Law firms and corporations today take on a significant volume of data extraction tasks within and behalf of the Real Estate industry. These organisations are now looking to improve efficiencies, margins and accuracy of data handling through automation.
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- Extremely time consuming and with results having to be manually crosschecked due to inconsistencies and/or human error.
- Lengthy processes mean that some firms need to hire additional temporary staff or pay employees overtime in order to meet tight deadlines, which can be costly.
- Humans tend to find the task uninteresting, leading to low morale and high staff turnover within teams.
The RAVN Extract for Real Estate Solution
RAVN Extract, an application built on the RAVN ACE platform, can automatically extract requested data from huge stacks of documents (including scanned PDFs) such as leases, tenancy agreements or Land Registry documents etc. For example, data points including names, addresses, length and expiry of lease. A summary of this key data is then automatically exported into a desired business output.
Commercial Real Estate Data Extraction
RAVN Extract for Real Estate can extract data from very different/unstructured data sets and apply absolute structure to that data set, extract key data points and populate those data points into a desired output, for example a CRM system.
In a recent example, the solution automatically reads through thousands of competitors property PDF marketing brochures and extracts key data points including names of tenants, dates when the tenancy agreements end, price per square foot etc. This data is pulled out of the brochures and automatically populated into a CRM system to drive business growth. RAVN Extract for Real Estate can also automatically extract the market code and show the location of the property on a map. This clearly shows which territory the building is in and which sales person is responsible for this territory. The sales person can use the system to contact the tenants ahead of time to move them into their own property.
RAVN Extract for Real Estate allows you to preview your results and perform in document searches. The technology also informs users when it is unable to locate a data point. This is usually due to a badly scanned document or if the information is not actually present in the document. RAVN Extract can also extract data from tables present in brochures as well as extracting images, such as signatures.
Sale of Shopping Centres
Typically, shopping centres have two large retail outlets on either end. For example, John Lewis on one end and House of Fraser on the other. The terms of their leases are very different from the smaller businesses in between. For example, Carphone Warehouse or McDonalds, which are usually centred in the middle of the shopping centre.
When shopping centres are being bought or sold there is a huge amount of effort that goes into understanding what the most standard lease is and what are the standard lease terms.
As shown below, RAVN Extract for Real Estate can produce a cluster map representing leases. The larger the ‘lease circle’ the higher the financial value. The cluster map clearly identifies which is the most standard lease in the centre and how far other leases differ from this standard that you can work from moving forward.
RAVN Extract for Real Estate can identify and extract desired key points of interest from leases. These data points can be completely customisable depending on what data points the organisation wants to extract. Once the information has been extracted it can be exported to a range of outputs e.g. Excel spreadsheet, CRM, HighQ iSheets and other third party solutions.
Title Deed Extraction
There are often lengthy manual processes of going through Land Registry documents to extract data. These documents are very structured, allowing RAVN to create a fully automated process with RAVN Extract for Real Estate to read, interpret and extract data.
BLP used this technology to aid them in serving Light Obstruction Notices. These are notices that need to be served to the residents surrounding the territory of proposed new constructions. The taller the building the wider the radius of people that need to be notified. This notices gives them the right to oppose building plans due to quality of light. For example, when The Shard was being built thousands of businesses and private landowners were notified. This would be an extremely lengthy and costly manual task to read through these and extract information.
RAVN Extract for Real Estate automatically reads through these documents and extracts the requested data points. If there’s information missing the system will automatically cross check with companies house and populate the missing fields. This data is then pulled out into a desired output such as an Excel spread sheet or third party solution for the next stage in the process.
Benefits & Results of RAVN Extract for Real Estate
Results from a recent deployment in a Real Estate related practice area show that RAVN Extract can now finish a typical extraction task in less than two seconds with a very high degree of accuracy. This task had traditionally taken a team of people 100 days to complete, with an error rate of at least 10%.
- Eradicates human error
- Staff can now be re-deployed to more productive and rewarding tasks, leading to improved morale within the team.
- No longer any call for temporary staff as RAVN Extract is far more efficient
- Reduces the department’s cost, delivering improved margins and/or enabling more competitive pricing.
