Savills Studley Rolls Out AI-Powered Platform For Extracting Data From Leases
Tenant rep specialist Savills Studley has partnered with Leverton to launch an AI-powered platform that allows users to automatically extract information from leases, contracts and other documents. According to the partners, the tech will help property portfolio managers improve the overall design and performance of their portfolios.
The platform will involve Leverton's data extraction technology combined with Savills Studley's Knowledge^3 (pronounced "knowledge cubed"), which is the firm's portfolio analysis system designed for real estate occupiers.
"The capabilities of the Knowledge^3 platform will allow customers to visualize and analyze the vast amounts of data that [are] inside their corporate and legal real estate documents," Leverton CEO Abhinav Somani said in a statement.
The new platform will allow asset managers to examine their business more quickly, Savills Studley Chief Information Officer Patrick McGrath said, such as the operating costs for an entire portfolio or maximizing value at a single property.
"Portfolio managers spend several hours a week performing data entry, customizing and integrating data with traditional tools like Microsoft Excel and Powerpoint," McGrath said in the release.
Savills Studley and Leverton first tested their joint platform in an application that landed CoreNet Global's 2017 Innovator Award. In their new formal partnership, Savills Studley will deploy Leverton as one of the interconnected apps in Knowledge^3.
Users of the tech can now input PDFs of leases and amendments into the Leverton app of Knowledge^3, which then recognizes, structures and stores key property metrics. According to the partners, Leverton shortens the process by about a third, compared to manual data entry and structuring.
Knowledge^3's analytical frameworks then translate the data into visualizations that provide occupiers with a snapshot of an organization's corporate real estate holdings.
Founded in 2012, Leverton refers to itself as a data extraction platform for business documents. The company previously signed a partnership deal with JLL to automate lease administration. Leverton's machine learning technology enables the identification, extraction and management of key terms and data from corporate documents, such as leases and contracts, in more than 20 languages.