Conduent launches new AI-based Contract Analytics solution as part of its legal and compliance tech suite

In recent reports, the International Association for Contract & Commercial Management (IACCM) found that, on average, companies “leak” up to 9% of annual revenues due to poor contract management.

In view of tackling this problem, Conduent Incorporated has launched a new Contract Analytics solution, as part of its Legal and Compliance technology suite.

Contract Analytics uses the latest in artificial intelligence (AI) and machine learning to help corporate teams automate contract management and extract the business intelligence needed to more effectively manage risk, realize savings, and prevent revenue loss.

Conduent says that traditionally, key contractual provisions are manually tracked for compliance and performance by multiple corporate teams making it difficult to manage service level agreements, discount thresholds, and other performance indicators. The lack of real-time intelligence can reduce revenue and increase the risk to the enterprise.

“Effective contract management can yield business value, however, the intelligence is difficult to access and apply in day-to-day operations,” said Beth Fritts, General Manager, Legal, Compliance and Analytics Solutions, at Conduent. “Leaders need a better approach to realize the full, negotiated potential of the contracts portfolio, while proactively identifying risk.”

Fritts indicates that legal, finance, accounting, and procurement functions can benefit from Conduent’s Contract Analytics solution to review and analyze all contracts in one integrated platform with real-time data to manage contract performance.

Brent MacLean, Global Head, Commercial, at Conduent says, “Contract Analytics represents a game changer for buy- and sell-side contract management. The solution is a powerful, data-mining tool to help leaders extract intelligence from a multitude of legal instruments to make more informed and effective business decisions.”