AI Case Study

Deloitte saves between 20-90% time in reviewing complex documents such as contracts using machine learning

Deloitte implements Kira systems' machine learning contract analysis software to review thousands of documents to extract and structure textual information for better analysis. Kira's Quick Study software reviews contracts, rectifies human errors and produces comprehensive summaries saving hours of manual effort per document.

Industry

Professional Services

Consultancy And Business Services

Project Overview

"Deloitte rolled out Kira Systems’ contract analysis software in the autumn of 2014 across its audit and consulting business following a pilot in each. In a measure of the success of the roll out, the Big Four accounting giant already has 3,000 active users.

The alliance combines Deloitte’s business insights in cognitive technologies with Kira Systems’ advances in machine-learning in creating models that quickly “read” thousands of complex documents, extracting and structuring textual information for better analysis.

Since rolling out the software, Deloitte has trained Kira to identify thousands of data points across hundreds of client projects – some of over 100,000 documents.

Deloitte-customized instances of the Kira platform together with Deloitte-trained models have been rolled out across the organization’s audit business under the name Argus and across its consulting business under the name D-ICE, with applications also being explored for its tax and advisory businesses.

Deloitte used Kira platform internally, creating custom models that generate quicker insights into client challenges. Now it is used by client teams to analyze hundreds of thousands of documents in weeks, putting them in a stronger position to advise clients in completing major business transactions under tight deadlines.

Deloitte-customized instances of the Kira platform together with Deloitte-trained models have been rolled out across the organization's audit business under the name Argus and its consulting business under the name D-ICE, with applications being explored for its tax and advisory businesses. "

Reported Results

Deloitte received the "Audit Innovation of the Year" award from the International Accounting Bulletin and has been able to reduce time taken for contract analysis by 20-90%

Technology

Function

Legal And Compliance

Legal

Background

Benefits

Data

Documents