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:
- 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.