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A UK-based telecom company transformed its operations across 150+ applications

Transforming operations of a UK Based Telecom Company across 150+ applications

Picking the Right Partner

Partnerships are among the most essential brand associations necessary for growth and scale. Finding the right partner is a long and time-consuming process and is one of the reasons why brands choose to stay with their partners even after the association becomes inconvenient and cumber some.

For instance, our client, a leading digital network in the UK connecting homes & businesses to the national broadband and telephone network, was stuck with an RPA partner who was forcing them to move their automation to the cloud. Considering the scale of their operation, the client was reluctant to make this shift and chose to seek an alternative, on-premise solution.

Upgrading to the latest tech minus disruption or downtime – The AssistEdge perk

Partnerships are among the most essential brand associations necessary for growth and scale. Finding the right partner is a long and time-consuming process and is one of the reasons why brands choose to stay with their partners even after the association becomes inconvenient and cumbersome.

For instance, our client, a leading digital network in the UK connecting homes & businesses to the national broadband and telephone network, was stuck with an RPA partner who was forcing them to move their automation to the cloud. Considering the scale of their operation, the client was reluctant to make this shift and chose to seek an alternative, on-premise solution.

Reduced effort, Improved productivity, and Customer experience.And the results?

We helped our client save 9500 minutes every day by reducing manual effort and improving agent productivity. We enhanced user experience by lowering system log-on speed by 75% and improved usability with a GUI and flexible options. The overall customer experience wasalso uplifted with an improved search time of 20%, efficient query resolution, and automated logs & screenshots. We also enabled end-to-end automation using a single cohesive platform across Engage (attended automation) & other RPA initiatives (unattended automation). And finally, we stream lined enterprise strategy by aligning all business functions and tasks to the Microsoft Windows 10 platform.

Here in lies proof that on boarding the right automation partner is not only key to a successful and scalable operation but can also help you solve unnoticed workflow issues and streamline processes, leading to improved customer experience and heightened satisfaction.

A global beverage company saved over $1 Million and 65,000 person-hours

How a Global Beverage Company identified process variations and saved 65K person-hours

To illustrate this, we’ll take the example of our client, a leading global beverage company with operations across 20+ countries. Due to its vast operations across several countries, the client faced several process complexities with differences in local procedures followed, languages, and legal requirements. Process variations created non standardization, limiting visibility and significantly increased operating costs.

Picking the Right Partner

The client wanted to assess the various versions of processes in place across countries, identify the optimal process, and standardize, centralize, and automate to lower costs and improve efficiencies. To begin with, the client wanted improvement and automation recommendations for two processes – cash collection and route settlement & billing. They needed a clear and granular understanding of how various users across countries approached the same process. This process mapping would be a mammoth task with an extensive scope if conducted manually. Language barriers would also severely limit the team’s capacity to manually identify process variations. They wanted a partner who could help them with Process Discovery and provide appropriate recommendations to optimize the right processes.

The AssistEdge Discovery: Identification, standardization, and streamlining

The EdgeVerve team deployed AssistEdge Discover across 50 user systems and created detailed process and task maps using over 3480 automated recordings AssistEdge Discover automated process discovery and enabled an intelligent data capture of granular process nuances using computer vision and keystroke logs. Using interactive process visualization through interactive process maps, the team came up with accurate visualization of as-is processes in terms of design, variations, and patterns. Automation blueprints were developed using business insights obtained from the task, and process-level data and automation prioritization was done using automation indicators, a priority matrix, and an intelligent funnel.

The maps, created in just 2 weeks, were over 90% accurate and were further validated by 36 end-user interviews. This granular and step-by-step view of the 6 sub-processes across 10 countries helped our experts identify over 300 process variations, evaluate the best approaches, and identify the right opportunities for automation.

And the benefits?

Additionally, reduced manual intervention and elimination of unnecessary steps accelerated revenue recognition while resulting in massive effort savings to the tune of 65K person-hours.

This success story is just one of many that the EdgeVerve team has helped build, using the AssistEdge platform and many others.

