Advising the Development of a Data Extraction Service

The primary objective was to develop an Intelligent Data Extraction (IDE) solution to extract data from documents such as the Market Reform Contract (MRC) from an already chosen data extraction vendor. Today, this data is manually rekeyed from documents into multiple source systems. The solution needed to provide business benefits for both speed and accuracy of the extracted data. 

What was the challenge?

Within the London Market, there are multiple document types, with multiple different formats and structures. Manual data entry consumes a significant amount of human effort with increased risk of input errors and poor data quality, which impact processing times. There were several SMEs, stakeholders and third-parties that need to be involved in the solution’s design and execution. The solution also needed to consider the recently launched set of data standards, the Core Data Record (CDR) where the data extraction solution will be required to extract the majority, if not all the CDR data from documents.



How did r10 help.

r10 brought together all the relevant stakeholders to ensure that all requirements were sourced ahead of any solution build.

  • Reviewed and advised on the definition of the project scope and defined project objectives, involving all relevant stakeholders
  • Created a delivery plan ensuring milestones were delivered on time, within scope and within budget, monitoring and tracking progress
  • Managing resource availability and allocation
  • Providing subject matter expertise on the data fields, their relevance to the Core Data Record and 
  • Working with the vendor to review and score model accuracy and ensure the solution is fit for purpose. 

What was the outcome?

  • r10 supported the development of over 60 data points for the extraction model build, aligned to the CDR
  • r10 provided the robust project governance and stakeholder management to enable success
  • Further, r10 provided a set of recommendations for the service, an assessment of the market desirability and several other use cases for this service

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