Overcoming Contract Backlogs with AI
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Key Takeaways
⇨ Companies can no longer rely on manual methods to manage their contracts, as they risk missing out on key compliance requirements.
⇨ AI contract intelligence solutions are a growing field, in which organizations can break out of siloed processes to increase the speed and accuracy of essential business processes.
⇨ Organizations should find a solution that allows them to move through the contracting process more efficiently, mitigates risk, and provides all relevant parties with the information they need so they can execute the contract in a timely manner.
SAP organizations are beginning to leverage emerging AI and automation technologies to improve the way they perform essential financial processes. In SAPinsider’s recent AI and Automation in Finance Report, 45% of respondents said they wanted to automate manual and repetitive tasks to increase the productivity of Finance and Accounting teams, making it one of the largest strategic focuses for companies.
Managing contracts is one of the key areas that is ripe for process automation. Companies can no longer rely on manual methods to manage their contracts, as they risk missing out on key compliance requirements. Additionally, as companies grow larger, the process of manually combing through each agreement is no longer scalable or even sustainable. Companies must find more powerful solutions to meet their own needs and the needs of their customers and partners.
Leveraging AI Contract Intelligence
AI contract intelligence solutions are a growing field, in which organizations can break out of siloed processes to increase the speed and accuracy of essential business processes. To help companies manage their contracts more effectively, Icertis provides its AI-powered Contract Intelligence Platform.
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The solution converts contracts into structured data, allowing users to understand and act upon these agreements more easily. This visibility breaks down silos between teams, as all parties can easily understand their action items from the agreement.
The AI-infused platform also offers decision support and insights, allowing users to negotiate more effectively. Users can also rely on the platform to ensure that the contract adheres to all applicable laws and regulations. Standardization and automation within the platform can reduce cycle times, mitigate risk, and bolster agility throughout the organization.
Targeted Industry Solutions
Every industry has its own way of operating, and the contracts within those industries follow suit. The Icertis Contract Intelligence platform features customized solutions for industries such as financial services, healthcare and life sciences, public sector, retail, tech, and more.
Regardless of industry, every organization wants to conduct business more efficiently and effectively. Getting bogged down in the minutiae of each contract can put organizations well behind schedule, jeopardizing compliance and dragging out time to value. Organizations should find a solution that allows them to move through the contracting process more efficiently, mitigates risk, and provides all relevant parties with the information they need so they can execute the contract in a timely manner.
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