Event Hospitality & Entertainment Limited achieved a best-in-class customer experience

Enabling Event Hospitality & Entertainment Limited to provide the best-in-classcustomer experience

Technology and consumer experience

One such brand based out of Australia is Event Hospitality & Entertainment Limited. Having operated for over 100 years, the company has translated its passion for the silver screen andexpertise in the exhibition in various entertainment, hospitality, and leisure areas with flagship brands such as Event Cinemas. With innovation in leisure and entertainment evolving rapidly, it’s no wonder then that companies such as this are looking to push the boundaries to make sure people have memorable customer experiences when they go to the cinema. The company wanted to improve its stock ordering and inventory management to provide the best-in-class experience to its customers and chose AssistEdge to address the out-of-stock andover-stock scenarios across peak trading periods and give the guests the ultimate experience when they come to Event Cinemas.Discovering new opportunities and streamlining processes with AssistEdge.

The AssistEdge RPA platform brought new capabilities to the supply chain, including introducing a virtual Kanban system, allowing the team to ensure they have the right stock level at the right time. The application of predictive analytics helped forecast customer demand levels of the supplies. The AssistEdge RPA tool helped streamline the ordering process by analyzing historical sales data, history, and sales performance. The RPA tool also provided valuable insights into customer needs, allowing the effective transformation of business practices. Automation within the supply chain and ordering systems helped significantly reduce out-of-stock scenarios across Event Cinemas, thus improving revenue opportunities.

The AssistEdge RPA implementation helped identify automation opportunities across the business and provided in-depth analytics and insights, enabling the team to make more informed, intelligent, and long-term decisions.

Finally, we delivered and tracked effectively and improved engagement with customers on a personal level, which was among the brand’s key objectives at the outset of its partnership with us.

One of the world’s largest telecom company saved USD $400K through digital transformation

How we helped Openreach keep people connected during COVID-19

Non-configurable systems and manual effort took a toll on customer service

But what was happening behind the scenes? Our client, Openreach, one of the largest communication companies in the UK, was at the backend making sure that the world could stay connected. They decided to improve customer experience to make it easier to communicate in such a difficult time.

However, there were a couple of concerns that were holding them back. They were utilizing more than 15 to 16 systems at a time, most of which were non-configurable, which meant it took them 7-8 months to implement any changes. To get a customer back into service, they had to manually move them from a faulty fiber port to a new functional port. Desk agents had to collect all the necessary information from several different applications and systems to make this happen.

AssistEdge RPA brought in Flexibility and ensured Business continuity

Openreach aimed to improve its customer experience by prioritizing repair and provision orders within 21 days. This was a challenge with a purpose and we were ready for it. Our aim was to improve customer experience with automation, while also ensuring the safety of their engineers. The client chose AssistEdge RPA to add flexibility to their existing system stack, ensure business continuity, and react to this novel and unprecedented situation.

Without any delays, we set up processes that helped them identify and respond quickly to non-COVID-19 affected repair and provision orders. We also helped them identify exceptions related to COVID-19 affected cases without manual intervention. We removed identified cases quickly from the regular servicing queue, so it wouldn’t affect their service level guarantees. AssistEdge eliminated manual monitoring of cases by desk teams and rescheduled COVID-19 affected cases after 21 days.

An Automation solution that proved to be Cost-effective and Impactful

Our automation solution helped the desk agents reduce their transaction time, clear cues without backlogs, and reduced the time it took to train a new agent.

Risking critical operations while upgrading? Experience zero downtime with us

How AssistEdge upgraded 39 Processes for an Enterprise without any Downtime

Caution and considerations that plague high-volume operations

Who would understand this better than our client, a leading provider of aircraft parts and consumables – an enterprise that deals with high volume requests to help aircraft manufacturers focus on their core business needs.

We’ve had the opportunity to build a strong relationship with the client over the past few years of partnering with them. They swear by AssistEdge, our enterprise-grade automation platform, that helped them automate over 39 critical processes across sales, supply chain, purchase, shipping, and warehouse operations.

