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Fortune 500 Midstream Energy Company Uncovers Document Intelligence

CHALLENGE

With an intense commitment to innovation at the corporate and operational levels, this Fortune 500 Midstream Energy Company is inspiring their teams to work towards complete digital transformation. As a part of this transformation, their Director of Digital Transformation was faced with a challenge from executive leadership to find the tools necessary to automate repetitive tasks, which would give their knowledge workers exponential gains in productivity. One critical task was the need to identify and track volume commitments in their contracts – a traditionally manual and time-consuming process with complex, diverse agreement structures. The Director of Digital Transformation recognized that achieving this goal meant they needed intelligence from the unstructured data inside their documents.

Early in his research, he defined a pyramid of value for documents:Fortune 500 Midstream Energy Company Uncovers Document Intelligence

  • Capability to store documents (lowest value)
  • Make finding the documents easy
  • Management of the contract lifecycle – workflows
  • Integrations to source systems to minimize/eliminate work and simplify processes
  • Contract Intelligence (highest value)

His goal quickly became moving beyond workflows and integrations to real document intelligence.

The Company chose to partner with ThoughtTrace to aid in the extraction of intelligence from its documents and present it to whoever needed it at the time they needed it. And ThoughtTrace delivered.

Solution

The Company implemented the ThoughtTrace software platform and in record time transformed the data inside of their contracts into an asset. The Director of Digital Transformation built a team led by a Senior Business Process Analyst, and together they used The Company’s internal website to gamify the deployment and speed adoption. The productivity gains achieved through the ThoughtTrace implementation are unparalleled.

Users now uncover business-critical answers at lightning speed – moving from a week or more to just hours. Not only are answers at the users’ fingertips, but they are thinking more critically and asking even better questions of their data.

The Company now also quickly identifies business opportunity and issues that were previously buried inside their documents – uncovering problems and going back to suppliers for reconciliation.

"We hit a grand slam with a $4 million find – searching for a needle in a haystack when we didn't even know the needle was there. This would not have been possible before ThoughtTrace." Senior Business Process Analyst

Features

Superior Understanding & Domain Expertise

Superior Understanding

Eliminate Data Silos

Eliminate Data Silos

Increase Productivity while Reducing Cost

Contract Intelligence

Results

  • 95% Time Savings on Research Queries – from 126 hours down to 6 hours
  • Each search is 90-95% more efficient than other technologies
  • 60 ThoughtTrace Certified Users

Gathering & Processing:

  • Use Cases: Due diligence, Ensure data accuracy in other systems, and Reporting – expiration, payment, and exhibit
  • 50 active users and over 8,000 active contracts uploaded

 

Right of Way:

  • Use Cases: Asset acquisition & sale, commodity & diameter change, multi-line rights, pipeline expansion, site selection, and more
  • 25 active users and over 140,000 agreements uploaded

 

Supply Chain:

  • 12 Users and over 400 documents uploaded

"ThoughtTrace is an enabler of intelligence. People can now think critically about questions they previously couldn’t answer."

Director of Digital Transformation

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