HERE Technologies Drives Quick Time to Value With Icertis’ Powerful AI Capabilities
Location technology leader digitizes 70,000 legacy contracts to unlock valuable data for its entire workforce.
Company Profile
HERE Technologies is a Netherlands-based location data and platform company.
Objective
Leverage AI to unlock critical business insights from legacy contracts and make them available to all business users.
Highlights
- Digitized 70,000 legacy contracts four months ahead of schedule
- Identified contract attributes and clauses at scale
- Empowered sales teams to make proactive decisions and accelerate contract turnaround time
- Established a single source of contract truth accessible to all users
Business Challenge
HERE Technologies wanted to get more value from its legacy contracts that were not stored or accessible through Icertis Contract Intelligence (ICI). The leading location technology company had 70,000 documents in non-digitized, unstructured forms, representing a huge wealth of data that could not be easily accessed and shared across the company to make better business decisions.
HERE had previously adopted the ICI platform to create a single source of truth for its contracts, and thereby increase efficiency, protect against risk, and empower its employees to manage contracts without heavy involvement from legal.
Without access to legacy contracts, however, HERE’s goal for a single source of truth was missing a critical component, and the effort to manually digitize 70,000 contracts and extract the data within them was cost- and time-prohibitive.
“ICI’s DiscoverAI app rapidly digitized and analyzed more than 70,000 legacy HERE and third-party contracts allowing us to unlock critical contractual terms to improve our business.”
Simon Anolick, Director Legal Counsel, HERE Technologies
The Solution
HERE turned to the ICI DiscoverAI application, which utilizes Icertis’ cutting-edge patented AI technology trained on one of the largest annotated contract repositories in the world. The DiscoverAI app can identify and extract contract metadata, attributes, and clauses at scale, and has helped companies unlock value from millions of historical contracts to date. Utilizing the unmatched scale and power of Microsoft Azure, contracts can be converted from unstructured blocks of text to parseable digital assets in about 75% less time than manual processes allow.
HERE ran 70,000 legacy contracts through the Icertis AI pipeline of proprietary algorithms. Using Optical Character Recognition (OCR) technology, contract data contained within text, images, tabular data, and low-resolution PDFs could be processed by the system.
The Benefits
With these contracts now fully digitized and integrated into the enterprise contract data pool, HERE’s 10,000 employees are empowered to make better business decisions when managing their contracts. For example, HERE’s sales teams now have deeper insights into past customer contracts that allow them to make proactive decisions on renewals, up-sell, and cross-sell, thereby increasing revenue and accelerating contract turnaround time.
HERE was surprised and delighted by the speed of the cutting-edge Icertis AI technology, which has allowed its legal department be a better partner to the business.