Accurate and timely lease abstraction is critical for many types of organisations; from retailers and occupiers wanting to manage their leased portfolios, to landlords and property managers seeking to ensure their obligations are met, and accountants and lawyers trying to deliver for their clients. Unfortunately, the process is labour intensive, time consuming and error prone.
Confidence intervals (CIs’) are a commonly used statistical tool for estimating the probability of a piece of information being correct. The interval represents the amount of certainty, expressed as a percentage, associated with a correct result.
So how can CI’s be used in the real estate and leasing industry to streamline and improve the lease abstraction process?
What is the challenge and how does it work?
What was once a time consuming, manual and error-prone process of lease abstraction can already be semi-automated by the use of Artificial Intelligence (AI). Some companies are starting to push beyond that and combine AI and CI to make it easier to find, filter, monitor, visualise and analyse lease information at speed.
For example, Accurait® is a revolutionary AI-driven lease abstraction tool that has started going beyond typical abstraction technology to calculate CIs for individual lease terms and clauses to predict if they have been correctly abstracted.
The system will produce a CI score for each field to see which clauses have been accurately abstracted and which items may need a second check.
The power to determine the right CI vests with the client. For instance, if you set a CI of 95%, all fields at or above this range will be automatically approved and extracted. This process can save vast amounts of time and money when applied to bulk uploads of leases, as it means you only must review clauses or fields that don’t meet your desired level of accuracy.
In the below example, any field that meets a CI of 90% or more will be automatically approved. Fields above 50% will be flagged as needing to be reviewed. Fields below 50% will be marked as incorrect and needing attention.
Figure 1: Clients can set their own confidence intervals
Figure 2: Clients can see the confidence interval of every data field extracted
How does it work?
CIs algorithms are a proprietary technology developed by Accurait®, using hundreds of thousands of examples of approved and verified fields, and a weighted system of assessment. The system continually improves and learns from client approvals, meaning the more it is used, the faster and more accurate it gets.
Get in touch
If this sounds like something which could help your business, please do not hesitate to get in touch with Accurait® here.