The Business Need
The world's largest commercial real estate service provider based out of America had a compelling need to automate the extraction of crucial data points from a myriad of lease contracts and documents. The documents were in various international languages and lease abstraction services had to be performed for specific locations(US & Europe). The abstracted information had to be directly integrated into the client’s system.
A major challenge in lease abstraction process is that it is a data-intensive and time-intensive task.
Moreover, it requires experienced professionals with deep industry knowledge who knew the nuances in handling the lease data as even a small misinterpretation can lead to a domino effect. Most of the documents were either incomplete or had many pages missing which were a huge hindrance in complete abstraction.
The documents were available in multiple languages and had many missing pages. Most leases had incomplete fields and were close to the expiration date, so a complete and accurate abstraction was always a huge and challenging task.
How we solved the problem
The huge demand made our company develop an internal lease operations team of over 100 members who have been wrangling with lease data for more than 5 years.
A team of lease experts was deployed to abstract crucial lease data from various leases and sublease documents that were spanning around 500 pages.
The lease abstraction process adopted by Xtract.io is explained below.
Document Quality Check
The document was first uploaded into our data enrichment platform - Mojo to perform data quality check.
Document Translation - The documents which were not in English were translated to English
Lease data abstraction - Crucial data points like commencement date, total area to be leased, damage charges, late charges, alterations, etc., were abstracted
Data Enrichment - The abstracted data were checked for any missing or incomplete values and appended with proper values
Data Integration - The accurate and complete lease data was then integrated directly into the client’s system with powerful web APIs
The solution provided by Mojo helped the client to track and generate advanced customized reports. The flexible APIs helped the client to access the file from anywhere at any time without worrying about security. The client was relieved from performing any Data Quality check as our internal lease operations team performed it.