Reimagine the contract management process—less time searching and more time acting on relevant information.
A financial institution needed to review non-disclosure clauses in 60,000 US client accounts. Previously the organization employed a team of 12 attorneys to review the documents manually and create an Excel spreadsheet with the results.
The organization had a massive repository of poorly scanned client documents and no one knew what was inside of it. When an executive asked the team what their obligations were in terms of non-disclosure on these accounts, it took the team of 12 attorneys six weeks to determine an answer.
Applica took the historical non-disclosure agreements, extracted the required information, and put it all in a structured, searchable form. Now whenever anyone has a question on these documents, they can execute a simple query and have an answer the same day. New non-disclosure documents are also put into this structured database for self-service use.
By automating this process and making it easy to access for repeatable future use, the organization no longer needed to employ the team of 12 attorneys to review the data, reducing costs by 80%. The turnaround time decreased from six weeks to less than one day.
Using cutting-edge deep learning technology, our easy-to-use solution comprehends content like a human does. Now your organization can automate even the most complex and variable documents to free people from repetitive tasks, unlock new revenue streams, and significantly bolster efficiency.