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.
- 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.
- Resource Constraints: Limited resources hampered the customer's ability to provide timely and effective support.
Business Objectives: To address these challenges, the enterprise set clear objectives aimed at enhancing efficiency and mitigating risks.
- Ensures that contracts adhere to regulatory requirements and internal policies.
- Reduce unnecessary expenses and maximize cost-effectiveness.
- Minimize operational cost.
- Improving the efficiency of contract workflows.
Solution
AI-driven IB-X™ platform emerged as the comprehensive solution to the enterprise's contract management woes. IB-X™ worked seamlessly with their existing infrastructure and provided a zero-invasion automation solution.
- IB-X™ 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.
- Integrating with their current application systems and bringing in the needed information.
- Extract the details about the contract review by searching across the legal document.
- Verifying the extracted data based on the preset rules defined by the organization.
- An AI Chatbot feature helps to get relevant information from the contract document.
Results Achieved
The solution provided comprehensive improvements beyond initial objectives.
- Enhanced the efficiency by automating document analysis, reducing manual effort, speeding up approvals
- Effectively identify and mitigate potential legal and financial risks associated with non-compliance
- Remarkable return on investment (ROI) demonstrating significant cost savings
- Remarkable reduction in processing time and with optimizing resource utilization