AI Speeds Contract Migration: 70-85% Accuracy in 6 Weeks
A I • May 11,2024
A legal services provider needed to migrate 3,000+ contracts quickly. They leveraged AI tools to automate review, achieving 70-85% accuracy and significantly faster processing. This AI solution also streamlined project management, ensuring a successful and timely migration.
Client:
Integreon is a global legal solutions provider that empowers corporations and law firms to conquer complex legal and business challenges. For nearly two decades, it has helped corporate legal and compliance departments achieve more with less by streamlining processes, leveraging technology, and applying award-winning best practices.
Problem Statement:
Due to workload and tight deadlines, the global ride-sharing company turned to Integreon for an AI solution to optimize contract review.
● They had a massive volume of contracts (over 3,000) to review for migration to a new CLM system.
● The tight timeline of six weeks demanded a faster approach than a manual review.
● Extracting key provisions like termination, jurisdiction, and value required a thorough but efficient process.
● Traditional methods could have been more expensive due to the high number of contracts and the potential need for additional terms review.
Results:
● 70-85% accurate first pass: AI identified key info in most contracts, allowing for deeper review.
● 40% faster reviews: Kira sped up the process compared to manual review.
● 3,000 contracts in 6 weeks: High volume handled efficiently.
AI Solution:
Integreon strategically leveraged Kira’s suite of artificial intelligence tools to address this challenge. Kira’s AI technology efficiently absorbed, reviewed, and extracted essential information from the vast contracts repository.
Kira’s initial review achieved an impressive accuracy rate of 70-85%. Due to this remarkable efficiency, Integreon’s team was able to reallocate its efforts towards conducting in-depth quality control procedures.
The capabilities of Kira’s AI surpassed its remarkable accuracy by streamlining the integration process with the new CLM platform. Leveraging Kira’s extensive database of pre-built clauses and data points, Integreon was able to automate a significant portion of the information extraction process. Furthermore, Kira’s project management capabilities provided invaluable support, keeping the ten lawyers organized and focused on achieving the project’s objectives.
References:
Industry: Legal Technology, Legal Services
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