The US-based company is a leading global provider of market data and infrastructure. It employs close to 20,000 people, with operations in 190 countries.
The financial services provider needed to migrate 850K contracts across 40,000 customers onto a new contract lifecycle management (CLM) platform, DocuSign CM. The process required the extraction of 32 critical attributes from 12 different contract types across 18 languages. They had a stringent six-month timeline and were looking for a cost-effective and automated solution to extract essential metadata for migration to the CLM platform.
Wipro proposed Holmes “AI with the lawyer in the loop” model utilizing its AI (artificial intelligence) capabilities coupled with legal expertise to deliver the expected quality output.
Critical aspects of the solution included:
- Classification: Documents are auto classified into 12 contract types before relevant metadata items extracted.
- Metadata extraction: The Wipro Holmes platform utilized to extract up to 32 attributes from the contracts, which are then manually validated before being delivered to the client to upload on to the CLM platform.
- Deduplication: Duplicate documents identified and eliminated using information from the extracted data.
- User-based products: Key terms are manually removed from more than 1,000 sub-products, belonging to four critical product categories for tracking usage limits and usage exceptions agreed under the contract.
- Languages: Metadata manually extracted from contracts in 18 foreign languages, including Spanish, French, German, Japanese, Mandarin, etc.
- Variations: Contracts from 1996 to 2020 reviewed after overcoming challenges associated with variations in drafting, structure, varied legal entities, among others.
Our “AI with the lawyer in the loop” model was a critical differentiator in successfully delivering this project. It resulted in the following benefits for the client:
- 5X productivity improvement delivered through Holmes AI solution.
- 10% duplication removed from the process.
- Met timelines for legacy migration.