JAGGAER and EdgeVerve Launch AI-Powered Contracts + Risk Analysis Solution
Contracts + Risk Analysis Features in New JAGGAER ONE 20.3 Release
JAGGAER, the world’s largest independent spend management company and EdgeVerve Systems, a wholly-owned subsidiary of Infosys, recently announced the launch of Contracts + Risk Analysis solution, delivering AI-powered contract review and risk scoring. As part of the latest release of the JAGGAER ONE suite, Contracts + Risk Analysis comes pre-trained for immediate integration into contract authoring workflows. The quick integration offers rapid time to value for business users. The solution learns continuously from the customer’s business, and evolving market for optimum results.
As businesses expand, the complexity of managing contracts, combined with a business priority to reduce risk exposure, means that many organizations are now looking to streamline the risk scoring process. They may have thousands of contracts on third-party or multi-party agreements. Reviewing these with the help of experts is both time-consuming and expensive.
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Contracts + Risk Analysis solution with inbuilt AI and advanced automation engine leverages EdgeVerve’s Nia Contracts Analysis to analyze risks in the contract and create a risk score, helping contract managers and approvers make more informed decisions.
The Contracts + Risk Analysis engine uses optical character reading (OCR) to digitize contract data. It then structures the data for analysis using the latest machine learning techniques. The software analyzes terms and conditions in services agreements, statements of work, and other contracts to identify potential risks. The solution is designed to improve performance, making contracts a valuable tool for achieving business goals.
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Atul Soneja, SVP, Global Head of Edge and Infosys Nia, said, “At EdgeVerve, we constantly strive to bring the best technology to our clients. Contracts + Risk Analysis combines EdgeVerve’s AI capabilities with JAGGAER’s procurement expertise in a powerful, easy-to-use solution. This solution will decrease risk exposure, improve versatility and visibility in reviewing contracts, to unlock hidden business value for enterprises.”
Jim Bureau, CEO of JAGGAER, said, “EdgeVerve’s best-in-class AI and automation brings powerful processing to our platform, delivering critical business functions such as massive document validation to accelerate procurement processes through digital transformation. Risk Analysis represents another huge step forward on the journey towards fully automated processes across the source-to-pay spectrum covered by the JAGGAER ONE suite.”
Since 2018, EdgeVerve has been developing innovative software products for JAGGAER customers in multiple industries, including manufacturing, retail, logistics, and higher education.
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