A Company Has Successfully Analyzed Nearly 30 years’ Worth of Contracts Using AI Technology

Summary:

As a result of adoption of an AI solution, a company was able to complete searches for specific contract provisions in minutes and effectively analyze nearly 30 years of contractual data, positioning themselves as leaders in contract analysis and centralized business operations.

Client: 

Intelex Technologies, ULC is a global leader in the development and support of software solutions for Environment, Health, Safety and Quality (EHSQ) programs. The company was founded in 1992. 

Problem Statement: 

With decades’ worth of contracts stored primarily on paper, Intelex recognized that their ambitious growth plans necessitated a more streamlined system. They wisely initiated a significant project to digitize over 110,000 pages of contracts accumulated over nearly 30 years of operations. Although the scanning process took a few months, having this comprehensive dataset now enables Intelex to facilitate its extensive multinational expansion.

As they venture into new markets and broaden their network of global partnerships, the complexity and variety of contracts will naturally increase. Therefore, centralizing access to these contracts and implementing tools for rapid comparison and analysis is crucial.

Intelex was on the lookout for an AI solution that would position them as leaders in contract analysis and centralized business operations.

Results: 

• Ability to complete searches for information on various contract provisions in minutes.
• Almost 30 years of contracts analyzed.

AI Solution Overview:

Kira played a pivotal role in helping Intelex centralize and digitize their contract management processes. 

Utilizing its patented machine learning technology, Kira efficiently and accurately extracts concepts and data points. Additionally, Kira can compare a PDF file with a Word document to identify changes, particularly those that were not agreed upon or documented in earlier versions. Intelex continues to explore innovative ways to leverage Kira’s tools and solutions to streamline their administrative tasks and enhance contract management.

The advanced algorithms developed by Kira’s in-house R&D team contribute to its reputation as a highly precise machine learning contract analysis system. Kira mandates that all built-in smart fields achieve a minimum recall rate of 90%, which significantly mitigates risks and errors during contract reviews.

References: 

1. Poised for rapid growth on a global scale, Intelex used Kira to review almost 30 years’ worth of contracts to support its acquisition. https://kirasystems.com/resources/case-studies/intelex/#

Industry: Legal Services

Vendor: Kira

Client: Intelex