After experiencing what AssistEdge could do for their operations, they wanted to upgrade to the latest version, which was hosted within their network to optimize operations. They wanted to leverage the latest AssistEdge product capabilities without facing downtime during the upgrade, which would inevitably lead to backlogs, increased response time, and an overall unpleasant experience for their teams and customers.

AssistEdge’s capabilities to enable seamless transitions

Our team skillfully took this on with an aim to make this transition as seamless as possible.

This transition had to be completed within a stipulated time frame outlined by the client. We completed this task with flying colors. The upgrade began without any downtime, and once it was complete, the client was able to leverage the latest product features of AssistEdge that aided them to use Intelligent Automation for their critical business processes.

An upgrade that boosted accuracy and improved transactions

The client chose a combined offering of AssistEdge RPA and XtractEdge, a choice that brought in great results. We have helped them automate over 140k transactions, which in turn saved 40k hours, annually. As we glance at the bigger picture, the outcome matches our efforts. We helped our client save over 63K hours of manual effort to date. They achieved 90% accuracy in data extraction and a 50% reduction in average handle time with AssistEdge. Today, they have processed over 642k transactions, and with our AI, this number will only increase.

A global beverage giant improved distributor data accuracy by 50% & stock-outs by 20%

How we reduced manual reporting by 90% for a Global Beverage Giant

Today, everything we need is available with the click of a button. It’s the era of digitization, and most business functions are moving towards the future. However, there are some traditional operations that are struggling to keep up.

For our client, a multi-billion-dollar European beverage company, Supply-chain management was that dark horse.

Challenges Hindering Growth

With a presence in over 70 countries, they had a network of distributors in every region. While their operating companies maintained data about stock provided to distributors, they had no visibility further down the supply chain. This led to a production nightmare, with over production in some regions and stock-outs in others. The sub-optimal production planning only worsened with distributors returning expired stock, leading to direct financial losses. Due to a lack of data on consumer preferences, they rolled out promotions by instinct, making the result of this effort unpredictable.

As they started ramping up in the African region,a strategically important market, they needed a solution quickly. That’s when they reached out to us. They needed a platform that could receive real-time data from distributors, integrate it with global dashboards, and generate actionable insights.

Powering up Business

Our team analyzed the challenges from lack of technology adoption among distributors to low internet connectivity in the African regions and built a promising three-pronged solution that catered to our client’s needs – Distributor Management Solution (DMS), Distributor Management App (DMA), and TradeEdge Market Connect.

How did this solution work? Everything from sales inventory to invoice management was performed by an integrated cloud-based system, Distributor Management System, that can not only be accessed by their operating companies but also by the headquarters. Meanwhile, to address the problem of internet connectivity, we created a Distributor Management App designed for African markets, which captured information through mobiles and tablets without internet connectivity. The last leg of the solution, TradeEdge Market Connect, harmonized and fed the data into the reporting system to build actionable dashboards.

Breakthrough

Over the course of 3 years, we have rolled out this solution to over 200 distributors with thorough training and support.

Now our client can view stock levels with the click of a button and optimize their promotional strategies for maximum profitability. We have democratized the use of data and continue to do so for our clients to give them the visibility and collaboration they need, to take their operations to the next level.

One of the world’s largest sports merchandiser improved their demand forecasting by 60%

How we helped a multi-billion-dollar corporation increase its demand visibility by 60%

Trends have the power to launch your business forward, especially in the clothing industry. Having your finger on the pulse of what’s flying off the shelves is crucial in such a space. Our client, a global multi-billion-dollar sports merchandising corporation, lacked this critical component.

As a global company, with a network of intermediaries from wholesalers to multibrand retailers, it was becoming increasingly challenging for them to collect sales data from the ground. In cases where the data was available, it didn’t follow a particular point-of-sale (POS) system and was rendered useless. Even the process of onboarding a partner into their data acquisition system took 12-18 months.

