucial time management is in legal practice. This great importance has motivated legal professionals to seek innovative solutions that help them better manage their time.
That is why an increasing number of law firms began to pay attention to Artificial Intelligence (AI) and Machine Learning (ML) solutions. A recent study found that attorneys using artificial intelligence were able to complete their legal research 24.5% faster than those who stuck to traditional research.
Today we will explore in more detail how Artificial Intelligence can help law firms be more efficient.
AI is the best solution to eliminate routine tasks like reviewing contracts. With the ability of Natural Language Processing (NLP) and Deep learning, legal firms can let the AI-powered system to pre-work the contract before the professionals do the final revision.
This process cuts your expenses and also speeds up the process as your staff will have more time to focus on more important tasks. It is also important to note that speeding up this process through automation does not mean less quality work, on the contrary, AI-powered systems are highly precise.
45% of lawyers using Artificial Intelligence tools noted that the system was able to find details that would have been lost in the case of a traditional research.
Lawyers know the real struggle of managing and maintaining contracts. The AI-powered system not only stores contracts securely, it makes access to information smooth and fast.
Attorneys won’t have to manually go through stacks of papers to find contract termination dates or other vital information. Instead, Artificial Intelligence software can review your documents in minutes, track all necessary data, and store it in a way that makes information retrieval as quick as possible.
Force majeure clauses
2020 showed us the real value behind the saying “Hope for the best and prepare for the worst”. Unfortunately, the case was that many companies and businesses were unprepared for the pandemic situation which, apart from the obvious problems, created additional legal headaches.
When the pandemic began, lawyers had to review mountains of contracts and documents that included force majeure clauses.
The real problem was the fact that these clauses are located on different pages, which means that they had to manually go through the pages and identify the exact places by mentioning force majeure.
However, those who used AI solutions were able to quickly identify not only texts that directly refer to force majeure, but also those that indirectly discuss situations that would apply to the pandemic.
Predicting the outcome
There are a large number of court records available to the public. Thus, data on trials, verdicts, and case details can be extracted and fed to Machine Learning algorithms. What does this give you?
Based on historical data, Artificial Intelligence can predict certain outcomes. Therefore, when analyzing similar cases and verdicts, AI can cross-reference your current case and give your probability of winning the case. Similar AI technology was used and was able to predict the decisions of the European court of human rights with 75% accuracy.
As we mentioned earlier, machine learning and artificial intelligence are already tackling important tasks like predicting case outcomes, reviewing and managing contracts; However, as technology advances and the data available from previous legal cases increases, we will undoubtedly see more innovative ways to use artificial intelligence in the legal sector.
Why not schedule a free consultation call with our artificial intelligence experts and see how MaxinAI’s custom solutions can make your law firm better, faster and stronger?