Re-assessing your contracts with an AI based solution during COVID-19 crisis
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Contract Management Services
Infosys BPM offers complete procurement and contract management services. Our contract management methodology focuses on delivering value through improvement in contract compliance and cycle time reduction. We manage all aspects of contracting, including solicitation, creation, negotiation, administration, and maintenance.
We have the domain expertise to address process and workflow improvements, the resources to provide contracting support services, and professionals to offer consultation and advice through our strong LPO practice to:
- Track progress of reviews and approvals of master agreements, statements of work, contract, contract amendments, other agreements, and related contractual collateral among reviewers and approvers, provide timely reminders and ensure closure
- Review contracts for completeness of documentation as per client’s policies and appropriate legal input
- Perform low-to-medium complexity contract development
- Secure signatures on various required documents
- Store and organize contracts in the appropriate contracts management systems according to mutually agreed procedures
- Maintain all relevant contracts database structure, files, meta-data, and other relevant information, including but not limited to termination or expiration dates and renewal or extension terms
- Initiate and fully own the completion of new, potentially complex contract material using client provided templates
Infosys BPM NIA for Contract Analysis
Uses artificial intelligence and Natural Language Processing for moving towards smarter contract management to assist in contract authoring, break down contract into sections / clauses, show the percentage match with a reference contract, predetermine clause based on regulatory needs tailored to different geographies, auto-recommending critical clauses, and more.
Why Infosys BPM contract management Services?
Contract Management Strategies and Services:
- Centralized and standardized contract template for quick contract creation reducing TAT by 30%.
- Improved response rate (from 65% to 90%) over expiring contracts, and reduced risk of expired contracts.
- Reduced effort around contracts administration by 25% for category managers.
- Regular reports and tracking of metrics on contract expiry with 120 / 90 / 60 days’ notice thereby achieving 0% contractual coverage lapse.
- Improved terms / clauses recommended improving contract compliance.
- High contract visibility and improved TAT.
- Contract transformation projects conducted with clients leading to identification and recovery of past excess payments due to non-visible contract terms. Infosys BPM also provides a root cause analysis (generic and specific) to identify reasons for contract non-compliances and design action plans to control and complete risk proofs against future leakages.
- Improve controls for mitigation of risks at the downstream process level.
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