How to scale: Leveraging Document AI technology across your enterprise | Eigen Technologies

External pressures create huge administrative burdens

The administrative burden for financial services firms is enormous. For example, banks and lenders now have a considerable challenge in reviewing their back books. They may have thousands of loans, and each agreement may need to be reviewed in relation to recent events and regulatory changes. This puts additional time-sensitive demands on organizations to analyze their documents. Data needs to be located and compiled from each contract, so the impact and business risk of changing market conditions and reforms can be accurately assessed.

Advancing your digital transformation efforts with Document AI

By using technology rather than people to do the cumbersome work of sifting through documents, firms are saving a substantial amount of time and money. Some of Eigen’s clients report a cost saving of 80% or higher compared to the cost of outsourcing manual document review. And time savings of up to 75% have also been reported. Once clients have seen the value they get from one application of the technology, they feel confident that it can handle other functional areas, use cases and address more internal process pain points. In fact, starting with one use case and expanding into others has become the norm for our clients.

Scaling Document AI beyond short term challenges

At Eigen, we work with innovation, digital transformation and data management teams to help them solve the document-related aspects of their digitization programs and scale data extraction and analysis across their organizations. We can help identify and assess which use cases, document types and processes are good targets for Document AI and meet with your engineers and functional leads to determine requirements and dependencies. We work with clients to prioritize use cases and plan the implementation effort to ensure that the time to value is minimized and that benefits are quickly realized. If required, we also have a network of delivery partners and consultancy firms to call upon for subject matter expertise.

The Document AI future is now

Document AI is increasingly becoming part of many firms’ digital transformation tech stack, enabling them to eradicate their teams’ need to review documents or manually locate information buried in contracts. As a result, these firms are reaping the cost and time-saving benefits of automation of their everyday tasks.

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Eigen Technologies

Eigen Technologies

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Eigen’s Document AI platform enables firms to extract and classify data from diverse types of documents at scale to automate processes saving time and money.