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      How to efficiently review Loan Agreements with DocuMine

      Streamline Loan Agreement reviews using DataSnipper’s AI Engine, DocuMine, saving time and improving efficiency.

      What is DocuMine?

      DocuMine is an AI engine that eliminates the tedious task of manually searching through large volumes of documents. You can ask specific questions to receive precise answers. DocuMine automatically suggests answers to your questions and creates references to the relevant numbers, text, or sentences.

      By replacing manual work with AI, users can focus on reviewing and validating data while staying in full control.

      Why Use DocuMine for Loan Agreement Reviews?

      Loan agreement reviews can be challenging for auditors, as the process typically involves manually examining agreements one by one to verify key information. This method is not only time-consuming but also susceptible to human error, creating workflow inefficiencies and hindering the ability to provide accurate and timely insights.

      DocuMine transforms how you approach document-heavy reviews with:

      • Time Savings: Automates manual searches, enabling faster results.
      • Consistency: Provides a structured and uniform approach to reviewing Board Minutes.
      • Traceability: Links answers directly to their source with Snips, ensuring transparency and accuracy.

      Prerequisites

      • DataSnipper version 6.2 or later
      • DocuMine add-on module
      • User Management enabled in Admin
      • Access to the internet

      Video Tutorial

      Example workbook

      Here you can download the workbook shown in the video including all of the listed questions and source documents.

      Example workbook - Loan Agreement review

      Step-by-Step Guide

      Step 1: Prepare Your Loan Agreement Document(s)

      1. Upload your Loan Agreement document(s) to the DataSnipper Platform.
      2. Use the "Import" or "Organize" buttons to ensure your documents are ready for processing. 

      Step 2: Define Your Questions

      1. Write down the specific questions you want answers to in your Excel sheet.
        Examples:
        • "Who are the parties stated in the loan agreement?"
        • "What is the effective date of the loan agreement?"
        • "What is the mode of repayment of loan by the borrower?"
      2. Refer to example workbooks for common Loan Agreement review questions, if available.

      Step 3: Open DocuMine

      1. Click the DocuMine icon in the DataSnipper ribbon in Excel. 
      2. The DocuMine pane will appear on the right side of your screen.

      Step 4: Select Your Input Questions

      1. Highlight or select the questions you’ve written in your Excel sheet.
      2. Click Next in the DocuMine pane to proceed.

      Step 5: Select Your Source Documents

      1. In the DocuMine pane, select the Loan Agreement document(s) you want to search.
      2. Click Start to begin the DocuMine process. image (8)-1

      Step 6: Start Your Review

      1. Once DocuMine completes the process, click "Start Review" to review the AI-generated answers in Excel.
      2. Each cell will contain the answers found in the document, along with Snips referencing their source for easy verification.

      Step 7: Validate and Save

      1. Confirm the accuracy of each answer by reviewing it carefully:
        • If the answer is correct, click "Approve" to save it in the designated cell. Approved answers will turn into pink Snips, confirming your review is complete.
        • If the answer is incorrect, click "Reject" to discard it. Rejecting an answer removes both the incorrect answer and its associated Snips. image (9)

      Use Command Bar to efficiently ask a single question in DocuMine!

      Command Bar is a quick-access feature designed to help you find answers instantly without interrupting your workflow. Ask a single question and search within a specific document—without configuring DocuMine. Read more here.

      Step 8: Use Focus Mode for Detailed Review (Optional)

      Focus Mode is a dedicated interface in DocuMine designed to help you efficiently review, approve, and reject answers. It simplifies your workflow by displaying one answer at a time while providing full context from the source documents.

      • Left Side: Displays the question, answers, and the reference to the source (Snips).
      • Right Side (Document Viewer): Shows the source document for reference.
      • Approve or Reject: Validate the answers by either approving or rejecting them as needed.

      With a clean layout and intuitive controls, Focus Mode ensures you can concentrate on the Answers without distractions. image (10)-1

      Use shortcuts to speed up your review!

      • X: Reject an answer. V: Approve an answer. Arrow Keys: Navigate between answers.

      Simple yet efficient reviews

      Reviewing Loan Agreements with DocuMine is fast, efficient, and reliable. By automating manual searches and linking answers to their sources, DocuMine allows you to save time, ensure accuracy, and focus on what matters most—validating critical information.

      Ready to streamline your Loan Agreement reviews? Open DocuMine and try it today!

      For more tips and tutorials, keep reading our Knowledge Base!