Digitizing historical contract knowledge with AI

In the competitive world of industrial equipment, effective contract management can be as important as the quality of the equipment itself. Logis/Mitsubishi Forklift Trucks, with their industry-leading electric vehicles, faced the challenge of extracting valuable information locked in thousands of scanned historical contracts. By partnering with SevenLab, they revolutionized their approach to contract data management.

The Challenge

Logis/Mitsubishi Forklift Trucks had accumulated a substantial archive of scanned contract documents over decades of operation. The traditional approach to extracting information from these documents was:

• Extremely time-consuming, requiring manual review and data entry

• Prone to transcription errors and inconsistencies

• Costly in terms of human resources

• Unable to efficiently transform document information into actionable business intelligence

• Challenging due to varying contract formats and quality of scanned documents

"Our contracts contain valuable historical information about pricing, service agreements, and customer relationships, but this data was effectively locked in scanned documents," explains a Logis/Mitsubishi representative. "We needed a solution that could reliably extract this information and transform it into structured data that could inform business decisions."

The Solution

SevenLab's approach to this challenge demonstrates the power of combining advanced OCR technology with specialized AI for contract analysis. The team developed an intelligent document processing system that could:

• Process various types of scanned contract documents, regardless of age or quality

• Utilize Mistral OCR technology to accurately convert document images to text

• Identify and extract key contract metadata using AI analysis

• Structure the extracted information in a standardized database format

• Link extracted data to original documents for verification and reference

The implementation process followed SevenLab's proven methodology, starting with a detailed analysis of contract types and critical data fields. The system was then refined through continuous development cycles, with regular updates and improvements based on extraction accuracy and changing business needs.

Technical Innovation

The specialized AI agent at the heart of the solution uses sophisticated OCR and natural language processing technologies to transform document images into valuable structured data. The system can:

• Process documents with varying quality, including older scanned contracts

• Extract key metadata such as contract values, durations, renewal terms, and special conditions

• Recognize entity information including customer details and contract signatories

• Standardize extracted information across different contract formats

• Learn from feedback to improve extraction accuracy for specific document types

Results and Impact

The implementation of SevenLab's AI-powered OCR and contract extraction system has transformed Logis/Mitsubishi's contract management in several key ways:

• Error Reduction: Automated extraction has significantly reduced data entry errors

• Cost Efficiency: Reduced manual processing requirements have lowered operational costs

• Processing Speed: Contract information is available in structured format within minutes rather than days

• Business Intelligence: Structured contract data enables powerful analysis and reporting

• Improved Decision-Making: Management has better visibility into contract patterns and trends

Future Developments

The success of this initial implementation has opened up possibilities for further AI-driven improvements in Logis/Mitsubishi's operations. SevenLab continues to work closely with the company to identify additional opportunities for innovation, including predictive analytics for contract renewals and automated compliance checking against regulatory requirements.

This project exemplifies SevenLab's ability to deliver practical AI solutions that unlock value from legacy documents. By combining their technical expertise with a deep understanding of contract management needs, SevenLab has helped Logis/Mitsubishi transform historical documents into strategic assets while improving operational efficiency.