Streamlining Contract Data Management with AI-Driven Automation
Client Overview
A global leader in asset management and one of the world’s largest investment management companies, headquartered in New York. With a presence spanning multiple continents, the organization manages trillions of dollars in assets, serving a diverse clientele, including institutional investors and corporate, government, and individual investors. Renowned for their innovative investment strategies, cutting-edge technology, and deep market expertise that drive long-term value. Their scale and reach demand robust, efficient, and reliable infrastructure to support investment decisions, manage risk, and ensure regulatory compliance.
Overcoming Inefficiencies and Delayed Reporting in Manual Contract Data Processing
Their legacy systems struggled with fragmented data silos, delayed reporting, and limited analytical capabilities. The organization needed a unified, intelligent solution to empower teams, enhance client trust, and stay competitive.
The client is committed to delivering exceptional value to their stakeholders through innovative investment strategies and superior risk-adjusted performance. To maintain their competitive edge and address the challenges posed by rapidly increasing data volumes, the client sought to transform its data management infrastructure.
Client Requirements:
Automate Contract Data Extraction
Develop a solution to automatically extract critical data fields from contracts, such as obligation numbers, party details, key dates, and more, to reduce manual efforts and enhance accuracy.
Support Contract Comparison & Addendums
Implement a tool for comparing contracts, addendums, and renewals to identify discrepancies, ensuring that all contract modifications are accurately reflected.
Identify and Highlight Non-Contractual Text
Develop a capability to flag non-contractual or irrelevant text to minimize human error during contract review and processing.
Improve Operational Efficiency
Streamline the contract management lifecycle, reduce time spent on manual data entry and validation, and speed up the decision-making process.
Ensure Scalability & Data Privacy Compliance
Create a scalable solution capable of handling large contract volumes, with on-premise deployment to ensure data privacy and meet strict compliance
AI-Powered Platform for Automated Data Extraction, Comparison, and Compliance
To address these challenges, we developed an advanced document processing solution designed to handle large contract documents, up to 150 pages in length, while ensuring data accuracy and efficiency. Here's how the solution worked:
Document Data Extraction & Ranking
The solution leveraged cutting-edge AI models to automatically extract critical data from contract documents (PDFs, Word files) and structured formats like .csv and .xlsx. It employed a ranking and re-ranking functionality with a probable score, ensuring the most relevant and accurate data was extracted first. This ensured that the team could quickly identify and process high-priority obligations.
Contract Comparison & Error Prevention
For contracts under renewal or those with addendums, the solution provided robust contract comparison functionality, allowing the system to flag differences, discrepancies, and non-contractual text, thereby reducing the likelihood of human errors in contract management.
Language Support & Flexibility
The solution included language translation support for a limited set of languages, making it adaptable for use across global operations. Additionally, the AI system used LLM Zero-shot learning and Few-shot learning techniques to assess when fine-tuning might be necessary, providing continuous learning capabilities to improve data extraction accuracy over time.
Semantic Understanding & Prompt Engineering
The solution employed prompt engineering techniques to interpret user queries effectively, ensuring that the system understood and responded to queries based on semantic similarity, enabling users to interact with the platform naturally.
API Integration & On-Prem Deployment
To maximize business value, the solution included API endpoints, facilitating seamless integration with other critical business applications, including the client’s existing Gen AI platform. This ensured the platform could function as a cohesive part of the client's broader tech ecosystem. Additionally, the solution was deployed on-premise, ensuring strict data privacy and compliance with regulatory standards.
Enhanced Accuracy & Accelerated Contract Data Processing with Exceptional Productivity Gains
35% Reduction in Report Generation Time
Automating the extraction and comparison of contract data significantly shortened the time required to generate accurate reports, speeding up decision-making and client responses.
3X Productivity Improvement in Contract Management
The solution drastically reduced the time spent manually reviewing and processing contracts, resulting in a 3x increase in productivity across the contract management lifecycle.
Enhanced Accuracy & Reduced Errors
By automating the contract comparison process and identifying non-contractual text, the solution minimized human error, ensuring the integrity of all contract data and helping the client avoid costly mistakes.
Scalable Solution for Global Operations
The solution’s scalability ensured that it could adapt to increasing contract volumes and evolving business needs, while the on-premise deployment ensured complete data privacy and regulatory compliance.
About Indium
Indium is an Al-driven digital engineering company that helps enterprises build, scale, and innovate with cutting-edge technology. We specialize in custom solutions, ensuring every engagement is tailored to business needs with a relentless customer-first approach. Our expertise spans Generative Al, Product Engineering, Intelligent Automation, Data & Al, Quality Engineering, and Gaming, delivering high-impact solutions that drive real business impact.
With 5,000+ associates globally, we partner with Fortune 500, Global 2000, and leading technology firms across Financial Services, Healthcare, Manufacturing, Retail, and Technology-driving impact in North America, India, the UK, Singapore, Australia, and Japan to keep businesses ahead in an Al-first world.
