Reducing Time Spent On Contract Reviews by 85%
By using Summize, Elior were able to provide the business with advice on how to proceed with a new adaptive approach to their contracts.
Key Outcomes
Objective
Elior is one of the world’s leading operators in contract catering and support services. With over 10,000 employees spread across North America and Europe. Elior is an award-winning people business delivering catering, hospitality, and wider facilities services, to enrich lives, everywhere, every day.
The primary challenge for Elior was completing 400+ contract reviews within 3 weeks’ with limited in-house resource. The challenge with their contract review process was different. The primary issue with Elior was that they previously completed their contact reviews manually. Due to the team baring industry-specific knowledge, and their contracts spanning numerous suppliers and several variants of clients, this process only worked if a team member held the specific knowledge. Otherwise Elior would outsource their contract reviews to a third-party.
The time and money lost to previously outsourcing multiple contract reviews due to the lack of teams knowledge, meant that their contract review process was fragmented, slow, and lacked transparency. Elior set out to find a digital contracting solution that accelerated and simplified their contract review process for their team.
The Solution
In order to modernise and simplify their contract review process, we helped Elior to implement Summize’s Contract Analysis Engine.
They began to use this to combine the best of humans and AI-powered technology to simplify and accelerate their contract review workflows, with instant contextual summaries and actionable tasks. Further potential was realised with the Clause Builder functionality. By building their own unique clause wording in the Clause Builder, Summize has allowed Elior to review bespoke contracts as well as contracts based on their precedents.
Outcome
With the implementation completed within 1 working day’, Elior were able to review all 400+ contracts within 5 working days. The reviews were completed with an 85% reduction in time, and at a third of the usual cost.
By continuing to add more clauses for future reviews to the Clause Builder, Elior is now able to build a complete picture of risks and benefits within the entire contract and across the business.
They have not only accelerated their contract review processes, but Summize has provided Elior with a simple and cost-effective solution that allows their team with industry-specific knowledge to perform due-diligence across their contract portfolio.
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