Reimagine Contractual Obligations Management with AI
Already signed a contract? Congratulations! Now, what next? Are you sure of complying with all necessary obligations of your contract throughout its lifecycle management? No, right? It is a hard fact that when you enter a contract there is no way to prevent a breach altogether. This is because you cannot control the actions of the other party.
Be it buy-side or sell-side contracts, contracting is the least modernized business process in any organization.
To get the full value out of your contracts, it is imperative to manage contractual obligations and mitigate inherent risks.
How can you ensure that every stakeholder/party involved in the contract is aware of their due responsibilities/obligations and will not step back from any compliance?
Only 29% of organizations regularly collect data on the compliance with standards/scorecards by another part of the business or trading partners — IACCM
If you want end-to-end visibility in contract stages and compliance status, you should opt for a CLM (Contract Lifecycle Management) software. There are numerous reasons why you need a contract management system in place to meet compliance requirements.
- Increasing pressure to minimize costs and improve the bottom line
- Reducing or preventing contractual revenue leakage
- The growing need for automation of mundane contractual processes
- Increasing volumes and complexity of contracts
- Increasing compliance and analytical requirements
- The growing need for financial, operational, and legal performance
Solution — Ensure contract compliance with regulations with automated digital workflows
The implementation of the right CLM solves all the above-mentioned issues by enabling contract data to be structured at the organizational level. In addition, it helps monitor and manages contract terms, dates, important supplier information, type of supplier, type of contract, etc. With real-time contract metadata insights, organizations can know which suppliers are meeting their obligations and which ones aren’t and can accordingly measure their KPIs and manage them.
An introduction to AI-enabled contract compliance management solution — Obligationflow
Aavenir Obligationflow, built on Now Platform, powered with AI capabilities, can auto-discover key contractual obligations using AI-enabled full-text search capabilities. Top of it, it fosters collaboration with the relevant stakeholder via digital workflows and provides complete visibility of obligations via a visual dashboard on ServiceNow.
Obligationflow, also, allows real-time or bulk import of existing contracts from Aavenir Contractflow, Now Platform® Products (such as GRC, Legal Services, Vendor Management, etc.), CRM, ERP, or Risk Management System.
Discover, manage, and fulfill obligations that were previously hidden in complex contract language with Obligationflow and reap the following benefits:
- 70% faster obligation identification cycle time
- 35% cost savings with centralized obligations fulfillment approach
- 98% on-time obligation fulfillment
- Significantly increase compliance and reduce business risks
- Automate the obligation fulfillment process through a workflow engine instead of email/Excel
- Enables the team to leverage insights gained for better outcomes in future contract negotiations and renewals
