Contracts analysis forms an essential part of operations across banking & financial services companies. These contracts vary extensively in types and include master agreements, general services agreements, purchase agreements, equipment maintenance agreements, and trade agreements, among many others. These different types of contracts are used by the procurement systems of the banking & financial services companies to deliver data & take care of their invoicing needs regarding the financial plans for billing purposes.
However, the banking & financial services companies are often unable to access detailed insights from these global contracts and, as a result, face numerous operational difficulties. Naturally, in such a scenario, they are prone to grave risk factors that reduce operational efficiency. Moreover, when done manually, the procurement process can be time-consuming and can restrict the quality & speed of results to a great level. Manual efforts simultaneously run the risk of increasing the number of errors in the procurement contracts.
Organizations irrespective of their size use procurement systems for global contracts. For instance, even though all the contractual information from thousands of global contracts is stored in the records and used for real-time invoicing & billing, large-scale organizations with massive international contracts often face severe problems capturing informative insights.
As a result, these organizations resort to manual efforts and spend hours after hours searching, extracting, and comparing the contracts before manually analyzing individual elements of each contract. Unfortunately, even using an automatic tool like the Optical Character Recognition (OCR) software can lead to significant quality issues with the data.Not only that, several other factors like the multi-party agreements, global delivery models, pricing constructs, etc., simultaneously increase the intricacy of analysis, thus making the procurement process increasingly tough, error-prone, time-consuming, inefficient as well as inconvenient.
This complexity in analyzing contracts is frequently accompanied by the complexity of the hierarchy of the arrangements. These are inconsistent in their innate nature. As a result, a solution that can effectively assess the imminent risks and mitigate them becomes imperative to ensure effective & streamlined procurement and contract analysis across banking & financial services organizations.
This is where XtractEdge Contract Analysis can help.
XtractEdge is an enterprise-grade AI platform designed to simplify the adoption of Artificial Intelligence across businesses & IT units. XtractEdge is well equipped with next-generation capabilities that support the end-to-end enterprise AI journey. This ranges from data management, model development to digitization, and to operationalizing models.
XtractEdge Contract Analysis leveraging XtractEdge is specifically tailored to meet the requirements of the procurement systems of enterprises, be it big or small. The software caters to the unique procurement needs of each organization. It enables businesses across various industries to derive valuable insights from their contracts and legal documents by leveraging advanced Machine Learning practices.
XtractEdge Contract Analysis leverages a range of cutting-edge, next-generation technologies, including Natural Language Processing, Computer Vision, and AI document processing, to accelerate and accentuate the procurement process across companies in the banking & financial services sector. Banking & financial organizations can effortlessly identify and extract critical clauses and terms from thousands of global contracts. At the same time, using XtractEdge Contract Analysis further allows them to compare and redline the contracts more thoroughly, reduce the negotiation cycles by maximizing reviews and contract analysis, and minimize any scope of revenue leakage.
Wait! there’s more to it. The implementation of XtractEdge Contract Analysis, more significantly, equips the procurement team of the company to initiate a more detailed search. In other words, the procurement team now can search for a contract, based on some defined parameters, namely, a combination of Keywords (indicating content), Intents (implying clauses), Entities, and Metadata. If any mistake in a particular contract is noticed later, the software reports it back to the operations resources, which is then captured by the knowledge base.
XtractEdge Contract Analysis helps the procurement teams across banking & financial organizations by replacing the manual tasks and automating the processing loads of contracts. It thus reduces a great amount of time, increases visibility to a significant level, enhances productivity unlike before, successfully mitigates operational risks, and effortlessly ensures contractual compliance in the procurement contracts management.
However, the role of XtractEdge Contract Analysis does not end here.
For example, leveraging our AI-powered contract analysis solution has been proven to:
The challenges faced by procurement in contracts analysis are undeniably extensive and demand special attention. Amidst these challenges, however, XtractEdge has come up with a powerful solution. XtractEdge Contract Analysis presents a unique approach to streamline and optimize the procurement process and enhance contract analysis capabilities across banking & financial services enterprises as an integrated AI-powered solution.
XtractEdge empowers the procurement teams by equipping them with AI/ML capabilities, NLP, and Computer Vision. It makescontracts analysis becomes faster, less risky, and more efficient than ever before.
Read how XtractEdge Contract Analysis helped a leading US Banking and Financial services company increase 10X productivity of their procurement team.