Challenge 

A leading fintech firm had a significant deficiency in revenue contract review controls and a backlog of 1,000+ contracts. Reviewing and extracting key terms took 3 hours per contract and required 2+ full-time revenue accountants.  

Recognizing the highly manual, repetitive, and resource-intensive nature of the control review process, the firm sought a better, more cost-effective way to remediate the deficiency. 

How We Helped 

CrossCountry Consulting’s AI Strategy & Transformation team performed an assessment of available optical character recognition (OCR) tools in the marketplace. Leveraging a proprietary system selection process, the team ultimately recommended Klarity. 

With the right AI tool identified, the team: 

  • Built a business case for tool approval. 
  • Aligned key stakeholders on the benefits, risks, and opportunities involved with a new technology implementation. 
  • Ensured all technical, financial, and operational objectives were met in the design and development process. 
  • Built a proof-of-concept solution within Klarity to demonstrate use cases and gain further buy-in. 
  • Performed user acceptance testing (UAT) to validate user satisfaction, cost effectiveness, and process integrity ahead of official go-live. 
  • Established control documentation to enhance audit readiness, corrective actions, accountability, and ongoing evidence management. 
  • Trained key staff on Klarity and provided support materials. 

With the implementation of Klarity, the firm was now able to automatically extract key data points, including payment terms, performance obligations, renewal clauses, and pricing structures, among others. This info could then be exported into structured formats for easier analysis and comparison while also flagging gaps, deficiencies, and errors relative to predefined benchmarks and regulatory requirements. 

Results 

As the tool came online and staff became comfortable with its performance, the firm began realizing significant value in the form of: 

  • 80% time savings through the AI-enhanced review process. 
  • 2 FTE saved through AI-enhanced workflow automation.  
  • Automated audit-ready reporting with traceability, document generation, and version control. 
  • Scalable compliance and cost savings across an extensive contract portfolio. 

By exploring the “art of the possible” with AI, the firm simultaneously accelerated its AI maturity, improved its compliance posture, and pivoted resources back to strategic value-added activities.