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Fortune 500 Company Saves Months and Money in a Federal Energy Regulatory Commission (FERC) Audit

The Challenge

When faced with a Federal Energy Regulatory Commission (FERC) audit, a team led by the Senior Manager of Land and Right of Way was called upon by the regulatory team to return each instance in the company’s document population where abandonment or non-use would lead to additional cost. It was imperative that the data was returned to accounting accurately. Naturally, the team lead was concerned about the resources and time it would take to return accurate results in a timely fashion without a tremendous cost to the company. He recalled seeing a demonstration of ThoughtTrace software a few months earlier and engaged with the ThoughtTrace team to present the FERC audit use case and see how ThoughtTrace could help.

“We still had paper documents just 6 weeks before the project started. It would have taken 18 months to 2 years, but with ThoughtTrace we were done in TWO months!”

Right of Way Manager

Solution

The company moved forward with ThoughtTrace’s domain-specific artificial intelligence application to help complete the FERC audit review faster and at a lower cost than a one-by-one manual review of each document. Rather than an arduous manual process, the Right of Way Manager was able to input almost 100,000 documents, do high impact data research, and output that data to provide to accounting with record speed and accuracy. Without ThoughtTrace, this process would have taken an estimated 18 months to 2 years. With thoughtTrace, the company went from receiving boxes to submitting reports in just TWO months!

"I was skeptical at first, but I regret my skepticism. It’s been really fun!" Right of Way Manager
Depth of Extraction

Data Accuracy

Eliminate Data Silos

Improved Efficiency

Contract Intelligence

Lightning Fast Audit Time

Results

When presented with ThoughtTrace as a tool to assist her team, the Right of Way Manager immediately saw the potential for a huge win and jumped right in. She used ThoughtTrace Academy and the ThoughtTrace experts as resources to quickly learn as much as possible and act as an internal resource to field questions that may have otherwise slowed down the project, Instead, she was able to keep her team and the project moving. To get started, a small team of just five people began with uploading scanned documents. Then, leveraging ThoughtTrace Advanced Search, they reviewed and confirmed almost 100,000 documents in less than 8 weeks. Finally, two users reviewed and confirmed the existence or non-existence of “removal required” language for over 7,000 documents in just 3 weeks. They were also able to review and confirm findings, as well as review the remaining 13,000 documents in less than a week, allowing the team to deliver their report on time and with high confidence.

With a project that traditionally takes many months or even years using extensive resources and manpower, the company executed with a skeleton team and exceeded all expectations. The company made the decision to implement a new technology and the Right of Way team leveraged it to success. The team now plans to reimagine current manual review processes with high level review and analysis using ThoughtTrace. Today, the company looks forward to working on new projects where ThoughtTrace will increase their efficiency, improve the accuracy of the results, and make their jobs more fun!

  • A team of just 5 people reviewed and confirmed almost 100,000 documents in less than 8 weeks.
  • Users were then able to locate and review FERC audit language in over 20,000 easements in just 3 weeks.
  • Completed the audit review of the entire document population in less than 2 months, rather than 18months to 2 years if performed manually.
  • The team is now reimagining current manual review processes with high-level review and analysis of all new projects.

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