About the Client
A leading financial institution with global operations, specializing in providing a range of financial services, including investment, banking, and insurance. With thousands of contracts reviewed annually, the client needed a more efficient and accurate method for managing contracts. The primary business pain points were lengthy review cycles and the inconsistency in contract interpretation due to complex legal language.
The Problem
The client faced several challenges in managing its contracts:
- Lengthy and complex contract review processes, leading to delays in business decisions.
- Difficulty in identifying key differences and inconsistencies between contracts, often requiring significant manual effort.
- Delayed decision-making due to the time-consuming manual review process, hindering the organization's ability to act swiftly.
- Inconsistent understanding of complex legal terms, which created risks of errors in decision-making.
Our Approach
To address these challenges, Lauren implemented SummarAIze, an AI-powered contract summarization solution designed to streamline the contract management process:
- AI-Powered Summarization: Instantly condenses complex contracts into clear and easy-to-understand summaries.
- Drag-and-Drop Summarization: A user-friendly interface that allows quick uploading of contracts for instant analysis and insights.
- Simplified Legal Jargon: Translates complex legal terms into plain language, making the contracts more accessible to non-legal teams.
- Contract Comparison: Highlights the key differences and inconsistencies across multiple contracts, ensuring nothing is overlooked.
- Automated Contract Review: Reduces the manual effort involved in reviewing contracts by providing fast, accurate, and comprehensive analyses.
- Secure Data Handling: Ensures all contract data is stored and processed securely, complying with the highest standards of data protection.
Tech Stacks Used
Amazon Bedrock
ChatGPT
Google Gemini
AWS EC2
AWS S3
Python
django
The Result
By implementing SummarAIze, the client achieved significant operational improvements:
- Faster Decision-Making: Quick access to key contract insights enabled faster, more informed business decisions.
- Boost in operational efficiency: Automated contract review reduced the time spent per contract, freeing up valuable resources for more strategic tasks.
- Increase in contract review accuracy: AI-driven analysis significantly minimized human error and inconsistencies in contract interpretation.
- Optimized Workflows: The automated system allowed legal teams to focus on high-priority tasks rather than repetitive manual reviews.
- Secure Data Management: Ensured the secure handling of sensitive contract information, meeting compliance requirements and reducing the risk of data breaches.
SummarAIze transformed the client’s contract management process, enabling faster, smarter decisions and improving overall operational efficiency.