Every company needs to monitor key information relating to existing contracts with suppliers and vendors, such as: amount spent, remaining contract capacity, unit prices applied for specific goods or services, and the availability of similar contracts.
These monitoring activities are typically performed manually by contract managers, accessing company systems and retrieving data one by one. The result is a slow, fragmented, and inefficient process that prevents an integrated and timely company-wide view.
An intelligent platform that, using Natural Language Processing (NLP) technologies and Business Intelligence tools, automatically extracts critical information from all company contracts, organizing it in a structured and easily accessible way. The system also provides predictive analytics and monitoring tools for proactive contract management.
- Automatic classification and categorization of existing contracts, based on information extracted via AI NLP.
- Creation of a centralized and automatically updated database with key data (e.g., contract dates, unit prices, remaining capacity, suppliers, amendment possibilities).
- Processing and presenting structured data using an AI engine, with cash flow projections, critical KPIs, and a risk and deadline alert system.
Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence.
CEO of IBM
The solution centralizes and streamlines contract management, improving transparency, operational efficiency, and decision-making capabilities across the company. All information becomes easily accessible and usable to optimize processes and prevent risks.
- Instant access to all relevant information for each contract, improving speed and accuracy in operational decisions.
- Simple and intuitive comparison between all contracts in the same product or service category, facilitating optimization and rationalization.
- Timely and on-budget management of the entire contract portfolio, preventing material shortages and minimizing critical issues.