Transforming Value Chain

Our global experience working on similar projects in the retail industry made us the perfect choice to bring in a systematic and process-oriented approach to this initiative. We set out with the objective of enabling a POS data acquisition system that could process data within 2 hours, was secure, scalable, configurable, easy to use, and required minimal manual intervention. The client’s goal was to onboard 100 partners within 2-3 years.

We set out by studying their data acquisition processes while interacting with multiple stakeholders. We first aligned the retailers’ processes with our client’s processes and standardized file specification, essential metrics, and measures of data acquisition. In the product implementation phase, the client chose our platform, TradeEdge Market Connect, trusted by Global Conglomerates and known forits Reliability and Data Harmonization. We bought TradeEdge for our client’s critical partners across the globe now they could effortlessly enter datain various formats, and it would be harmonized in record time.

Execution Excellence that drives growth

Their inventory turns risenby up to 30%. This resulted inreliable, accurate, and timely data that helped them double the impact of innovation, increased their speed to market, and helped connect with their consumers.

However, our biggest win in this process was that TradeEdge transformed how 2500+ businesses are working today. We’re excited to replicate the same for another one of our client’s flagship brands with such a successful project behind us.

Enabling Supply Chain Visibility in Emerging Markets

Delivering data acquisition, cleansing, and harmonization for operational visibility of data across markets.

Category leadership, high data volume & variance & poor visibility

As our client, the world’s largest snack company, a Fortune 500 firm with leading market share in every category and region, can at test to. As a leader in the food and beverages (F&B) industry with a global footprint and a comprehensive product portfolio consisting of biscuits, chocolates, candy, powdered beverages, gum, cheese, grocery, and coffee, our client worked with a complex network of distributors, who in turn serviced high-frequency stores and modern retail stores. In many emerging markets, their distributors and retailers did not have the technology to collect or transfer data from the ground. Even when there was some tech available, each distributor’s tech maturity was different from the next, causing consistency and quality issues in data transfer. Without data, our client had inadequate visibility into their secondary sales and inventory situation across the entire supply chain.

A turnkey, cloud-based solution through TradeEdge Market Connect & Market Pulse

Our client needed a globally scalable data exchange platform for their fast-growing Indonesia and Malaysia markets to overcome these challenges.

To bring together various distribution partners onto one platform for exchanging, cleansing, and harmonizing business data, we enabled a geo-customized solution with TradeEdgeMarket Connect and Market Pulse and implemented it for their Malaysia, Japan, and Indonesia markets.

We offered it a turnkey cloud-based solution backed by a robust service-level agreement (SLA). We also built a usage-based pricing model with low capital expenditure, keeping affordability inmind for developing and emerging markets.

Streamlined data analysis for complete visibility of global supply chain

Our solution receives multiple forms of data from many distributors and modes of transfer in any file format – transaction files such as distributor sales to retail, distributor inventory and order cut, master files such as product master, distributor master, outlet/store master, sales hierarchy, geography hierarchy, and must-sell SKU. It also easily onboards distributors/partners through configurations without going through build-and-test cycles. It also processes the distributor data through a set of customized business rules, harmonizes, transforms, and stores the data for use. TradeEdge Market Connect and Market Pulse provided the client with a complete view of their supply chain. It also helped them build a cohesive distributor engagement system for amutually beneficial relationship.

One of the world’s largest confectionaries reinvented supply chain traceability

Leveraging agile ways of working in a decentralized business landscape

Product traceability is a cloud-based and globally scalable solution designed to enable enterprises to stay in control of the inventory movement in near-real-time (Hold & Release process). It offers enterprises a scalable ERP-agnostic solution that connects with legacy and modern records systems across the supply chain.

Traceability and its implications in global markets

For our client Mars, a global manufacturer of confectionery, pet food, and food products operating in over 80 countries, accurate traceability was not just important; it was non-negotiable. The company was required to achieve adequate visibility of its entire supply chain, and some challenges prevented it from doing so. For instance, variable data attributes needed to be collected (customer requirement, product type, industry. etc.), coupled with slow deployment speed caused by complex processes and challenges associated with varied technology maturity, made it difficult for an ERP system to meet specific traceability requirements.

