Discover how Capital Inc., a mid-sized financial services company with a complex portfolio of over 5000 legacy contracts, partnered with Execo to migrate and modernize their legacy contract portfolio. By implementing ContractPodAi’s Contract Lifecycle Management (CLM) solution and leveraging its advanced Leah GenAI technology, Execo helped Capital Inc. migrate their legacy contracts, automate metadata extraction, and ensure compliance, positioning them for sustainable growth.
Note: The client’s name has been anonymized in this case study to protect their confidentiality.
Problem
Capital Inc. faced a major challenge with their legacy contract management. They had over 5000 legacy contracts stored in an unstructured and unorganized manner, making it difficult to locate specific contracts or track contractual obligations. The existing manual data extraction process for metadata attributes was highly inefficient, taking 20 to 30 minutes per contract. Reviewing commercial contracts, which often contained numerous pages, was cumbersome and time-consuming.
The problem was exacerbated by their reliance on traditional methods that involved no use of GenAI technology, which led to inconsistent and delayed contract management processes. This was especially problematic given the high volume of agreements and the critical need to ensure contractual compliance in the financial services sector.
Solution
Execo provided a comprehensive solution by setting up an environment on Leah, ContractPodAi’s AI-driven platform, specifically designed for reviewing commercial contracts and extracting legacy agreement attributes. This solution involved gathering specific client requirements regarding the obligations they wanted to extract or review. We developed high-quality, standardized prompts capable of extracting data from any type of contract, whether customer documents or other templates.
With the Leah platform, Capital Inc. could now extract required metadata within 30 seconds, a significant improvement from the previous manual effort. Our legal tech experts worked to standardize prompts that extracted both business and legal obligations with high accuracy, even across different contract types like NDAs and service agreements. This level of customization and precision ensured that all relevant data was captured efficiently.
Results
The results for Capital Inc. were transformative. With the GenAI-enabled Leah platform, they were able to extract key contractual obligations from over 5000 legacy contracts and migrate them to the new CLM system efficiently. The standardized prompts we developed can be reused for future contracts, ensuring a continued streamlined approach to contract management.
The measurable outcomes included a drastic reduction in processing time—from 20-30 minutes per contract down to just 30 seconds. This increased efficiency allowed Capital Inc. to reallocate resources and focus more on strategic initiatives rather than manual contract review. Furthermore, the accuracy of extraction improved significantly, reducing the need for extensive manual quality checks and enhancing overall compliance management.
