Streamlining 3rd Party Contract Review & Scoring
In this case study we will look at the challenge, solution and benefits to streamlining a 3rd party Contract Review & Scoring solution for large bank.
INDUSTRY: FINANCE
INDUSTRY APPROPRIATE: ANY INDUSTRY
DEPARTMENT: PROCUREMENT, LEGAL, FINANCE
Background:
In the dynamic landscape of financial services, our client, a prominent bank, faced significant challenges in efficiently reviewing and scoring third-party contracts. The manual review process was time-consuming, prone to errors, and hindered the bank’s ability to meet tight deadlines. To overcome these hurdles, the client sought a cutting-edge solution leveraging artificial intelligence (AI) to enhance the speed and accuracy of contract review.
Objectives:
- Accelerate Review Process: Reduce the time required for contract review without compromising accuracy.
- Enhance Accuracy: Minimize the risk of errors in contract evaluation and scoring.
- Improve Scalability: Enable the bank to handle a larger volume of contracts without proportional increases in resources.
Solution:
Our team proposed the implementation of an advanced AI-powered contract review and scoring system, utilizing natural language processing (NLP) and machine learning (ML) algorithms. The solution aimed to automate mundane tasks, allowing legal professionals to focus on higher-value, strategic aspects of contract analysis.
Key Features:
- NLP-Based Parsing: The Odyssey AIDA feature employed NLP algorithms to extract key information from contracts, including clauses, obligations, and legal terminology.
- ML-Driven Scoring Model: A machine learning model was trained to score contracts based on predefined criteria, considering legal compliance, risk factors, and client-specific requirements.
- Continuous Learning: The system was designed to continuously learn from user feedback, adapting and improving its accuracy over time.
- Customizable Dashboard: A user-friendly dashboard was developed, allowing legal professionals to visualize and interpret AIDA-generated insights.
Implementation:
The Odyssey AI-powered contract review system was seamlessly integrated into the bank’s existing infrastructure. Training the system involved leveraging a vast dataset of historical contracts, ensuring the model’s proficiency in understanding diverse legal documents.
Results:
- Time Savings: The AIDA solution drastically reduced the time required for contract review, enabling the bank to meet tight deadlines and take on additional workload.
- Enhanced Accuracy: The ML-driven scoring model demonstrated a remarkable increase in accuracy, minimizing the risk of oversights and errors in contract evaluations.
- Scalability: The bank experienced improved scalability, handling a higher volume of contracts efficiently without a proportional increase in human resources.
By harnessing the power of Odyssey AIDA, our client successfully transformed its contract review and scoring processes. The implementation not only expedited the review timeline but also elevated the overall accuracy and efficiency of the financial institution. This case study serves as a testament to the transformative impact of AIDA in the finance domain, offering a glimpse into the future of streamlined and intelligent contract management.
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