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ractangle
case study

AI Contracting Software for Fintech Corporation

Fintech & Trading & Retail

  • Software development
  • ML & AI
  • Legacy System Modernization
  • Consulting (technology stack and cloud selection, architecture)
  • Optimization

Modernization of existing AI contracting software while retaining essential functionalities from the older version. Improving the user interface for easy legal staff interaction and enhancing tools for presenting analysis results and insights. Seamless integration with new and existing corporate systems.

client

NDA

  • image Europe
  • image 100-250 employees

Our client is an international legal company offering a broad range of services to individuals, businesses, and organizations operating across different jurisdictions. Thanks to AI contract software, its specialists quickly process thousands of contracts, analyzing them and providing useful insights. It helps the company to remain a leader and deliver quality services to firms worldwide.

AI Contracting Software for Fintech Corporation

request background

AI Contract Management Platform Modernization

The company used an early version of AI contract management software in its workflow. It provided a foundational level of automation in drafting, reviewing, versioning, and monitoring contractual documents.

However, the contracts have become more complicated as time has passed. A basic analysis tool struggled to deal with the complexities of modern contracts, so it needed an upgrade to handle nuanced scenarios. Complying with industry standards and legal developments was also crucial.

As for functionality, the company needed better precision in contract analysis. Upgrading the AI contract analytics software should involve implementing more advanced algorithms for a deep contextual understanding and nuanced interpretation.

At the same time, increased scalability of the tool would allow it to efficiently handle a larger volume of contracts and related data.

Also, the company required a unified and efficient workflow. It was essential to seamlessly integrate a solution with the existing legal and document management systems, as well as connect it to other corporate tools. We should check if the platform can access and utilize relevant data from databases and CRM systems.

Artificial Intelligence Contract Software

challenge

Integration Issues and Change Resistance of Artificial Intelligence Contract Software

Upgrading the AI contract management system, we faced a set of challenges:

First, our client employs diverse systems and tools in their workflow. Ensuring full integration with these platforms required a comprehensive understanding of the various technologies and protocols.

Another complexity of integration involves solving problems related to data synchronization to avoid discrepancies or data loss. At the same time, it was necessary to implement robust security measures to protect confidential legal information during data transfer.

Another challenge was modernizing the artificial intelligence contract management software without compromising the core features that people used in the old version. Here, our task was to identify and maintain important functionalities and ensure a smooth transition for users while innovating. At the same time, balancing legacy and innovation required addressing technical debt to ensure the long-term maintainability of the updated tool.

Resistance to change is a common challenge during the modernization of AI contract analysis software. Overcoming change resistance required a robust user training program. Establishing a feedback mechanism was also crucial for understanding user concerns and improving continuously.

goals

  1. Conducting a comprehensive review of the current GPT tool to identify areas for improvement, including performance bottlenecks and outdated technologies.
  2. Transitioning to more scalable and secure database technologies for handling increasing volumes of contract data.
  3. Enhancing the overall user experience for legal staff with a more user-friendly and intuitive UI (user interface).
  4. Integrating the solution with the existing legal and document management systems.
  5. Conducting extensive training sessions to familiarize the legal team with the upgraded AI based contract management software.
  6. Setting up a feedback loop to continuously gather user input for future improvements.
AI contract analysis tool development - Acropolium

solution

AI Powered Contract Management Software with Robust Visualization Tools and Seamless Integration

  • image GPT, PostgreSQL, AWS, ElasticSearch, Kubernetes, Docker, NodeJS, NextJs, ReactJs
  • image 14 months
  • image 6 specialists

To overcome the mentioned challenges, Acropolium modernized the existing AI contract analysis tool to make it more scalable, functional, and user-friendly.

In the redesigned UI, we prioritized intuitiveness. To ensure that legal staff could easily interact with the platform, we simplified navigation, enhanced readability, and optimized interactive elements. But first, we gathered insights about pain points and requirements through user interviews and surveys. Also, we ensured optimal UX across various devices, including desktops, laptops, and tablets.

We enhanced the visualization of analysis results by using charts, graphs, and other visual elements. It lets the AI contract analytics platform represent complex data in an easily interpretable format. Also, we implemented interactive reporting features, enabling users to drill down into detailed insights and make decisions on the latest data.

Our team needed to provide seamless integration. To do this, we thoroughly assessed existing legal and document management systems to determine compatibility requirements. Robust application programming interfaces (APIs) have helped establish seamless system connections. Extensive testing allowed us to ensure that data transfer and communication between systems were secure and efficient.

In addition, we increased the availability and usefulness of data by integrating the platform with other financial systems and customer relationship management (CRM) tools. This ensures that artificial intelligence contract analysis software can leverage a variety of data sources for more holistic contract analysis. It will also encourage cross-functional collaboration, for example, between legal and sales departments.

To protect the integrity and confidentiality of data, we implemented strict security protocols.

  • Modernized AI powered contract management system with essential features and a user-friendly interface.
  • Advanced visualization tools for presenting analysis results and insights in an understandable way.
  • Smooth integration with existing solutions and other corporate systems.
  • Robust security measures for safeguarding data during transition and at rest.

outcome

Modernization of Artificial Intelligence Contract Analysis Tool for Better Performance and User Acceptance

  • Reduced contract review times by 75%
  • Improved precision in contract analysis, leading to better risk management and compliance.
  • Positive feedback from the legal team regarding enhanced functionality and ease of use.
  • Reduced operational costs and decreased reliance on external legal services.
Modernization of Artificial Intelligence Contract Analysis Tool - Acropolium
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