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JAGGAER and EdgeVerve Launch AI-Powered Contracts + Risk Analysis Solution
Published Date: January 15, 2021
Feature Note
RESEARCH TRIANGLE PARK, N.C. – January 15, 2021: JAGGAER, the world’s largest independent spend management company and EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently announced the launch of Contracts + Risk Analysis solution, delivering AI-powered contract review and risk scoring. As part of the latest release of the JAGGAER ONE suite, Contracts + Risk Analysis comes pre-trained for immediate integration into contract authoring workflows. The quick integration offers rapid time to value for business users. The solution learns continuously from the customer’s business, and evolving market for optimum results.
As businesses expand, the complexity of managing contracts, combined with a business priority to reduce risk exposure, means that many organizations are now looking to streamline the risk scoring process. They may have thousands of contracts on third-party or multi-party agreements. Reviewing these with the help of experts is both time-consuming and expensive.
Contracts + Risk Analysis solution with inbuilt AI and advanced automation engine leverages EdgeVerve’s XtractEdge Contract Analysis to analyze risks in the contract and create a risk score, helping contract managers and approvers make more informed decisions.
The Contracts + Risk Analysis engine uses optical character reading (OCR) to digitize contract data. It then structures the data for analysis using the latest machine learning techniques. The software analyzes terms and conditions in services agreements, statements of work, and other contracts to identify potential risks. The solution is designed to improve performance, making contracts a valuable tool for achieving business goals.
Since 2018, EdgeVerve has been developing innovative software products for JAGGAER customers in multiple industries, including manufacturing, retail, logistics, and higher education.