CASE STUDY F500 Electricity Generation Company | United States
Successful CLM Migration Enhances Data Accuracy and Contracts Visibility
Client Need
The client migrated to a new CLM system and wanted to:
- Gain visibility into legacy agreements.
- Review contracts data accuracy using Optical Character Recognition (OCR).
- Identify a unified source of truth for supplier accounts.
- Filter out old and expired agreements.
Client Solutions
- Migrate legacy metadata and OCR agreements for free text search in CLM.
- Create an accurate supplier data repository.
- Extract key metadata from legacy agreements across three departments.
- Improve contracts visibility and management to advance negotiations.
- Fulfill contractual obligations by meeting minimum commitments.
- Reduce spend by identifying redundant agreements, managing auto-renewals, and leveraging early payment discounts.
Why Epiq
- Migrated more than 10 million contracts.
- Extracted over 100 million data points.
- Performed over 275 global CLM implementations.
Results and Benefits
Migration of 14,900 agreements to the new CLM system.
Updating out-of-scope contract types.