Challenge
Company sought an advanced solution for managing contracts, obligations, and relationships, without the shortcomings of their legacy homegrown CLM system:
- limited search, find, and reporting capabilities
- unable to provide a comprehensive view of third-party relationships, including connections between master agreements, SOWs, and Amendments
- slow and expensive manual processes for contract analysis and updating reporting to keep pace with changes in products and regulations
Solution
Elevate migrated the contracts into a third-party CLM system and continues to manage the upload of contracts into the CLM repository:
- Inventory and Organisation: Cataloguing and organisation of all agreements (physical and digital) into parent-child relationships.
- Extraction and Digitisation: Combined use of AI and expert human review to extract key data and create a reportable and searchable database.
- Quality Control: Rigorous QC that achieved > 99% accuracy of extracted data.
- Continued Process and Maintenance: Ongoing management using AI and human review to maintain repository accuracy and add new agreements.
