AI for Procurement Contracts: Improving efficiency, saving costs and mitigating risks with intelligent contracts analysis

Did you know that an average Fortune 1000 corporation is believed to have over 40,000 active contracts across various levels of complexity? The current contract management processes involves performing repetitive manual tasks, resulting in delays and errors, leading to compliance and opportunity costs.

Optimize efficiency, visibility and compliance

How can organizations reduce the gaps in current procurement processes? How can businesses optimize procurement efficiency, enhance visibility, and improve regulatory compliance? A robust AI-powered contract management solution is the answer. Procurement teams require an AI-based contract analytics solution that can complete all processes — ingestion, extraction, scoring, and digitization — in less than 60 seconds.

The EdgeVerve – Jaggaer partnership brings the best minds in procurement and technology to guide organizations in their AI-adoption journey. This whitepaper, produced in collaboration with EdgeVerve and Jaggaer, emphasizes how an AI-powered contract management solution (CMS) can help businesses make the most out of AI in the procurement function. Download the whitepaper to learn more.

This whitepaper emphasizes how using an AI-powered contract management solution (CMS) can help businesses:

• Optimize procurement efficiency
• Improve processes and regulatory compliance posture, and
• Redirect valuable resources towards strategic business initiatives.

AI is no magic pill. AI is a sustainable long-term solution, which needs data and training to develop the necessary intelligence. To effectively integrate an AI-powered contract management system into your enterprise, you must provide as much data as possible that the machine can use to learn. And this doesn’t have to be difficult.

The EdgeVerve – Jaggaer partnership brings to you the best of minds in procurement as well as technology to guide your AI-adoption journey. This whitepaper emphasizes how using an AI-powered contract management solution (CMS) can help businesses optimize procurement efficiency, improve processes and regulatory compliance posture, and redirect valuable resources towards strategic business initiatives.