Companies from every industry deal with documents that contain critical data to maintain their business operations on a daily basis. These routine activities may require large amounts of time for their highly qualified, and expensive, staff. The manual labor to process these documents is tedious and error-prone, and also adds to the cost and time of document processing.
To overcome these difficulties and improve the contracts and resource management system, Akvelon formulated the following goals:
- Accelerate and simplify contract lifecycle management by digitizing and extracting highly accurate data from contracts
- Ensure that the processing of documents can be adjusted while new contract structures are introduced
- Reduce manual document processing, minimize setup costs, and accelerate deployment
- Ensure a high level of accuracy with Human-in-the-Loop (HITL) reviews
Akvelon’s team started with investigating the service providers that can be seamlessly integrated with the Contracts & Resource Management system developed by Akvelon.
Our solutions architects chose to use Google Document AI for the following reasons:
- The Document AI platform already contains pre-trained models for document processing, including basic extractors like OCR and Form Parser
- Providing the Document AI Workbench to train the models on different business documents or create own models can lead to better results for documents
- Presence of Human-in-the-Loop AI to help achieve higher document processing accuracy with the assurance of human review
Solution should work well with the on-premise deployed software, ensuring the highest level of security
As a result, developers created a microservice that communicates with Google Document AI via HTTPS connection and extended current back-end services to integrate workflows of bi-directional communication between Google Document AI Cloud and Contracts & Resource Management software.
The parsing process starts from the raw document and moves through our workflow to extract high-value information by converting the unstructured data into structured data.
Along with Google Document AI integration, the Contracts & Resource Management software workflow has a user-friendly interface so that document and extracted data can be easily interfaced with the existing business processes.
The newly-received contract PDF is then imported into the Contracts Management system.
After that, the system automatically processes a contract using Google Document AI to parse the contract and display a pre-filled import form using the Human-in-the-loop approach for final confirmation of contract terms like dates, invoicing milestones, service terms entries, and more by the user, like in the example below.
Due to more than 92% accuracy in automated parsing, the contract import process now takes just a few moments to complete.
Key impacts since the solution was released to production environment:
- Achieved 125% improvement in data freshness/availability in the contract tracking system
- Saved about 1.5 months’ worth of time annually for finance professionals, reducing mundane data entry work
- Currently supports more than 20+ contract and purchase order types (SOW, PO, Amendments)
- Implemented a secure machine learning business solution using Google Cloud Document AI technology, achieving 92% accuracy in contract data recognition
- Contracts & Resource Management system: React JS, .NET Core, and MS SQL RDBMS
- DocAI Microrservice: Python, Google Document AI API, openCV, Pandas, Natural Language processing library for Python (NLTK), and Numpy
Connect with us to discuss how we can help you leverage technology to advance your business at firstname.lastname@example.org