Manually managing contracts is tedious and complex. That said, the procurement professional’s job becomes more challenging when they need to capture relevant information from all contracts and other related documents such as contract terms and clauses, policies, expiry, contract rules, exceptions, and resolutions. Additionally, they need to identify risky contracts, redline them, and check for adherence to standardized risk criteria.
How can large enterprises manage voluminous contracts effectively?
This is where EdgeVerve’s AI-based contract analysis tool, XtractEdge Contract Analysis, comes in. XtractEdge Contract Analysis leverages advanced Machine Learning techniques based on Computer Vision and NLP to turbocharge the process of analyzing and reviewing contracts.
This paper talks about ways to handle procurement contracts more efficiently and addressing some of the above concerns effectively. Download the whitepaper to know how well-managed procurement contracts can help keep enterprises safe from risks and obligations.
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