Case study: Leading Market Research Company
Leading Market Research Company reduces downtime by automating its finance processes with codemantra’s IDP solution.
The client is a U.S-based products, solutions, and advisory company that provides brand and market access solutions to navigate the rapidly changing healthcare market
- Challenges
- Manual entry and inspection of critical information such as customer agreements in spreadsheets that need to be later transferred to enterprise database systems
- Lack of a quick document processing solution to meet billing deadlines
- Key resources are directed towards monotonous tasks leading to loss of productivity and poor customer management
- Business Impact
- 72% staff augmented into other upstream activities
- 90% reduction in processing time & contracts processing errors
- Manual effort reduced to less than 10%
- 72% reduction in contracts indexing efforts
Solution
codemantra’s intelligent document processing platform leverages a hybrid of machine learning and natural language processing training models for all types of contracts. Using this hybrid approach, it is able to classify various types of contract documents, extract key information, and present them as labeled data for easy consumption and review. Errors due to manual processing are considerably reduced thanks to the human-in-the-loop (HITL) model. The information gathered is packaged and sent to the relevant enterprise systems for further processes.
Result
- 90% increase in processing speed
- Classification, organization, and discovery of both information and documents were done with minimal manual intervention
- 90% accuracy for all contract types, propelled by proactive validations
