Client Type: Property Management
Client Overview
Our client, a prominent property management firm, manages an extensive portfolio of lease agreements. They have sophisticated property management software in place to manage the various leases, but the challenge lies in ensuring the accuracy of the data within the software which could potentially affect their sales targets and have other negative consequences. The complexities of verifying and consolidating information across hundreds of lease agreements required a robust and sophisticated solution that could not only validate the data but also highlight specific clauses for risk assessment.
The Problem
Our client's challenges were defined by two key issues:
1. Data Verification: The property management software contained lease profiles that summarised the terms and details of each lease agreement. However, without a method to verify this information against the actual signed lease agreements, there was a risk of discrepancies that could lead to legal and financial complications.
2. Risk Assessment: Certain clauses within the lease agreements could potentially pose a risk to the client. Without the ability to identify these clauses quickly and the associated obligations accurately across a large volume of contracts, the client was left exposed to unforeseen liabilities.
The Solution: Contract Corridor
To address these challenges, our team implemented Contract Corridor’s post-signature module for AI-driven contract management solution.
Contract Corridor’s post-signature module allows for easy ingestion of signed contracts with automated extraction of data fields.
In this case we uploaded all leases per shopping center and extracted the data fields as required into the contract repository.
1. Lease Verification Through AI: on the ingestion of the above lease agreements and using artificial intelligence, Contract Corridor’s post-signature module was able to extract relevant fields and perform a direct comparison with the information contained in the lease profile.
This allowed for an automated and detailed verification process, ensuring that the software's data mirrored the actual signed agreements.
2. Risk Assessment Through Clause Highlighting: Beyond mere verification, our Contract Corridor solution also scanned the agreements for specific clauses that might present a risk such as the tenant being responsible for insurance of premises with an obligation for annual renewal.
By highlighting these clauses and assessing them against pre-defined risk parameters, our client could take initiative-taking measures to mitigate potential issues.
The Results
The introduction of our AI-driven Contract Corridor solution brought significant benefits to our client's operations:
- Enhanced Accuracy: The direct comparison between the lease profile and the actual agreements eliminated discrepancies, ensuring that the information within the software was precise and dependable.
- Streamlined Risk Management: By identifying and highlighting specific clauses, our client was able to conduct a comprehensive risk assessment. This improved their ability to anticipate and address potential challenges, thereby fortifying their legal and financial standing.
- Time and Resource Efficiency: Automation of a previously manual process led to considerable time saving and allowed our client's team to focus on more strategic aspects of property management.
This is a powerful testimony to the potential of AI-powered software, like our Contract Corridor, in revolutionising traditional processes within property management, opening doors to innovation, compliance, and strategic growth.
Why wait?
Start training your AI co-pilot today. Book a demo of Contract Corridor to unlock the power of contract lifecycle management for your business.
Test Contract Corridor with your own contracts to see how you can save time, reduce risk, and accelerate deals and meet every legal obligation.