Success Story

Leading Global Assurance Provider Revolutionizes Contract Review with GenAI Led Automation

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Engagement Background

Apexon began its strategic partnership with the company to address inefficiencies in their manual contract review processes. At the time, the company was struggling with the labor-intensive task of auditing hundreds of unique contract agreements, leading to prolonged service level agreements (SLAs), higher costs, and potential human errors.

Apexon’s scope included implementing advanced automation solutions using LLAMA models and Python within a Streamlit framework. This approach aimed to streamline the contract review process, reduce manual efforts, and enhance accuracy. Apexon revolutionized the company’s contract review process by designing and developing an automated document comparison tool, resulting in significant improvements in efficiency, accuracy, client satisfaction, and compliance.

About the client

Established as a global leader in audit and assurance services, the company is renowned for its unwavering commitment to quality and compliance. They empower organisations to not only achieve compliance with rigorous standards, but also navigate risk and build a more sustainable future.

With a team of 5000+ risk management, operational, data security, and sustainability specialists across more than 150 countries, the company empowers over 60,000 clients across industries and regions to proactively address, reduce, and navigate risk throughout their operations.

The Challenge

Enhancing Contract Review Efficiency Through Automation

The company is a globally recognized leader in audit and assurance services, renowned for their commitment to quality and compliance. However, they faced significant challenges with their manual contract review processes. The organization was tasked with manually auditing hundreds of unique contract agreements, which was a time-consuming and error-prone process. This inefficiency led to prolonged service level agreements (SLAs), higher operational costs, and an increased risk of human errors, ultimately impacting overall audit accuracy and reliability.

Several key obstacles included

Labor-Intensive Processes

Manual review of contracts was extremely time-consuming, requiring significant labor hours and leading to inefficiencies.

Potential for Human Error

The manual nature of the work increased the likelihood of errors, impacting the accuracy and reliability of audit outcomes.

Prolonged SLAs

Extended review times led to delays in meeting SLAs, affecting overall service delivery and client satisfaction.

High Operational Costs

The need for extensive manual labor increased operational costs, reducing overall profitability and efficiency.

Inconsistent Compliance

Ensuring consistent adherence to ISO standards manually was challenging and prone to inconsistencies.

The Solution

AUTOMATING CONTRACT REVIEW WITH CUTTING-EDGE TECHNOLOGY

Recognizing the limitations of manual contract review, Apexon developed a revolutionary solution to streamline the process, improve accuracy, and enhance efficiency. The goal was to make the contract review process faster, more accurate, and cost-effective by creating an automated document comparison tool that significantly reduced manual intervention and enhanced operational workflows.

Key components of the Apexon solution include

LLAMA Models
LLAMA Models

Deployed to facilitate sophisticated document comparison and inconsistency detection. These powerful language models analyze contracts line-by-line to quickly identify discrepancies, reducing manual review time.

Python Scripting
Python Scripting

Developed to automate the contract review process, allowing seamless integration of LLAMA models and streamlining comparison tasks.

Streamlit Framework
Streamlit Framework

Utilized to create a user-friendly web-based interface, enabling personnel to easily upload contracts for review and access results generated by the LLAMA models.

Throughout the project, Apexon defined and executed strategies to automate multilingual document checks and precise discrepancy identification. Key deliverables included:

Multilingual Document Checks

Enabled efficient and accurate checks across multiple languages, broadening the tool’s applicability and effectiveness.

Operational Workflow Enhancements
Operational Workflow Enhancements

Streamlined workflows to allow swift and precise identification of discrepancies, enhancing document consistency and reliability.

Sophisticated LLAMA Models
Sophisticated LLAMA Models

Automated complex document comparison tasks, ensuring high precision in detecting inconsistencies.

User-Friendly Streamlit Framework
User-Friendly Streamlit Framework

Provided an intuitive interface for end-users, facilitating easy navigation and efficient document reviews.

Automated Document Comparison Tool
Automated Document Comparison Tool

Streamlined the contract review process, drastically reducing manual efforts and increasing accuracy.

Key Areas of Project Scope Included

01Tech
Implementation

Deployed LLAMA models and Python in a Streamlit framework to automate document inconsistency detection, significantly reducing manual review times.

02Automation
Benefits

Enabled efficient, multilingual document checks, reducing manual review needs and accelerating validation processes.

03Streamlined
Operations

Automated focused reviews to quickly pinpoint discrepancies, ensuring consistent document quality and accuracy.

04Enhanced
ISO Compliance

Implemented robust validation processes to improve adherence to ISO standards, enhancing audit reliability and document consistency.

By integrating these advanced automation solutions, Apexon significantly improved the efficiency and accuracy of the contract review processes, leading to substantial time and cost savings. This strategic approach not only enhanced compliance and operational excellence but also fostered greater client satisfaction.

Key Results

By leveraging automation and cutting-edge technologies, the organization achieved a new level of efficiency, accuracy, and cost-effectiveness, ultimately enhancing both client satisfaction and their overall business value.

Reduction in Review Time

Reduced Review Times and Enhanced Efficiency

Reduction in Review Time Automation with LLAMA models drastically cut manual review time, allowing audits to be completed significantly faster, translating to quicker client turnaround times and improved service delivery.

Increased Review Team Capacity Automation freed up valuable time for the review team, enabling them to focus on more complex audit aspects and handle a larger volume of contracts.

Improved Resource Allocation Reduced manual review time optimizes resource allocation, allowing reviewers to focus on tasks requiring their expertise and judgment.

Minimized Human Error

Enhanced Accuracy and Consistency

Minimized Human Error LLM-powered document comparison reduces the risk of manual errors, ensuring higher accuracy and consistency in identifying contract issues.

Improved Compliance Adherence The automated solution promotes consistent review practices, ensuring better adherence to ISO standards and regulatory requirements, leading to more reliable and trustworthy audits.

Reduced Discrepancy Oversights Automated line-by-line analysis ensures no discrepancies or potential issues are overlooked, resulting in more comprehensive reviews.

Increased Client Satisfaction

Overall Business Value

Increased Client Satisfaction Faster turnaround times, improved accuracy, and consistent compliance enhance the client experience.

Reduced Operational Costs Automation leads to significant cost savings through reduced labor requirements and streamlined workflows.

Enhanced Competitive Advantage Efficient and accurate contract review processes provide a competitive edge in the auditing and assurance industry.

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