Contract Analytics with Visual Dashboards on ServiceNow
0 likes60 views
The document discusses the challenges of manual contract management, including risks of non-compliance and inefficiencies in data analysis. It presents AI-enabled contract analytics as a solution, highlighting benefits such as actionable insights, reduced revenue leakage, and real-time visibility. Avenir offers various solutions on ServiceNow to enhance contract lifecycle management and improve overall contract processing efficiency.
Contract Analytics with Visual Dashboards on ServiceNow
- 1. Contract Analytics With Visual Dashboards on ServiceNow
- 2. Issues in Manual Contract Analysis No means to fully track and monitor all contracts Complexity in obtaining accurate, timely, and unbiased data due to manual processes Failure to do correct analysis leading to non-compliance Incorrect analysis may prevent from making informed decisions
- 3. Manual Contract management processes can be: ● Tedious and expose businesses to risk. ● Time-consuming ● Error-prone ● Biased and incomplete However, AI can help tackle issues of Manual Contracting. Let’s take a look at the ways in which AI-enabled Contract Analytics can tackle the issues of manual contract management. Tackling The Issues of Manual Contract Management
- 4. #1 Turn Data into Actionable Insights Challenge Large volume of contracts with varied unstructured data Difficulty interpreting contract language Complexity comprehending contract effects on future of business Solution Track and analyze all your contracts Display key information in visual dashboards Reporting of raw data in the format of graphs and bars As per McKinsey, the contract risk can cost a company up to 9 percent of its annual revenues.
- 5. According to Aberdeen Strategy & Research, you can reduce the average contract approval time by an unbelievable 82 percent with contract analysis. #2 Map Contract Volumes and Top Vendors Challenge Ineffective mapping of contractual data Increased contract approval time and tedious process Lack of timely and precise findings Solution Identify and extract key metadata Smart insights with visual representation of curated data Helps reduce the risk of over-allocation of resources
- 6. #3 Prevent Revenue Leakage Challenge Risk of non-compliance Increased risk exposure leading to several costs including legal Solution Automated contract extraction and risk analysis Review of unstructured contracts to identify anomalies Help fulfill the contractual obligations & preventing revenue leakage As per IACCM, the cost of a standard, low-risk procurement contract from draft to signature has gone up by 38% in 6 years costing almost $6,900.
- 7. 9.2% of revenue is lost by organizations resulting from poor contract management and oversight. #4 Gain Real-Time Insights Challenge Difficulty getting real-time insights Time-consuming report preparation and data analysis Lack of visibility leading to delayed performance analysis Solution Real-time complete visibility Automated reports covering all aspects Contract performance analysis
- 8. Based on IACCM studies, costs for a mid-complexity contract stands at $21,300 and high complexity contracts run into hundreds of thousands of dollars. #5 Reduce Cost Per Contracts Challenge Costs in multiple stages Increasing costs due to larger manpower requirements Increasing costs due to dynamic business environments Solution Reduction in man-hours Reduction in cost per contract due to faster automated processes Complete visibility on workload, cost per contract, and turnaround time
- 9. Get a Multi-faceted View of Deals
- 10. Free Demo Session Get a live demo of Aavenir Source to Pay solutions to know how Aavenir can address your enterprise's unique business challenges and goals. We provide live demonstration for following Aavenir S2P solutions: ● Contractflow - Contract Lifecycle Management on ServiceNow ● RFPflow - Request for Proposal Management on serviceNow ● Invoiceflow - Account Payable Automation on ServiceNow ● Obligationflow - Contractual Compliance Management on ServiceNow Visit: https://aavenir.com/demo/
- 11. Get Free Resources Watch Webinar Automate Sourcing using RFx Calculate ROI of CLM Solution Test Drive Contractflow Contract Analytics with Visual Dashboards E-book - Digitize Strategic Sourcing Calculate ROI Free Demo Read Blog Explore Now
- 12. Delivering Future of Work www.aavenir.com linkedin.com/company/aavenirinfo contact@aavenir.com twitter.com/AavenirInfo