TradeEdge implementation to provide a scalable market traceability solution

With a significant investment going into strengthening the distribution network and supply chain, TradeEdge implementation helped Mars manage market traceability — Hold and Release process —for the company’s digital supply chain initiative. TradeEdge implementation helped Mars harmonize data from multiple ERP and warehouse management systems agnostic, providing a unified business consumption layer to business users. Through this, the company could track where the finished goods were at any given moment and even hold or recall them. Despite restrictions due to COVID-19, theywere able to move the needle and deliver transformation across various functional areas with improved visibility further upstream, armed with quasi-real-time data supporting traceability efforts to address business problems and comply with regulatory standards.

This implementation is a model for any industry as it demonstrates how traceability could be comprehensively addressed one-up and one-down in the supply chain. The fact that this was achievable for a large company like Mars sets the standard for others to follow.

One of the world’s largest consumer goods company improved their inventory planning across 2300+ partners.

How we acquired secondary sales data for a multibillion-dollar enterprise

Non-productive inventory & inefficient sales strategy due to inconsistent data

That’s the challenge our client, a multi-billion-dollar consumer good company, struggled with. They were selling almost 20 million products every day across 200 countries. With distributors, retailers,and third-party data consolidators spread across geographies, they couldn’t consolidate secondary sales data that could help them strengthen their demand planning. Even when data was available, it was in varying data formats, untimely and inconsistent. They lacked an organization-wide master data validation system, which made it impossible to bring together all the data to create a single trackable dashboard. Though there were some solutions in the market, they weren’t cost-efficient. The unavailability of data significantly impacted their business – inefficient sales processes, slow and costly partner on-boarding, lack of strategy and timely action due to inconsistent data, and a higher rate of non-productive inventory.

TradeEdge helped acquire and validate real-time data across emerging markets.

Successful project for another global CPG brand. So, when the client approached us, we knew it was a task made for our team. We began with market assessment and launched a pilot for one of their key markets. We built the data acquisition process to set up TradeEdge Market Connect as the default consolidator of all their secondary data across emerging markets.

We helped them acquire real-time data from distributors, consolidators, online and offline retailers,and customer DMS. We enabled master data validation, transforming external data across partner ecosystems to seamlessly fit into our client’s context. However, setting processes was just one part of our integrated solution. For this to work, their partners needed the right support and training. We provided operations and onboarding support for issue resolutions and follow-ups on timely data submission to make the transition as smooth as possible. TradeEdge extracted periodic reports daily, weekly, and monthly from six different applications used by various client teams.

A cost-saving solution that improved overall growth, sales, and real-time visibility

Thanks to TradeEdge, our client now has real-time visibility into data from 2300+ partners. They’ve seen phenomenal growth, almost 5x growth in 5 years.

Now we’re looking towards the future with a common goal in mind: to recreate the same success fortheir developed markets.

A large US-based bank digitized and processed 170K+ loan applications with 90% accuracy

Digitizing and processing 170K+ loan applications during a pandemic with 90% accuracy for a large US based bank

As we’re all more than aware, the past couple of years have seen a complete rethink of how practically everything works; from business to life and beyond, there isn’t a single system that hasn’t been reinvented, courtesy of COVID-19.

and to illustrate this, let’s take a look at a specific instance – Authentication and approval of paycheck Protection Program (PPP) & Small Business Administration (SBA) related loan applications in a remote-working scenario.

The Pandemic and the Remote-working Challenge

We worked on solving this problem for our client, one of the oldest and largest US-based financial institutions, offering a wide range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.

Our client had to review & approve 25k+ loan applications in a week during COVID-19, which caused a surge in Paycheck Protection Program (PPP) & Small Business Administration (SBA) – related loan applications. They also needed to authenticate the SMBs applying for the loan by extracting critical employee payroll data required to approve applications.

The task was something that would have been business as usual in the absence of COVID-19 but now posed multiple challenges. Attempting to complete the task manually was out of the question, and there was a strong need to find the right automated solution which combined speed and accuracy.

