elsAi solution for CLM.
elsAi isn’t just another AI tool. It’s a game-changer for Contract Lifecycle Management (CLM). Imagine a powerful AI assistant that automates tedious tasks, analyzes contracts with laser focus, and even flags potential risks before they become problems. That’s elsAi. This innovative solution streamlines the entire CLM process, saving you time, money, and headaches. From contract review to obligation management, elsAi empowers your legal team to work smarter, not harder, ensuring your contracts are ironclad and your business is protected.
How elsAi can transform CLM
- Accelerated Contract Review
- Automated Contract Renewals
- Contracts to PO to Payment Process Automation
- Compliance Monitoring and Enforcement
- Contract Analytics for Strategic Decision-Making
Accelerated Contract Review
- Forget spending hours poring over contracts! GenAI CLM is here to revolutionize your procurement process. This powerful tool leverages NLP and machine learning to analyze even the lengthiest contracts in minutes.
- It pinpoints key terms, obligations, and potential risks, saving you valuable time. With GenAI CLM, procurement teams can negotiate faster, shorten contract cycles, and capitalize on fleeting opportunities – ensuring they never miss a beat.
Automated Contract Renewals
- GenAI CLM takes the worry out of contract renewals with automated reminders and intelligent alerts. This ensures your contracts are renewed on time, preventing service disruptions and costly lapses.
- By automating these routine tasks, GenAI CLM frees up your procurement team to focus on strategic initiatives and activities that add real value to your organization.
Contracts to PO to Payment Process Automation
- GenAI CLM harnesses the power of NLP and machine learning to analyze even the most complex contracts at lightning speed.
- It pinpoints key terms, obligations, and potential risks, giving your procurement team a clear advantage. Negotiate faster, shorten contract cycles, and capture fleeting opportunities – GenAI CLM empowers you to make the most of every deal.
Compliance Monitoring and Enforcement
- GenAI CLM acts as your real-time compliance watchdog, constantly monitoring contracts against regulations, internal policies, and industry standards.
- It proactively identifies potential issues and deviations, allowing you to address them before they snowball into costly penalties or reputational damage. Focus on what matters most – growing your business – with the peace of mind that GenAI CLM has your compliance covered.
Contract Analytics for Strategic Decision-Making
- GenAI CLM goes beyond basic contract management. It unlocks valuable insights through comprehensive analytics and reports.
- It pinpoints key terms, obligations, and potential risks, giving your procurement team a clear advantage. Negotiate faster, shorten contract cycles, and capture fleeting opportunities – GenAI CLM empowers you to make the most of every deal.
- Identify performance trends, uncover hidden patterns, and gain actionable intelligence for smarter decision-making. Optimize contract terms, negotiate stronger agreements, and unlock significant cost savings – GenAI CLM empowers you to transform your contracts into drivers of business success.
Challenges in the CLM process
01. Manual Contract Management
Reviewing contracts that are over a thousand pages long is a common problem for procurement teams, which makes the process extremely time-consuming and laborious. In addition to taking up important time, using manual procedures for contract generation, review, and storage raises the risk of mistakes and delays.
02. Lack of Visibility
Without clear visibility into contract status, obligations, and key terms, you’re operating in the dark. This can lead to missed opportunities for renegotiation, increased compliance risks, and strained relationships with vendors. Gain the clarity you need to optimize your contracts and drive successful partnerships.
03. Fragmented Data
Dispersed data in many formats and systems makes it difficult to compile, analyze, and use insights for strategic decision-making.
04. Erosion of Value
According to data released by the World Contracting & Contracting Association, inadequate contract conditions cause value to erode at a rate equal to 9% of a company’s yearly revenue.
Key benefits of using elsAi for CLM
Enhanced Efficiency
By automating tasks like routing and approvals, elsAi frees up procurement teams to focus on strategic initiatives.
Improved Compliance
elsAi ensures contracts comply with regulations and internal policies, mitigating risks and protecting your reputation.
Data-Driven Decisions
elsAi generates reports with valuable insights into contract performance, enabling better negotiation strategies and cost savings.
Faster Cycle Times
Reviews and negotiations are expedited, allowing you to capitalize on time-sensitive opportunities.
