BERLIN (February 6, 2019)- Energie Baden-Württemberg AG (EnBW), one of the largest energy supply companies in Germany and Europe, and LEVERTON, the market-leading provider of AI-based data extraction and document management, have agreed on several years of cooperation. The partnership provides for the use of LEVERTON's deep learning technology to automate EnBW's leasing portfolio management and to accelerate the conversion of accounting to the IFRS 16/ US-GAAP standards applicable as of 2019.
With EnBW, LEVERTON is further expanding its circle of major customers and opening up further industry segments for its AI technology.
EnBW's contract portfolio comprises more than 5,000 leasing contracts for plants, vehicles, machinery and other assets throughout Europe and contains information in numerous languages. LEVERTON's software will record all leasing agreements on a centralized platform and, with the aid of artificial intelligence, automatically extract the information relevant under IFRS 16 from the leasing documents. Following the data extraction process, which is significantly accelerated by software-supported automation, the relevant accounting data is made available for further use directly in EnBW’s ERP target system, SAP.
"Leasing assets such as real estate, facilities, vehicle fleets, and their management incur considerable expenses and represents a considerable block of operating costs. By automating the process of aggregating and structuring leasing data, the LEVERTON solution will not only enable us to manage our leasing portfolio much more efficiently in the future but will also enable us to optimize leasing decisions accordingly," explains EnBW’s project manager, Nadine Falk, Head of Group Accounting.
"We are delighted to be able to support EnBW in making its leasing portfolio management more effective and efficient," Bastian Schulz, Head of Sales LEVERTON Germany, says. "Intelligent, automated data management can not only save considerable time and money, but also enable better business decisions. Ultimately, this also benefits companies strategically in terms of competition."
EnBW is one of the largest energy supply companies in Germany and Europe with a workforce of more than 21,000 employees. It supplies electricity, gas and water, as well as energy solutions and energy industry services, to around 5.5 million customers. EnBW aims to expand renewable energies to make them one of the main pillars of its business by 2020. In the onshore sector, the company has set itself the target of operating wind power farms in Germany with a total output of 1,000 megawatts by 2020. EnBW offers planning, construction, operation, maintenance and servicing for wind turbines from one source.
LEVERTON provides deep insights from unstructured data found in corporate and legal documents in over 30 languages. Trusted by over 100 leading companies to create value through structured data with its AI-powered, data extraction platform, LEVERTON is located globally, with offices in New York, London, New Delhi, and Berlin. Contact us at www.leverton.ai.