Berwin Leighton Paisner recently deployed RAVN Extract within their Real Estate Disputes practice. Watch the case study here.
What is RAVN Extract?
RAVN Extract is built on top of the RAVN Applied Cognitive Engine (ACE). RAVN ACE brings together different technologies from the fields on Information Processing and AI (Artificial Intelligence) in a coherent, enterprise-ready solution stack. Beyond the foundations of a powerful document search engine, the Applied Cognitive Engine focuses on extracting and distilling the information within documents.
Clients chose to work with RAVN as our ‘Applied‘ Cognitive Engine is thoroughly applied to the business. We listen to the firm’s issues and create a robot that specifically handles those issues within that domain. Our technology can be deployed as standalone solutions or some organisations chose to combine our products to complement each other ensuring all needs are met.
There are various payment options – the technology can be delivered as a service, pay per document model or enterprise license.
Watch our Case Study on BLP’s use of RAVN ACE
See how RAVN ACE has benefited Berwin Leighton Paisner in terms of increasing efficiencies, mitigating risk, cutting costs as well as increasing staff morale.
- RAVN's platform has allowed us to implement our vision of providing integrated, secure and effective access to our knowledge resources.Robin Hall, Head of Knowledge Management at Howard Kennedy
- RAVN is one of a number of innovative solutions that the business is implementing as part of IT's 2020 vision aligned to improve efficiencies and productivity benefits across the firmClive Knott, IT Director at Howard Kennedy
- Our primary goal here is to leverage knowledge to accelerate business and deal decision-making and to harness the collaborative power of a multi-geography growth markets organisation. RAVN Connect is an important component in a differentiation we bring to our investors around how we share knowledge and get to more dynamic decisions on deal flow. Additionally, it helps us harness macro-economic, sectoral and functional knowledge flows seamlessly and is ultimately a major competitive advantage for us.Ovais Naqvi, Managing Director – Head of Market Engagement at Abraaj
- It's likely to save us tens of millions of pounds in lost revenue.Horia Selegean, Head of Revenue & Margin Assurance at BT
- Sky are committed to using the latest innovations to ensure our customers receive the best possible viewing experience. RAVN’s AI component has allowed us to successfully automate the EPG review process which has dramatically reduced the review time as well as ensuring we maintain robust and compliant information">Angus Gairdner, Head of Content Planning Operations at Sky
- By adopting this innovative platform we are able to quickly focus on the high value and high risk contracts within large data sets, simply categorise and divide up tasks and ultimately provide a more responsive service to our clients. We are now looking to roll out the RAVN solution to live client matters within the firmLucy Dillon, Chief Knowledge Officer at Reed Smith
- The RAVN solution effortlessly made all of our operational content, valuable precedent and knowledge content discoverable within the firm’s chosen collaboration and Search platform, Microsoft SharePoint. As such, the disruption for users was negligible, yet the benefits from efficient search, preview and expertise location across a geographically distributed organisation have been significant.Jeremy Rooth, Director of Business Transformation & Knowledge Management
- RAVN Manage and RAVN Connect Enterprise supplement our current systems extremely well. With both systems, searches become even more efficient and documents may be retrieved significantly faster than before. The fact that the systems understand how people work together and are able to spot cohesion through entire cases is a real strength in our daily operations. In Bech-Bruun, this is a highly strategic focus area. Moreover, RAVN is a pioneer in the area and we consider this as the first step to full implementation of AI.Stefan Winqvist, CIO at Bech-Bruun
- RAVN ACE robot is 10 million times quicker than the manual labour it replacedMatthew Whalley, Head of Legal Risk Consultancy, BLP, Legal Futures Event Quote
- Our 'contract robot' can now finish in less than two seconds work which would have taken a team of people 100 days to complete.Matthew Whalley, Head of Legal Risk Consultancy at BLP
- RAVN were very good at adapting a technical product and speaking about it in a non-technical way. We explained the problems we were facing and they offered a solution and explained it in an easy-to-understand and user friendly way.Victoria Blanchard, Consultant at Berwin Leighton Paisner
- RAVN ACE is the most exciting new development we’ve seen for several years…a true next generation systemIndependent Legal IT Consultant at Inside Legal IT event