AI Case Study
DXC Technology has increased new business wins by 20% by automating with a contract management platform
DXC Technology is using ContractRoom's contract lifecycle management platform to automate contract due diligence by analysing contracts to extract relevant information. This has resulted in a competitive advantage by allowing DXC to conduct due diligence and then sign new contracts for transactions quickly.
Software And It Services
Per the Financial Times, in order to handle the large set of contracts requiring review, DXC implemented "ContractRoom, the contract management platform of UnitedLex, a managed legal services provider, and connected it with the Salesforce platform used by DXC. This involved redeploying 200 lawyers and contract professionals from DXC to UnitedLex. This automates the contract cycle right through from when deals are negotiated to when they are signed and implemented." Contract Room's blog states that "industry specific design, legal requirements, and concerns can be integrated into the data gathering software thereby saving additional time and money" and that their software platform uses "AI machine learning to make the 'process simple and decisions smart'".
The Financial Times reports that the "approach improves the process of getting the contracts behind the transactions completed quickly, while still assessing risk intelligently and then managing the contracts when they are in place, and new business wins have increased from 64 per cent to 84 per cent."
Legal And Compliance
DXC Technology emerged as the result of a merger between Computer Sciences Corp (CSC) and HPE Enterprise. According to the Financial Times, the new company's in-house legal team "would be handling a large increase in the volume of contracts — then 5,000 at CSC and 25,000 at HPE Enterprise. On top of that, developments in the industry meant this volume was set to double again."