Suplari Agile Contracts Makes Contract Lifecycle Management Smarter, More Efficient With AI-powered Predictive Analytics
Suplari, the Spend Agility company, launched Suplari Agile Contracts, a solution that gives enterprise procurement teams a steady stream of predictive insights for monitoring and managing their full inventory of active supplier contracts. Suplari Agile Contracts connects automated contract processes to enterprise spend and supplier data, adding workflow, and delivering actionable business intelligence that alerts decision-makers to the best ‘next’ actions.
Suplari Agile Contracts integrates enterprise spend data with internal and external supplier data and applies artificial intelligence to proactively identify cost reduction and cash flow opportunities. Results are displayed in an intuitive user interface (UI) that empowers business users to make immediate and effective decisions without additional support from data scientists and IT teams.
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Suplari Agile Contracts can be implemented in less than four weeks, unlike the lengthy and complex implementations required by traditional contract lifecycle management (CLM) and enterprise resource planning (ERP) software.
“McKinsey estimates that ineffective contract management and vendor management costs 9% of annual revenue, leading to $2.5 trillion in annual losses for the Fortune 500,” Suplari CEO Nikesh Parekh said. “Most contracts and supplier relationships are managed by the budget owner, leading to invoicing errors, lost volume rebates, poor vendor performance, missed renewal opportunities, and ineffective negotiations.
“But with Suplari Agile Contracts,” Parekh said, “we enable procurement teams, legal teams, finance teams, and the budget owners to make timely, intelligent negotiations and contract management decisions by monitoring the data, delivering intelligent alerts, and automating collaboration across key stakeholders throughout the company.”
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Driven by advanced AI and machine learning technology, Suplari Agile Contracts provides a collaborative platform for business owners and procurement/finance teams that:
- Identifies which suppliers and contracts require immediate attention based on intelligent insights, creates tasks, and assigns team members;
- Consolidates all the intelligence required to make business decisions – such as spend, supplier risk, supplier performance, external market data, supplier news, SEC filings and early-renewal opportunities;
- Facilitates a customizable workflow driven by best practices to accelerate joint decision-making and minimizes the time it takes to complete projects.
In addition, via streamlined key performance indicators, including savings tracking and savings forecasts, Suplari Agile Contracts enables procurement teams to align all stakeholders, provide visibility to C-level executives, and analyze what’s working and what’s not, while making the adjustments necessary to deliver tangible business results.
Suplari Agile Contracts extends Suplari’s Spend Intelligence Cloud library of hundreds of automated insights that predict and manage costs, cash flow, and investments across the enterprise. Suplari Insights use advanced algorithms and industry best practices to distill thousands of data points about suppliers, contracts, purchase orders, and budgets into actionable “opportunities” for finance and procurement leaders.