Eigen Forrester Total Economic Impact (TEI) study results
Eigen commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study examining the return on investment (ROI) enterprises may realize by deploying our no-code AI platform and professional services with the intention of enabling organizations to evaluate the potential financial impact of Eigen on their businesses.
The Eigen© no-code AI platform uses natural language processing (NLP) and object detection to enable businesses to accurately extract valuable data from a wide variety of documents and quickly organize it into a structured format so it can be readily used.
As part of the study, Forrester interviewed four of Eigen’s clients and spoke to internal stakeholders across the business as well as compiled market research of their own. This information enabled Forrester to create a composite organization on which to base the ROI and cost-benefit calculations aggregating the data across the four clients and stakeholder/analyst interviews. While the composite organization is a fictitious bank, any organization that handles large volumes of documents can benefit from using the Eigen platform to extract data for analysis and insight and to automate repetitive document processing tasks.
We take a deeper dive below into the business objectives, quantifiable benefits, and wider impact that the composite organization, Deagon Bank, was able to achieve using Eigen.
With the integration of an intelligent data extraction and document processing platform, Deagon Bank sought to overcome numerous document workflow challenges that limited the efficacy and accuracy of downstream data analysis. This includes the low efficiency of data extraction as the organization had no systematic method of extracting data from documents. Over-qualified employees were given mundane duties, resulting in low employee engagement and high turnover rates.
Having to rely on manual document processing approaches also led to inflexibility towards responding to regulatory changes, a vital requirement in the financial services industry which is often subject to changes in regulations and compliance. Without an adequate solution, financial organizations risk incurring fines from not keeping up with regulatory changes.
The bank was looking for a solution that could automate their data extraction and document review processes with consistently high accuracy rates, handle a wide variety of structured and unstructured documents, integrate with existing systems and enable non-technical users to train the models and automate processes with minimal support from IT specialists.
The composite organization, Deagon Bank, realized the following gains by using the Eigen no-code AI platform:
- 289% return on investment (ROI)
- $3.6m net present value (NPV)
- <6 Month payback period
The quantifiable benefits included:
Increased regulatory transition process efficiency by 75%: This benefit is focused on the increased efficiency the bank’s team experienced during regulatory transition over a one-year period. Without Eigen, junior lawyers would be expected to manually review documents, which would be a mundane and time-consuming process. With the introduction of Eigen, these lawyers are relieved from tedious tasks and can be employed for more fulfilling and productive tasks. For instance, the lawyers are now required to review only parts of the documents flagged by Eigen.
Improved ongoing legal documents and contracts review productivity by 80%: Prior to Eigen, the bank would have to manually review every single document or contract to pull out key data points from documentation. By automating this process, efficiency is improved by a significant margin and high accuracy rates are constantly maintained.
Enhanced securities analysis efficiency by 67%: As a result of deploying Eigen, the bank was able to efficiently analyze complex prospectuses, a process that would have otherwise required a high level of manual work. The duration of analysis has been reduced by two thirds, while producing deeper analysis that gives greater confidence to make investment decisions.
The implementation of Eigen also brought about unquantifiable benefits which can be realized across multiple organizations and industries. As a result of enabling staff to perform more high-value work as opposed to manual document review and manual data extraction, the companies that took part in the study experienced higher employee satisfaction and retention.
The study also discovered that Eigen produced more consistent results than manual work previously done by skilled professionals and organizations can use Eigen to conduct in-depth analysis and detailed risk assessments for more effective trading decisioning, leading to greater confidence to execute riskier trades.
The Eigen solution also demonstrated a high level of versatility, creating scenarios where customers would find themselves discovering additional use cases and business opportunities while using the platform. The general consensus was that any business function that deals with large volumes of complex documents could find value by using Eigen; interviewees said the benefits of the platform led teams to use it to analyze other documents. Feedback from participants also praised the no-code setup as being intuitive with a minimal learning curve.
To read Forrester’s findings on the total economic impact of Eigen, click here to download the full study.