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Generative AI Test Shows 50% Reduction in Contract Migration Effort

Did you know that over 50% of in-house legal teams are overburdened? According to a report by the Corporate Legal Operations Consortium (CLOC), 83% of legal departments expect demand to increase, with 63% identifying workload and resource bandwidth as their top challenge.

Most of the legal teams’ work revolves around contract management, analyzing contracts, and manually extracting data, which can be labor-intensive, time-consuming, and prone to errors. This often leads to poor contract management, creating financial and legal risks.

At CloudMoyo, we asked a simple question: What if generative AI could do it better?

Using CloudMoyo IntelliDoc Analyze (CDA), our generative AI-powered service accelerator, our team tested document analysis and data extraction capabilities to see how it measured up against traditional methods. The process involved structured testing, careful validation, and a clear goal – to reduce effort without compromising accuracy.

What we discovered was more than just faster processing. Emerged patterns, improved accuracy, and tasks that required hours of human review were completed in just a fraction of the time with CDA.

Download this case study to learn more about the impact of generative AI on contract management and legal teams.

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Videos

[Podcast] Future-Proofing the Railroad Industry

Join us on our latest podcast with Icertis, “Future Proofing the Railroad Industry and Optimizing Supply Chain,” featuring industry experts Chetan Vyas from CloudMoyo and Bryan Baum from Icertis. In this podcast, you’ll dive into the transformative trends, challenges, and the crucial role of AI and contract intelligence in revolutionizing the transportation industry. P.S. Don’t […]

Read more October 04, 2024
Blogs

Rail Industry Contract Management with Cloud & AI Solutions

The rail industry, a cornerstone of global transportation infrastructure, has long been characterized by its complexity and scale. It’s a difficult job to oversee the many contracts in this industry, which range from supply chain management and operations to construction and maintenance. However the emergence of artificial intelligence (AI) and cloud computing is changing the […]

Read more August 21, 2024
Blogs

Contract Intelligence: Fueling the Railroad Revolution

A Network of Rails – The Challenge of Disconnected Contracts Imagine steering a colossal freight train blindfolded through a maze. That’s the daily reality for railroad companies, an industry that as of 2024 is valued at $398.93 billion. The railroad industry is the backbone of global commerce, the invisible hand that delivers everything from shiny […]

Read more August 15, 2024
Ebooks

Future-Proofing the Rail Industry & Optimizing Supply Chain

The North American railroad industry is at a crossroads, facing numerous challenges that hinder its growth and efficiency. These issues can significantly impact operational effectiveness and profitability, from regulatory complexities to aging infrastructure and fluctuating demand. As the industry grapples with these hurdles, stakeholders must explore innovative solutions to maintain a competitive edge and ensure […]

Read more August 09, 2024
Blogs

Infusing AI into Transportation Contract Management

AI this, AI that – AI is everywhere and we’re sure you’ve heard the phrase “infuse AI” more than once (especially from us!). Whether it’s Bard, ChatGPT, or Copilot, AI is spreading across the world in many forms like within contract management. Every organization has contracts and needs some level of contract management. Contracts are […]

Read more July 02, 2024
Customer success story

Leading AEC Company Infuses Dynamic Data Reporting System

Automated data collection is vital for seamless operations and informed decision-making in construction management. A staggering 16% of construction productivity is lost annually due to rework caused by manual errors. Automation can take many forms in construction from handling repetitive tasks to streamlined workflows to improved data accuracy. Our customer, a prominent construction company in […]

Read more June 28, 2024
Customer success story

CloudMoyo Supports Modernization of Financial Services

Our customer, a prominent North American railroad company, embarked on a journey to modernize its legacy systems. Most railroad companies have long been anchored by outdated systems and clunky processes. These legacy systems not only slow down operations but also drain financial resources, creating inefficiencies that can lead to significant money loss – in some […]

Read more June 19, 2024
Blogs

A Beginners Guide to Data Visualization

Our world is filled with information. Each time we make an expenditure, engage in a phone conversation, witness a live event, send an email, or click a link, it turns into a data value. However, how can businesses use all that information to make wise decisions? Just as crucial as the evaluation itself is the […]

Read more May 27, 2024
Infographics

[Infographic] CloudMoyo ContractLync Application

Contract Lifecycle Management (CLM) has become an integral part of business processes today. Organizations have contracts everywhere, from vendors to NDAs to buy-side and sell-side contracts. While many companies have implemented a CLM platform to manage their contracts, they may be limited to specific users like members of the legal department. However, contract intelligence can […]

Read more May 24, 2024
Customer success story

Leading Food Services Company Streamlines Contract and Legal Requests with CloudMoyo ContractLync App

In the complex ecosystem of an enterprise organization spanning multiple departments, like the food industry, efficient contract management is paramount. Our customer, a leading food services company in Canada, encountered significant challenges here before engaging with CloudMoyo. Prior to our team working with this customer, they struggled with labor-intensive methods of creating contracts and managing […]

Read more April 16, 2024
Customer success story

AEC Company Automates RFP Response Generation with Generative AI

In the world of Architecture, Engineering, and Construction (AEC), outdated methods often clash with modern needs. For years, firms have dealt with complex projects, time management, labor-intensive tasks, errors, and the race to secure more opportunities. The old-school, manual approach to doing business drains resources and makes it hard to keep up with the fast-changing […]

Read more March 09, 2024
Blogs

Time to Inspire Inclusion in AI: Tackling Gender Bias in AI

In many ways, artificial intelligence (AI) has become a part of our daily lives. From the moment we wake up and ask our digital assistant what the weather is like today, to asking a machine to suggest the best way to get to a place, and even relying on algorithms to recommend job opportunities – […]

Read more March 08, 2024