Enhancing contract management efficiency for an investment management firm

The Challenge

Our customer was facing increasing challenges in effectively managing and analyzing a vast number of digital contracts and legal documents. Operating within the heavily regulated financial services sector, they need to ensure full compliance while exploring the potential of cutting-edge AI technologies to streamline operations. The customer had a need for a contract management solution that would offer better integration into their workflows and greater efficiency, particularly in extracting and comparing information from various document sources such as PDFs.

In addition, any tool the company wanted to adopt would have to offer the highest levels of data security and compliance.

The approach

Eraneos was tasked with developing a compliant, cost-effective AI solution tailored to the customer’s needs. Leveraging the Azure OpenAI services, we built a streamlined, open interface that enabled the company’s internal users to upload PDFs or links to SharePoint and interact with the documents via a secure chat interface.

This interface gives users an efficient way to extract and compare critical information from PDFs. The entire system was deployed on the Azure platform using Terraform for infrastructure management. This setup ensures that all operations remain within the stringent compliance framework required by the financial services industry.

The customer’s external compliance team rigorously reviewed the solution and confirmed that it met all necessary standards, reinforcing the company’s commitment to data security and regulatory adherence.

The result

Our AI-driven contract management solution delivered immediate, tangible benefits for the customer. The tool quickly gained user adoption, with over a hundred unique users and an average of sixty sessions per day within the first two months of deployment. This high engagement demonstrated the solution’s usefulness as a tool to support employees in document analysis and comparison.

By delivering a compliant, user-friendly tool for extracting and comparing contract information, the solution significantly improves efficiency for the customer’s legal and compliance teams. Users can quickly screen documents to identify differences in terms and conditions, ensuring that all contractual agreements meet regulatory standards. The interface also ensures accuracy by always displaying the sources of information used for each response, so users can verify the extracted data as needed. Because we leveraged pre-existing white-label solutions developed by our team, we were able to deploy rapidly and customize the solution to meet the specific needs of our customer. This approach helped save time and lower costs, delivering even more value.

The AI-driven contract management solution that we developed showcases the transformative potential of Generative AI for financial service providers. By addressing key challenges related to compliance, efficiency and data security, this project delivered significant benefits, setting our customer on a path to continued success in leveraging AI technologies.