The Power of Artificial Intelligence for Procurement contract management

Procurement stake holders are always taxed with the objective of optimizing their vendor relationships and metrics from time to time and in order to do that they have to be on top of the key business information across their vendors. Across organizations such information is available in the procurement agreements which are either stored on network drives or emails or in the form of scanned and unsearchable pdf documents.

Even if you do have access to the procurement agreements, unless there is a way to quickly know what is inside each of those agreements it will be a lot of futile effort to extract the information you need manually and this could result in a reasonable risk for your organization.

The most efficient way to manage your procurement contracts is to adopt Artificial intelligence enabled contract analytics tools which can

– help in organizing all the procurement contracts in a digital format
– extract key metadata and other clauses to handle risk and compliance issues
– Classify the procurement contracts and build the hierarchy and lineage.
– analyze your third party paper with standard playbook templates and show the deviation score
– build actionable insights and analytics

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