Case Study: AI Automated Key Word Document Extraction (OCR)
Problem Statement
A financial institution faced inefficiencies and high costs associated with manually reviewing extensive LP 80+ page legal memos, requiring significant human resources and time. This process limited scalability, increased operational expenses, and prevented staff from focusing on higher-value strategic initiatives.
Project Description
Collaborated with a financial institution to implement an AI-powered solution for reviewing extensive 80+ page legal memos. Leveraging Azure Cognitive Services, the solution reduced human resource allocation by 75%, saving $5,000–$7,000 per memo. This initiative resulted in high seven-figure savings and allowed staff to focus on higher-value activities.
Project Steps
Initial Assessment and Planning
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Conducted stakeholder meetings to define requirements and pain points.
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Established measurable objectives and assessed existing resources.
Feasibility Study and Proof of Concept
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Analyzed memo structure and complexity to determine AI suitability.
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Created a proof of concept using Azure Cognitive Services to validate benefits.
Solution Design
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Mapped workflows to integrate AI tools seamlessly.
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Developed custom AI models for extracting terms, keywords, and anomalies.
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Ensured scalability for handling high volumes of memos.
​Implementation
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Set up Azure infrastructure and integrated AI tools into existing workflows.
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Trained the AI models
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Automated memo routing and insights generation, followed by rigorous testing.
​Training and Adoption
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Trained employees to interpret AI insights and incorporated change management practices.
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Developed detailed documentation to enable end user self serviceability
Performance Monitoring and Optimization
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Monitored KPIs such as time savings and error rates.
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Continuously fine-tuned AI models and established ongoing support.
Strategic Reallocation of Resources
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Redirected resources to strategic tasks like legal strategy development.
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Introduced upskilling programs for staff.
Reporting and Success Evaluation
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Documented cost savings and efficiency gains.
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Communicated results to stakeholders and explored expansion opportunities.
Results and Impact
The AI-driven OCR solution delivered the following outcomes:
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Cost Savings: Achieved high seven-figure annual savings by automating 75% of the workflow.
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Efficiency Gains: Minimized manual intervention to spot-checking and continuity tasks.
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Resource Reallocation: Enabled staff to focus on higher-value, strategic initiatives.
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This project underscores the transformative impact of AI-driven solutions in automating labor-intensive processes and maximizing ROI.