Learn how Capital Inc., a midsize financial services company with a complex portfolio of over 5000 legacy contracts, partnered with Execo to migrate and modernize their legacy contract portfolio. Execo implemented ContractPodAI's contract lifecycle management (CLM) solution and leveraged its advanced Leah GenAI technology to help Capital Inc. migrate legacy contracts, automate metadata extraction, and ensure compliance, setting the stage for sustainable growth.
Note: **In this case study, names are anonymised to protect client confidentiality
Capital Inc. faced major challenges with traditional contract management. Over 5,000 legacy contracts were stored in an unstructured and unorganized manner, making it difficult to find specific contracts and track contractual obligations. The existing manual data extraction process for metadata attributes was extremely inefficient and took 20 to 30 minutes per contract. Reviewing commercial contracts, which often included numerous pages, was tedious and time-consuming.
The challenge was compounded by the fact that they relied on traditional methods that didn't use GenAI technology at all, resulting in inconsistent contract management processes and delays. This was a particular challenge given the high volume of contracts and the urgent need for thorough compliance in the financial services sector.
Execo provided a comprehensive solution by setting up an environment on Leah, ContractPodAI's AI-driven platform. This environment is designed specifically for reviewing commercial contracts and extracting traditional contract attributes. The solution involved gathering specific client requirements regarding the obligations they wanted to extract or consider. We've developed high-quality, standardized prompts that can extract data from all types of contracts, whether it's customer documents or other templates.
Using the Leah platform, Capital Inc. is now able to extract the required metadata in less than 30 seconds. This is a huge improvement from previous manual work. Our legal tech experts worked to standardize prompts that extract both business and legal obligations with high accuracy, even when there are different contract types such as NDAs and service agreements. This level of customization and accuracy enabled all relevant data to be collected efficiently.
Capital's performance has been transformative. The Genai-enabled Leah platform enabled the company to extract critical contractual obligations from over 5000 legacy contracts and efficiently migrate them to the new CLM system. The standardized prompts we've developed can be reused for future contracts, so we can continuously streamline our approach to contract management.
Measurable results include a drastic reduction in processing time from 20 to 30 minutes per contract to just 30 seconds. This increased efficiency allowed Capital Inc. to reallocate resources and focus on strategic initiatives rather than manual contract reviews. Additionally, extraction accuracy has been greatly improved, the need for thorough manual quality checks has been reduced, and overall compliance controls have been strengthened.