In an ever-evolving industry landscape, we hear of AI revolutionizing business functions to take on unanticipated challenges, but where does this leave procurement? Over the past few years, procurement functions across enterprises have adopted technologies such as NLP and Machine Learning, to digitize procurement processes. This has helped tap the hidden value in unstructured documents, making it ideal for procurement professionals to transform their operations.
Legal contracts are one category of enterprise documents that are very complex to manage. These contracts carry legal terms and clauses that could increase the risk exposure for firms. Effective AI-powered contract review and analysis can help legal departments and procurement functions across industries to identify hidden risks for mitigation. This mitigates the impact on performance, and minimizes downtime making them more resilient.
Watch this webinar where we, along with our strategic partner, JAGGAER explain how Procurement organizations can leverage AI for effective Contract Management, Review and Analysis.