Learn how Capital Inc. (a mid-sized financial services company with a complex portfolio of over 5,000 legacy agreements) collaborated with ALYTHRIX to migrate and modernize its legacy contract portfolio. By implementing ContractPodAI's contract lifecycle management (CLM) solution and leveraging its advanced Leah GenAI technology, Alythrix helped Capital Inc. migrate legacy contracts, automatically extract metadata, ensure compliance, and set the stage for sustainable growth
Note: **In this case study, names are anonymised to protect client confidentiality
problems
Capital Inc. faced major challenges in contract management in the past. They have stored over 5,000 past contracts in an unstructured and disorganized manner, making it difficult to find specific contracts or track contract obligations. The manual data extraction process for existing metadata attributes was extremely inefficient and took 20 to 30 minutes per contract. Reviews were usually very cumbersome and time-consuming with multi-page commercial contracts.
Relying on traditional methods, data optimization was not progressing, contract management processes were inconsistent, and caused delays. This issue was particularly acute due to the large number of contracts in the financial services industry and the need to ensure contract compliance.
solutions
By setting up ContractPodAI's AI-driven platform “Leah”, ALYTHRIX provided a comprehensive solution for reviewing and extracting attributes of past contracts. The solution collected specific requirements for obligations that customers wanted to extract or review. We've developed high-quality standardized prompts to allow data to be extracted from all types of contracts, regardless of customer documents or other templates.
By utilizing the Leah platform, Capital Inc. is now able to extract the required metadata in less than 30 seconds, a significant improvement over previous manual work. Our legal technology experts are committed to standardizing accurate prompts and accurately extracting business and legal obligations. This makes it possible to efficiently capture all relevant data across different types of agreements, such as NDAs (non-disclosure agreements) and service agreements.
upshot
Capital Inc.'s achievements are revolutionary. The Leah platform enabled us to efficiently extract key contractual obligations from over 5000 legacy contracts and migrate them to the new CLM system. The standardized prompts we have developed can be used repeatedly for future contracts, and we can continue to implement efficient contract management methods.
Measurable results include significant reduction in processing time. Processing time for each contract has been reduced from 20 to 30 minutes to just 30 seconds. This increased efficiency allowed Capital Inc. to redistribute resources and focus more on strategic planning rather than manual contract reviews. Additionally, extraction accuracy has been greatly improved, the need for manual quality checks has been reduced, and overall compliance controls have been strengthened
