According to LeaseInfo, its Accurait platform is the first in Australia to use artificial intelligence (AI) and machine learning methods for commercial lease abstraction – the process of summarising the most important elements of a commercial lease
LeaseInfo says the methods were developed in partnership with CSIRO’s Data61, with support from the NSW Government, with the process used by Accurait also using Text Classification tools, optical character recognition (OCR) and LeaseInfo’s own meta data to improve data accuracy.
Currently this is largely a manual process, which LeaseInfo says is expensive and time-intensive, and with advances in technology, it is now ripe for automation.
“Accurait is quite simply a game-changer. It will redefine the way businesses manage leases and in fact, can have application for any form of standardised contract,” says Simon Fonteyn, founder and managing director of LeaseInfo and Accurait.
“For head offices of franchised business and companies managing large portfolios, the savings in time and productivity are significant.”
Business intelligence software products have to date focused on capturing data and transferring it into a digital format using technology such as OCR, which relies on templates and rules.
And with the introduction of machine learning, the platform gathers insights which enable it to self-improve and recognise similar attributes for future contract processing.
According to CSIRO’s Data61 head of Strategic Accounts, Warren Bradey, Accurait is a “great example of how data science can be applied to streamline business processes”.
“Data61 has extensive experience in areas such as natural language processing and machine learning, both methods are used in Accurait, whether it’s helping organisations understand themes in public discussion on social media or making sense of digital legislation for regulatory processes in organisations.
“Through partnerships with forward thinking companies like LeaseInfo, we are accelerating our data-driven future by making it easier to do business.”
The Accurait system was developed with the assistance of a $25,000 Minimum Viable Product grant from the NSW Government-backed Jobs for NSW, and a $15,000 TechVoucher through the government's Boosting Business Innovation Program.
"Through Jobs for NSW and the Boost program, the NSW Government is making smart investments to help create the businesses and jobs of the future for the people of NSW and helping companies drive innovation," said John Barillo, Deputy Premier and Minister for Small Business.