A finance firm faced the ongoing challenge of reviewing complex corporate financial statements for legal review. They needed full financial visibility from large corporate filings. Manually parsing this information was not only time-intensive but also increased the likelihood of human error, especially when dealing with large volumes of data. They sought solutions to quickly access and interpret all financial data with high accuracy.
To meet this challenge, Rannsolve’s AI-powered Cognitive Data Extractor (CDE), which uses advanced AI models, was integrated into their systems. CDE combined hybrid table-text parsing techniques with value classification and document summarization to extract all relevant fields from the statements, including revenue figures, cost entries, and nuanced footnotes. CDE could handle both structured and unstructured components of the filings, delivering a complete and organized data set for legal review.
The integration of the CDE significantly streamlined their legal review process. With an impressive 93% field-level AI accuracy, CDE not only improved data reliability but also reduced review cycles by 80%. Legal teams could now conduct forensic financial analysis with far greater efficiency, allowing teams to make quicker decisions and perform more informed risk assessments.
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