Automates Contract Renewals & Compliance for European Automotive Giant
-
98%
on-time contract renewals
-
50%
reduction in compliance breaches
-
30%
improvement in legal team efficiency
The Challenge
A leading European car manufacturer, struggled with a cumbersome and error-prone manual process for managing hundreds of supplier contracts. Renewals were often missed, leading to disruptions and penalties. Complying with complex regulatory requirements added further complexity and resource strain. The company needed a solution to automate contract management, ensure timely renewals, and simplify compliance monitoring and enforcement.
The Solution
They implementedelsAI, Optisol’s GenAI accelerator. elsAI was trained on their specific contract templates and regulatory requirements, enabling it to
- Automatically track contract deadlines and trigger renewal notifications.
- Extract and analyze key terms and clauses: identifying deviations from standard agreements and potential compliance risks.
- Generate reports and dashboards: providing real-time insights into contract health and compliance status.
- Integrate with existing systems: streamlining data flow and automating workflows.
The Results
- 98%on-time contract renewals: elsAI proactively alerted stakeholders, eliminating missed deadlines and associated disruptions.
- 50%reduction in compliance breaches: elsAI's continuous monitoring identified and flagged potential issues, allowing for swift corrective action.
- 30% improvement in legal team efficiency: Freed from administrative tasks, lawyers focused on strategic contract negotiations and risk mitigation.
- Millions saved in potential penalties and lost profits: Timely renewals and proactive compliance measures protected Continental Motors from financial losses.
The Results
Beyond the immediate benefits, elsAI provided Continental Motors with valuable insights
Identification of high-risk suppliers: The company used this information to prioritize negotiations and strengthen compliance monitoring for specific vendors.
Optimization of contract terms: elsAI helped renegotiate standard terms for better pricing and risk allocation.
