Legal
Case Studies
Business Challenge
The mining industry in the US faced challenges with manual contract review system processes, and these challenges manifested in labor-intensive reviewing of contract details and handling approval workflows, resulting in delays and errors. Additionally, the decentralized storage of contracts posed significant compliance risks. Without a centralized system, the enterprise struggled to track deadlines and ensure regulatory adherence.
- Customer Expectations: The customer struggled to meet diverse customer expectations, leading to dissatisfaction and churn.
- Knowledge Gaps: Agents often faced questions they couldn't answer, resulting in frustrating customer experiences and reduced credibility.
- Resource Constraints: Limited resources hampered the customer's ability to provide timely and effective support, impacting customer satisfaction and retention.
Business Objectives
To address these challenges, the enterprise set clear objectives aimed at enhancing efficiency and mitigating risks. Primarily, they sought to streamline contract review workflows to improve operational efficiency and reduce turnaround times. Additionally, ensuring compliance and minimizing legal risks were identified as top priorities, requiring the implementation of a centralized and reliable contract management solution.
- Ensures that contracts adhere to regulatory requirements and internal policies, minimizing the likelihood of legal issues or penalties.
- Reduce unnecessary expenses and maximize cost-effectiveness.
- Minimize operational cost
- Improving the efficiency of contract workflows, from creation and negotiation to execution and renewal, to enhance productivity and resource allocation.
Solution
AI-driven GenAOS™ platform emerged as the comprehensive solution to the enterprise's contract management woes. GenAOS™ worked seamlessly with their existing infrastructure and provided a zero-invasion automation solution.
- GenAOS™ automated the contract review process, significantly reducing manual effort and improving accuracy.
- The GenAI services highlight the contract clauses that are met based on certain criteria by reviewing the contract document. Furthermore, the platform facilitated centralized contract storage and retrieval, enhancing compliance, collaboration, and decision-making processes.
- Integrating with their current application systems and bringing in the needed information and data from those systems for robust verification.
- Extract the details about the contract review by searching across the legal document and highlighting the terms and key points that are required for verification purposes.
- Leveraging advanced AI tools using our task automation, document processing using our GenAI services, and assigning approval request tasks to multi-department stakeholders.
- Verifying the extracted data based on the preset rules defined by the organization to rule out conflicts.
- An AI Chatbot feature helps to get relevant information from the contract document based on the relevant questions.
- Completion of contract approval workflow from required stakeholders more efficiently and faster.
Competitive Analysis
In assessing various solutions, GenAOS™ stood out for its feature-rich offering tailored to the needs of contract review and management.
- GenAOS™ had seamless integration capabilities with GenAI services in reviewing the contract information which is a cumbersome process to review all the terms and key points.
- Its scalability and seamless integration capabilities with existing systems gave it a competitive edge in the market.
- By choosing GenAOS™, the enterprise gained access to a robust solution that not only addressed their immediate challenges but also positioned them for future growth and success in contract review management.
Business Impact and Outcome
Success Story
- Enhanced the efficiency by automating document analysis, reducing manual effort, speeding up approvals
- By harnessing the power of GenAOS™ AI, we can now effectively identify and mitigate potential legal and financial risks associated with non-compliance, non-performance, or ambiguous terms within agreements. This proactive approach has drastically reduced our exposure to these risks, providing much-needed peace of mind.
- The combination of risk mitigation and workflow optimization has led to a remarkable return on investment (ROI) demonstrating significant cost savings.
- We've seen a remarkable reduction in processing time and with optimizing resource utilization and resulting in a decrease in associated costs.
Key Results
Average Cost Reduction
Reduction on Processing Time
Remarkable ROI
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Contract Review Process Overview
AI-powered contract review
Automated data extraction
Compliance checks
Seamless approvals