Results
Contract Indexing time reduced by 92%
Improved database accuracy to 98%
Smart Search created 100% visibility on scanned contracts
Company Profile:
One of the largest US-based leasing companies for commercial buildings and services with thousands of customers across the country.
RPA Case Study Snapshot:
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Industry :Retail and Consumer Services
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Challenge :Contract Lifecycle Management
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Solution :Custom Automation
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Outcome : AI automation tools Improved processing speed and accuracy
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Get a QuoteChallenge: Managing Large Contract Repositories
The company has thousands of service contracts, across multiple state jurisdictions and managed in different repositories. The volume of data created limited visibility into specific terms and conditions and other vital details of their existing contracts.
Identifying and indexing contract clauses and/or court rulings was being done manually. This process was inundated with errors and extremely time-consuming. Resource limitations caused not all contracts/cases to be indexed properly.
The inability to update contracts efficiently resulted in revenue leakages, noncompliance and poor customer experience. The company sought to leverage AI indexing to create visibility and reduce manual efforts.
Solution: Smart Search AI Indexing
Solution architects worked with the company to identify vital contract fields and develop a custom automation. They combined RPA and AI intelligent document processing to extract and log data across thousands of contracts.
The solution provided:
- Accurate reporting and indexing
- Smart Search functionality to find data quickly
- The ability to implement mass changes and customer-specific updates
With AI, legal professionals can search and be presented with the right content, within a matter of minutes. With the AI enabled RPA solution in place the client reduced inputting and indexing time of new contracts from 25 to 2 minutes. They achieved 100% visibility into their contract database and were able to make compliance regulated contract updates in seconds.
