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April 9, 2018 News

Integreon leverages Kira Systems to help a global ride-sharing company reduce overall contract review time by 40%

By: Mark Ross

Quick Facts:
Integreon is a global leader in legal department transformation. For almost two decades, Integreon has helped corporate legal and compliance departments achieve more for less by reengineering and simplifying legal processes through Lean and Six Sigma techniques, applying award-winning best practices and flexible resources and optimizing the use of technology.

As a Kira Certified Service Provider, Integreon leverages Kira Systems’ machine learning software to turbo-charge its contract review, lease abstraction, due diligence and compliance solutions, and deliver higher value to customers and clients that is greater than yesterday’s service model.

Results: Kira for Contract Metadata Extraction
Integreon assisted a global ride-sharing company with the metadata extraction of multiple key contractual provisions in a database of over 3,000 contracts for export to a new contract lifecycle management (CLM) system.

In addition to using several of Kira’s built-in provision models, Integreon also leveraged Kira’s Quick Study feature to train client-specific provision models.

Powered by Kira’s machine learning software, Integreon leveraged its in-house Kira expertise to complete the review in 40% less time than a purely manual review.

AI Technology and Professional Expertise Combine for Greater Speed & Accuracy
A global ride-sharing company tasked Integreon’s team of legal experts with the ambitious assignment of reviewing over 3,000 company contracts in order to facilitate the transition to a new CLM platform – all within a six week timeline.

Leveraging the power of Kira’s AI capabilities, Integreon ramped up a team of ten attorneys within a week and was able to go live within five business days. Integreon initially received the contracts over secured file transfer protocol (SFTP) and absorbed the documents into the Kira system. The software quickly and accurately reviewed a wide range of document types (approximately 50 different templates), and provided the global ride-sharing company with a versatile, “upload ready” Excel output, which simplified the migration to the new CLM platform.

“The company was thrilled with the speed and accuracy of Integreon’s delivery,” said Rachita Maker, vice president at Integreon. “Our clients are always looking for us to provide them with the best service, but faster and more cost-effectively. Our adoption of innovative technology like Kira makes this possible.”

Enhanced Review with Kira
Integreon’s robust process for delivering contract migration projects includes building detailed playbooks, creating standardized delivery reports and applying its multi-tier quality control and quality assurance processes. Integreon was able to enhance its processes with Kira technology to accurately complete the review under very tight timelines. For a number of the provisions in their search, Integreon used Kira’s built-in provision models, which are ready to use out-of-the-box. For additional data, the team used its collective expertise to train additional models using Kira’s machine learning feature, Quick Study.

“Having the ability to customize the exact information we want to find to meet the needs of our clients and their documents is critical,” said Subhasish Mohapatra, manager at Integreon. “Every project has its own nuances and Kira gives us the ability to choose from its comprehensive list of ready-to-use models or easily build our own to find anything else we’re looking for.”

Integreon also used Kira as a project management tool. Training their team to use the software was easy, and the versatile user interface allowed them to quickly assign responsibilities to different team members and track the progress of the project.

“With Kira, the first-level review is already done with an accuracy level ranging from 70 to 85 percent. We could then focus our time on completing comprehensive quality controls, resulting in a higher-quality work product with exceptional time savings,” Maker added.

Helping Clients Better Understand their Contracts
CLM platforms are critical tools in helping corporations more effectively manage contractual risk. Without accurate and complete contractual data, the functionality of these platforms is limited. Migrating data from large volumes of legacy contracts into CLM platforms can be a daunting process for already overloaded in-house legal department resources.

Migration of this contractual data to a CLM platform typically involves the review and abstraction of key contractual terms such as parties, termination, renewal, contract value, and jurisdiction. Tracking additional terms for financial, delivery and compliance obligations may exponentially increase the scope for review. Without the combined assistance of technology and highly trained, expert resources, this can be a time-consuming and expensive project for any corporation. When it comes to contract review, Integreon’s ability to combine the most advanced technologies like Kira and with the highest level of industry expertise helps organizations realize greater efficiency and profitability than what they can achieve on their own.

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