This is where we came in. With the help of the XtractEdge Platform and its computer vision capability, we were able to speed up loan processing for PPP & SBA loans with high accuracy.

Document AI – Volume, Variety, Velocity, Veracity

How did we achieve this? The XtractEdge platform crawled through loan application databases (25k+ loan application folders with over 170k documents) to find & extract only the documents necessary for loan processing.The platform processed various documents submitted by borrowers in multiple formats and extracted payroll information while assembling wage data with related information for traceability & audit. In doing so, we delivered a simple system for validation & a quick, automated loan approval and disposition process, all without any data or system integration.

Thrive in Disruption

And the results? By implementing the XtractEdge platform, we successfully helped the bank serve thousands of impacted customers by assisting them to access PPP SBA loans and accelerated loan processing with adherence to stringent risk & audit traceability requirements.

A Hitech manufacturer processed 30K+ historical customer contracts in a week

How AI-powered Contract Analysis Super charged a Hitech Manufacturer’s M&A Strategy

For assessments, specialist lawyers are deployed to research and analyze the risks/opportunities in large volumes of customer and supplier contracts quickly, sometimes just a few weeks. Efficient processing of these contracts depends on an accurate understanding of the terms and clauses.

Processing historical customer contracts: When traditional tech doesn’t cut it

Our client is a global semiconductor and technology solutions leader in several product segments due to their acquisitions. Their legal team was faced with processing historical customer contracts and manually reading and analyzing a random sample of key contracts to generate a representative assessment of potential risks/opportunities. Since these contracts reside in multiple silos, it requires a huge amount of manual effort to assess the exposure to various risks. The data in these contracts may be skewed or unreadable, and using traditional extraction technology like OCR doesn’t deliver the desired information accuracy, as it is challenging to process low-quality documents with problems.

Our client was thus looking for an AI-powered contract analysis solution that leveraged advanced techniques like NLP computer vision and ML capabilities to accelerate the contract review process, enabling legal teams to accurately extract terms & clauses for identifying deviations from standard clauses (expired contracts, auto-renewals, convenient termination) and determine risk exposure.

Identification, Evaluation, Acceleration, and Improvement: The XtractEdge Difference

This is where our AI-powered, human-centric contract analysis solution came into play, equipping the legal team with insights.

A pipeline was set up to pre-process the contracts, extract intents and entities, and post processing the information (applying business rules). A separate tenancy & data pipeline was created for the M&A process as this is highly sensitive information that cannot be accessed by unauthorized stakeholders and is in compliance with insider information statute requirements. This data pipeline for M&A-related contracts enables the client’s team to easily push the acquired customer and supplier contracts into XtractEdge, where the contractual data is extracted andfed to the BI (business intelligence) platform for generating reports. XtractEdge identified key contractual terms & clauses and accelerated comparing each paragraph & terms with standard templates. It also calculated risk based on critical language and legal terms differences and performed risk-scoring on the entire contract portfolio. XtractEdge enabled the M&A team to assess the impact of the risks associated with contractual obligations by redlining and risk scoring the contracts.

With 30K+ historical customer contracts processed in under a week and 70% potential workforce improvement, this ambitious execution was among our most successful.

A large US-based telecom company saved $20 million & improved productivity by 60%

How we saved $20 million for a large US based telecom company and boosted their productivity by 60%

Are you aware that large telecom companies deal with a vast number of mobile tower lease contracts every day?

They are required to manually identify conditions & clauses and sort and analyze vast volumes of information. As expected, this data processing method is tedious, inefficient, and prone to human errors, which can mean severe consequences due to poorly informed critical decision-making.

The problems of scale – Manual effort and lack of standardization

Our client, one of the largest telecom operators in the world, was not immune to this challenge. Their sales and mobile tower negotiation and contract enforcement teams were overwhelmed with over 650k tower rental contracts. Imagine manually reviewing such a large number of tower rent contracts and identifying and capturing relevant information like favorable clauses eligible for capital refunds from tower and real estate companies! In addition, the sales and mobile tower negotiations team lacked visibility in terms of their existing contracts, such as the relevance of particular locations, the presence of multi-party leasing clauses, and any cost-saving opportunities.

