A Faster Pipeline of Data: How automation improved contract analysis and accuracy
Processed contracts faster
Automated throughput
Error rate
Customer: Flowserve Corp.
Industry: Manufacturing and aftermarket service provider
Application: Contract Management
Partner: Grant Thornton
Flowserve Corp., a global manufacturer and aftermarket service provider of comprehensive flow control systems, with $4 billion in revenue, wanted to standardize, reduce the time, resource costs and potential manual errors for contract reviews. With the guidance of Grant Thornton, they were able to eliminate manual processes for contracts using Ephesoft’s intelligent document processing platform. After doing a proof of concept, the solution worked well, and Flowserve was ready to expand. The results not only minimized costs by eliminating manual processing, but they increased accuracy, quality and were able to accelerate their contract processing by 6x.
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