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Contract data extraction
Similar to invoice data , contract data extraction harnesses AI allowing organisations to work with large volumes of contracts and extract key information . With the use NLP , organisations are improving compliance and risk miitgation , as well as identifying areas that require review .
The Use of AI also benefits cross-functional teams to process contract-data areas including preferential terms , conflicting commitments , performance thresholds , spending compliance , and supplier relationship viability within their contracts contributing to a more strategic supplier relationship .
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Automated compliance
A core function of any procurement team is to create value and support the wider goals of the business and stakeholders , and compliance is central to achieving this .
This is why automated compliance solutions are becoming increasingly important , helping procurement professionals to follow approved processes , both for purchasing and also supplier engagement .
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