Conduent has launched its new solution called Contract Analytics, which will automate the contracts process and help diminish risk and revenue loss between buyers and suppliers, according to a press release.
“Contract Analytics represents a game changer for buy- and sell-side contract management,” Brent MacLean, global head of commercial at Conduent, said in the release. “The solution is a powerful, data-mining tool to help leaders extract intelligence from a multitude of legal instruments to make more informed and effective business decisions.”
Contracts can be reviewed and analyzed using the integrated platform, benefitting procurement, legal, finance and accounting functions.
The use of Contract Analytics at the B2B level will allow for less manual work on extracting and interpreting data, automation of the essential work of a contract for better speed and response time, and a way to stop leakage and capture revenue through reporting key terms like performance indicators and pricing tiers, the release stated.
"Leakage" refers to the lost revenues every year from haphazard contract management, of which the release said affects around 9 percent of companies' revenue annually, on average.
All of this will reportedly be a step up from how the process used to go. Customarily, important provisions of the contracts are tracked manually by several corporate teams, which has traditionally made it cumbersome to do the tracking, the release stated.
Without real-time intelligence, as well, the process is missing improvements that could boost business and help save companies from fraud or bad actors, the release stated. By implementing Conduent's Contract Analytics solution, companies will be able to have all their contract needs in one place.
Conduent's new technology, according to Beth Fritts, general manager of legal, compliance and analytics solutions, will aid leaders who "need a better approach to realize the full, negotiated potential of the contracts portfolio, while proactively identifying risk," according to the release.
The contract process, as PYMNTS recently reported, is a lengthy one for complex supply chains, often involving numerous re-writings and re-negotiations, along with one company having to act as both a buyer and supplier.
Automation technology, according to PYMNTS, is working on removing kinks in that process through refinements, such as Icertis' recent pivot toward integrating its contract lifecycle management system to SAP Ariba's source-to-pay platform. That way, the contract process can begin earlier and allow more control for businesses over that process.