Our client’s woes didn’t end there; managing the contract template variance was difficult as there was no standardization – each contract had several nuances consisting of multiple pages, clauses, and attached risks. During the scanning process, multiple crucial fields of legacy contract documents were also missed, impacting accuracy and efficiency in reading and interpretation.

Identifying gaps and streamlining workflows

Hence, they sought a solution to automate the contract review process, thus enabling their teams to work on higher-value tasks and save millions of dollars with better negotiations backed by correct and instantly accessible information.

And with XtractEdge, they got all that and more! By leveraging XtractEdge’s Text Analytics and Computer Vision-based techniques, we helped them extract contract clauses faster and more accurately. Additionally, the precise abstraction of various contractual provisions and terms enabled downstream compliance checks and spend analytics.

A data pipeline was established to process contracts from upstream repositories, categorizing and auto-abstracting them and validating their signature status. The contractual data was then fed into a downstream system.

The XtractEdge team structured the workflow for a complete end-to-end extraction process, from indexing of the documents to identification, OCR extraction and realignment of individual paragraphs, discretization of PDFs to images, aligning skewed/rotated sheets, and finally, extraction of terms and clauses in the contract, followed by indexing.

The elastic search interface connected contract meta data and automatically built a structured contract summary, enabling the client’s teams to navigate and filter 650K+ contracts using query based and logical operators for identification with specific keyword and phrase combinations.

Enabling Savings and Productivity through Accurate Data – The XtractEdge Effect

XtractEdge also helped assess the contract risk based on defined rules and flagged high-risk contracts, enabling the sales and mobile tower negotiations teams to negotiate better lease terms and optimize rent & utilization. The client’s contract enforcement team leveraged insights gained from XtractEdge, such as contract terms and clause deviations plus favorable clauses, to claim surplus expenditures and impose penalties on defaulting vendors.

A Japan-based Fortune 500 conglomerate achieved 90% cost savings

How we achieved 90% cost savingsfor a Japan based Fortune 500 conglomerate

That’s what our client, a Fortune 500 conglomerate headquartered in Japan, realized as their procurement team invested 25% of their time just in contract analysis.

Low Productivity Increased Expense

It took 150 minutes for even a senior member of the team to draft a contract, retrieve past examples of clauses and build counter-proposals for a single contract. This meant that with the current resources and processes the company was limited to reviewing only 2,60,000 contracts per year. However, this wasn’t their only bottleneck; the process of risk analysis was open to subjective interpretations and human errors in risk scoring. Beyond this there was no centralized knowledge repository to refer to, which meant it was impossible for a new team member to review contracts swiftly and accurately, making it difficult for the business to scale.

That’s when they sought us out. They tasked XtractEdge Contract Analysis to automate three distinct areas- risk scoring, contract summary, and review dashboard.

We began by identifying inefficiencies in their processes and opportunities for automation. We leveraged AI to build quick contract summaries, efficiently analyze risk, and offer alternate clauses/legal wordings at scale. They could now obtain a risk analysis report that tagged specific clauses as high, medium, or low risk and recommended alternative wordings. We also automated a structured summary for every contract and a consolidated dashboard, where the team could review and collect comments from all stakeholders.

Increased Productivity Stellar Outcomes

The outcome?

That’s not all; our cognitive modules provided them with an accurate, standardized, and objective risk scoring solution, making it possible to create better and stronger contracts now and in the future.

Once we eliminated the bottle necks in their growth, they were able to scale up, with the potential to process more than 2,340,000 contracts per year, compared to the earlier 2,60,000.

We’re glad that our automation solution could help a Fortune 500 company eliminate inefficiencies, increase productivity and discover more scope to scale. Their team now has the bandwidth to do what they were meant to do and build meaningful relationships with partners like us.