How AI Contracts Analysis enabled 10X Increase in Productivity
Do you have the right tools to review contracts efficiently?
Are you enabling your legal team with insights rather than data?
If no, then read on.
One of our clients, a large US Banking and Financial Services company had a historic load of 25,000+ procurement contracts and generated around 2000 contracts each month. As they were available in varied formats:
- Manual processing was challenging, time consuming and error-prone.
- They were not able to capture any Insights
- Introduction of any new clause opened doors to risks
The bank decided to use AI for legal contracts. An AI led contracts analysis product, like XtractEdge Contract Analysis, automated the analysis contracts.
One of the best legal document software, XtractEdge Contract Analysis leveraged NLP, Computer Vision and ML, to conduct a legal document analysis. The legal AI software reviewed and extracted terms and clauses quickly and accurately, determining the potentials risks of their contracts and suppliers.
With XtractEdge Contract Analysis, the bank saw:
Accuracy in contracts processing
contract cycle time reduction
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