After successfully spinning-off a key business division, a leading global provider of financial market data and infrastructure had six months to migrate 850,000 customer contracts into a new CLM platform. Processing more than 4.5 million pages of data in that timeframe would be challenging; traditional manual methods would require an estimated 200 full-time employees. The task was further compounded by the need to extract 32 key attributes from 10+ contract types across 18 languages, navigate 10% data duplication, and enhance metadata extraction from the documents of 200 key customers.
The market-data provider utilized Intelligent Document Processing to tackle these challenges. Working with Wipro, the global leader abstracted and migrated information from structured and unstructured documents, leveraging meta data extraction, contextualization, NLP, MLOps, and an inbuilt annotation studio to bring enterprise intelligence into the landscape.
Intelligent Document Processing empowered the conglomerate to export data of varying complexities downstream while ensuring clients had access to digitized and searchable contract information. The AI- and NLP-based automated contract abstraction solution also enabled the company to migrate legal documents to a new, secure cloud platform for managing sales contracts.
By using Intelligent Document Processing, the market-data leader accomplished its massive extraction and migration task two weeks ahead of schedule using just 40 FTE. With its improved scalability, additional volumes added compute capacity rather than effort, with per-person productivity increasing by 500%. Meanwhile, the platform’s cognitive-powered features and intelligent automation removed 10% of duplicates and delivered an error rate of <.01% when loading data to downstream CLM.