AI Contract Performance Monitoring Cuts Penalties by 90%
This case study shows how a company used BestAgreement.AI's 'Actions Extraction' to automate contract monitoring, cut penalties by 90%, and improve client satisfaction.
90%
Penalties Reduced
99%
Contract Compliance
50+
Contracts per month
Overview
A software development company(Undisclosed) struggled to monitor contractual obligations, resulting in penalties and dissatisfaction from clients. By implementing BestAgreement.AI’s “Actions Extraction” feature, the company reduced penalties by 90% and significantly improved client satisfaction.
This case study demonstrates how automating contract performance monitoring can optimize operations and protect business relationships.
Problem Statement
- The company lacked a system to monitor key contractual obligations, leading to missed deadlines and penalties.
- Automatic renewals and late fees occurred due to oversight, impacting financials.
- Client dissatisfaction grew, hurting the company’s reputation.
COO
COO
"Implementing BestAgreement.AI's 'Actions Extraction' feature was a game-changer for us. It provided real-time insights into all our contract obligations, helping us avoid penalties and improve client satisfaction. It has truly streamlined our contract management process."
Results
- Reduced late fees and penalties by 90%.
- Improved contract compliance by tracking all obligations through automated action extraction.
- Enhanced client satisfaction and company reputation.
Solution:Â bestAgreement.ai
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Automated Action Extraction: BestAgreement.AI’s “Actions Extraction” feature automatically identifies key obligations, such as dispute notifications, termination deadlines, and payment schedules.
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Centralized Tracking: The platform creates a unified system for tracking all contract-related actions, ensuring timely completion of critical tasks.
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Risk and Penalty Prevention: By automating contract monitoring, BestAgreement.AI reduces the risk of missed obligations, preventing penalties and improving compliance.
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Conclusion
By integrating BestAgreement.AI’s “Actions Extraction” feature, the software development company significantly improved its contract management process.
The automated system now handles over 50 contracts monthly, ensuring that all key deadlines and obligations are tracked and fulfilled.
This led to a 90% reduction in penalties, with audits being completed in just 24 hours. The enhanced compliance and timely fulfillment of contractual obligations not only saved the company from late fees but also improved client satisfaction and strengthened its market reputation.
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