How AI Rapidly Improves Lease Abstraction
Extracting data from your various contracts and leases is a lengthy and resource intensive process. As every occupier and commercial real estate professional knows, leases are extremely long and complex, and manually abstracting them can take anywhere from four to eight hours or more. Shortening this time frame can provide significant resource and time savings for organizations, especially at scale.
One of the most exciting developments in this space is the application of Artificial Intelligence, and one of the newest members of the MRI family, LEVERTON, offers an AI-powered solution for lease abstraction. Companies who are using LEVERTON’s technology have been able to reduce this process down to as little as two hours per lease. But, the benefits don’t stop there. Since the lease is efficiently digitized and the terms cataloged, links to source documents are automatically built and data can be extracted and aggregated to provide a wealth of contract analytics.
It’s also critical that the information generated by the lease abstraction process is accurate and reliable to remain compliant with new lease accounting standards such as ASC 842 and/or IFRS 16.
Hear from Abe Somani, Managing Director, Lease Intelligence at MRI, to learn how you can leverage AI to help your business:
-Maximize efficiency in the lease abstraction process
-Boost data accuracy by eliminating manual abstraction
-Make data-driven decisions to optimize your portfolio and reduce risk
-Gain transparency into data points that remain in the original document