Case Study: Leading US Banking and Financial Services Company achieves 10X procurement productivity with EdgeVerve XtractEdge Contract Analysis

Xplore XtractEdge Contract Analysis to increase 10X productivity of procurement team by automated processing of historic & continuous load of contracts

Leading US Banking and Financial Services Company had a historic archive of 25K+ procurement contracts and adds ~2K contracts monthly, but was struggling to extract insights, assess supplier risk, and relied on slow manual review and low-quality OCR preprocessing. To address this, the customer engaged EdgeVerve and deployed XtractEdge Contract Analysis to automate extraction and analysis of contract terms, clauses and metadata.

EdgeVerve implemented XtractEdge Contract Analysis using NLP, computer vision and AI/ML to extract clauses, compare language against templates, enable keyword/intent/entity search, and build a corrective knowledge base for continuous learning. The solution cut research effort by ~90%, reduced contract cycle time by 60%, delivered ~90% accuracy in historical contract processing and drove a reported 10X increase in procurement productivity while enabling risk profiling and serving as a pre-signature negotiation tool.