AI startup builds contract risk management solution
An early stage startup operating in the legal services industry, using AI to create a disruptive solution for contract risk management.
The Challenge
Our customer faced the challenge of translating market requirements into a robust technology solution. They needed a comprehensive approach to define MVP requirements, align them with market requirements, and efficiently manage the development process in an Agile manner.
Our Solution
The Predixion team provided end-to-end product management and technology ownership services to address our customer's needs effectively. The technical solution would allow Enterprises to reduce risk and liability for large sets of active contracts, identify which product lines were well managed, and traffic light compliances in real time. Here's how we facilitated their journey:
MVP Definition
Working closely with the business team and legal advisors, our domain and technology experts collaborated to ideate and define the MVP scope. While the overall offering is a set several contract management tools, the MVP focused on contract risk discovery and reporting as the primary innovation.
Product Backlog Creation
Validated market requirements were then prioritized and transformed into a comprehensive backlog of product requirements. This backlog served as a roadmap for development, providing clarity and direction to the entire project.
Vendor Selection and Development
To bring the product to life, we leveraged our 'Capability Cloud' and identified a suitable vendor with the necessary expertise. The chosen vendor collaborated closely with our team to develop a Minimum Viable Product (MVP) that was launched for trials.
Technical Program Management
To ensure seamless execution, a dedicated Technical Program Manager (TPM) was assigned to take charge of the product development process. The TPM deployed industry best practices, taking ownership of the product backlog and overseeing the MVP's development. Predixion TPM played a crucial role in supporting the trial customer to help them understand and adopt the solution while recording feedback and evolving the future product roadmap.
Results & Benefits
Market-Aligned Solution
By involving legal experts and validating market requirements, our customer's product was designed to address the specific needs of large corporations in risk management.
Efficient Development Process
Our Agile approach, combined with a comprehensive product backlog, facilitated streamlined development and minimized time-to-market.
Successful MVP Deployment
With the support of our dedicated Technical Program Manager, the MVP was developed, deployed, and subjected to business trials successfully demonstrating significant value to trial customers.
Conclusion
By evaluating our customer's requirements, crafting a comprehensive roadmap, and curating a strategic vendor bench, we empowered them to translate their understanding of market needs into a robust technology solution with the capability to transform legal operations for large enterprises.