Transforming Contract Management in Financial Services with ElsAi Contract

Key Highlights

In this success story, OptiSol has partnered with a leading financial services company to streamline their contract lifecycle management.
The company faced challenges with manual contract processes, leading to compliance risks and inefficiencies.
We customized our GenAI accelerator, elsAi Contract to build a CLM solution with centralized workflows, real-time compliance checks, and AI-powered analytics.
As a result, the company achieved faster contract approvals, improved compliance, and better risk management with greater contract visibility.

Problem Statement

01

Complex contracts and compliance issues: Managing numerous contracts with intricate terms while ensuring regulatory compliance was difficult and time-consuming.

02

Slow contract approval process: Manual reviews and approvals led to delays, creating inefficiencies across teams.

03

Lack of contract visibility and risk management: Inability to track key contract details increased the risk of missed deadlines and obligations.

Solution Overview

01

We worked with a leading Financial Services Company to implement a comprehensive Contract Lifecycle Management (CLM) system that automated the entire contract process from creation to renewal, ensuring compliance and reducing manual workload.

02

We customized our GenAI accelerator elsAi Contract to create a centralized digital repository that allowed all stakeholders to access contracts from a single platform.

03

This repository enabled real-time visibility into the status of contracts, deadlines, and obligations, reducing the risk of missed renewals and non-compliance.

04

By designing automated workflows, we streamlined the contract review and approval process with automated notifications.

05

We integrated compliance monitoring tools to automatically check contracts against industry regulations, ensuring adherence to financial standards and reducing compliance risks.

Business Impact

01

Faster Contract Approvals: The automation of the contract lifecycle allowed for quicker approvals, improving overall operational efficiency.

Faster Contract Approvals

02

Stronger Compliance: Automated compliance tools helped the company stay aligned with industry regulations, minimizing compliance risks.

Increase in Compliance

03

Better Contract Visibility: Improved tracking and monitoring provided greater transparency into contract obligations, reducing the chances of missed deadlines or renewals.

% Cut

Fewer Missed Obligations

About The Project

OptiSol worked with a major financial services company to address their manual contract management challenges. The company struggled with compliance and inefficiencies, so we introduced our GenAI Accelerator, ElsAi Contract. This solution quickly implemented a new Contract Lifecycle Management system by integrating seamlessly with the company’s existing infrastructure. GenAI played a crucial role by automating workflows, centralizing contract storage, and providing AI-driven insights. As a result, the company achieved faster approvals, improved compliance, and enhanced visibility, transforming their contract management into a more efficient and risk-managed process.

Tech Stack

Testimonials of Our Happy Clients

Ken Kisner

Global Head of Digital R&D

My experience has been incredibly positive. They were incredibly easy to work with, even with changing requirements.

They are incredibly competitive, but are only a fraction of the cost of US companies.
They are definitely the most professional of the foreign companies that we were looking into.

Nyswyn K.

Director of Software Development

Our journey with OptiSol has been nothing short of remarkable. For over 7 years, we have partnered with them on our digital transformation, and the results have been truly transformative.

Over the years, we have come to trust OptiSol Business Solutions as a reliable and strategic partner.

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OptiSol Business Solutions has shown youthful skill and dedication to the projects. Moreover, they have been quick to implement their solutions without sacrificing the quality of each platform.

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