SPI Technologies (USA)

Sector

Contract Management

Background

Our client, SPI Technologies (SPI), is the leading content outsourcing services provider in the world with 21 service centres across the USA, Europe and Asia and offers abstraction services to their customers in America & Europe.

SPI’s customer is a leading contract management software and services provider in the US who outsourced the abstraction service to SilkRoad’s BPO division (SilkPro) through SPI. Abstracted lease agreement data enables organisations to quickly search the key data contained in a lease obligation without wading through mountains of paper and thus save time in lease document management.

Solution

To process with abstraction, scanned lease contracts are made available to SilkRoad through a secure Internet connection. SilkRoad prints out the contracts and abstracts the lease information into a secure application hosted by the Client on the Internet. This requires a high and stable Internet connection as well as highly skilled staff that is fluent in English and has legal and real estate knowledge with strong analytical skills, since the process requires reading and analysing US lease terms, dates, financial information and other critical areas.

Each contract may need from 2 – 8 hours to be abstracted with thousands of data fields. To reach the required accuracy level (99.50%), two different team members process all contracts and the results are then automatically compared. Mismatches are reworked by the abstractors and then edited by our own editors. Together with the client, a comprehensive QA system has been setup to monitor and maintain the quality.

Result

More than 10,000 contracts have been abstracted during the last 2 years. Our Client achieved significant cost savings and reduced the implementation time. They are very happy with the level of services provided by SilkRoad and has signed a long-term contract.