The emergence of modern generative AI tools had immediate implications for most fields, and lease management was no exception. But generalized Large Language Models (LLMs) like ChatGPT, Gemini, and Claude don’t necessarily have the nuanced understanding needed to accurately interpret lease documents and extract key information. And most lease software vendors aren’t familiar enough with AI’s capabilities or inherent challenges to produce specialized AI models for lease accounting and administration.
That hasn’t stopped some of these vendors from trying to cash-in on the AI hype by conflating AI with automation, essentially rebranding their lease automation capabilities as “AI-enabled.” But automation is nothing new: lease software has been automating lease management processes and accounting calculations for more than a decade. The new possibilities stem from AI’s analytical capabilities, including its ability to recognize and interpret text, which have enormous implications for an industry that revolves around a portfolio of complex legal documents.
At Tango, we’ve been integrating AI into our software products for more than a decade. Initially, this focused on machine learning and predictive analytics. But today’s advances in generative AI have opened the door to new applications. We’ve spent the last couple years training a custom model on a vast, curated selection of actual lease documents, enabling it to understand lease terminology in this highly specialized context. Our proprietary AI model has been purpose built for lease management and accounting.
This specialized AI model will improve the automation and analytical capabilities of lease software dramatically, helping lease administrators manage their portfolios more effectively and efficiently.
AI lease management capabilities
Lease management and administration can involve hours of information gathering. The larger your lease portfolio and the more complex your lease agreements, the more time it takes to extract the key lease details needed to analyze opportunities and make informed decisions. AI is particularly well suited for accelerating lease information retrieval and automating related administrative tasks, which frees lease departments to focus on actually using this information to achieve business goals and reduce costs.
Document intake
Managing your lease portfolio involves maintaining an ever-growing collection of legal documents, including lease agreements and invoices. Each of these documents is associated with a specific lease, and particular stakeholders need to approve, process, or reference them. Using artificial intelligence, lease administrators can quickly upload documents and let the software automatically classify and organize them, even assigning them to the right stakeholder when appropriate.
Manually sorting these documents and coordinating handoffs creates unnecessary bottlenecks and makes lease management workflows more tedious than they need to be. But if you set up parameters for where document types belong and who needs them, AI-enabled lease software like Tango Lease can handle the rest and keep your lease processes moving.
AI-enabled lease abstraction
Lease abstraction relies on your administrators’ ability to identify and extract key lease information like clauses, asset details, lessee/lessor information, financial data, and critical dates. While their experience and expertise enables them to quickly interpret lease documents, it still takes significant time to manually hunt through documents for this information and summarize it.
AI can analyze documents quickly and accurately, allowing you to fully automate lease abstraction. Whether the data you need is financial or contextual, Tango Lease can extract and reformat it for you.
Semantic search
One of the major challenges with searching lease documents is that the information you want is often buried in pages of related information. You need to answer a specific question, but getting to the answer takes significant digging. And with legal agreements, you can’t always “control F” your way to the precise term you’re looking for, because different lessors, regions, leases, and even administrators may use different terminology for the same concept—or the concept may be communicated through paragraphs of text.
In the past, lease software has been poorly equipped to solve this problem. Traditional solutions have typically only been able to retrieve an exact (or near) match to a given search query. This results in so much trial-and-error that it can be more trouble than it’s worth.
Specialized generative AI solutions like Ask Tango have changed that. Ask Tango uses a method called semantic search, which utilizes natural language processing to decode the searcher’s intent. Using the context of dozens, hundreds, or even thousands of lease documents, the AI understands what a lease administrator is looking for.
It’s like handing a stack of lease documents to a trusted assistant and asking them to find something—you know they’ll retrieve the right information, even if the exact phrasing is different.
Ask Tango essentially becomes your AI navigation system for your lease portfolio. You ask a question about your portfolio in natural language, and it pulls the answer right from your documents.
Lease translation
Analyzing and interpreting leases already requires specialized knowledge. When you add the interpretive work of translation, even the simplest lease management tasks can become complicated and time consuming. If your portfolio is spread across multiple countries, translating lease documents represents a significant investment. AI can dramatically accelerate this process by automatically translating documents for your team.
Tango Lease is already doing this with invoices, and by 2026, it will be able to abstract leases from more than 20 different languages into English.
The future of AI in lease management
As artificial intelligence continues to evolve, lease departments will find valuable new ways to bring its analytical capabilities to lease administration and accounting. At Tango, we’re firm believers that AI is best suited to augment—not replace—human experts. Artificial intelligence is a tool to make your lease department more effective by automating some of their most tedious tasks, freeing them to do more of what they do best.
Right now, AI may feel like a novel way to navigate software and execute lease-related workflows. But in the years to come, organizations that have brought AI to their lease management workflows will be better equipped to make the best lease decisions and pursue high-value opportunities—because their lease professionals can work more efficiently than ever before.
Start leveraging AI for lease management
Since 2017, Tango has harnessed artificial intelligence to streamline repetitive processes, make accurate predictions, and provide relevant insights. With the latest advances in generative AI, we’ve brought new time-saving AI capabilities to Tango Lease, empowering lease departments to focus their efforts on more complex problems and processes. Leverage AI to streamline document intake, lease abstraction, and other lease-related tasks that create bottlenecks and consume significant human resources.
Want to see what Tango Lease can do for your organization—now and in the future?
Request a demo today.