Direct and indirect procurement can cost an enterprise billions of dollars in annual spend. Poor contractual compliance, ambiguous SOWs, duplicity of resources, poor specifications of services and last minute contract negotiations can often lead to challenges in vendor management and service level enforcements as well. This frequently leads to frustrating negotiation cycles, poor alignment of deliverables with specifications causing delayed milestones, or worse – failed projects. Fortunately, recent advancements in the field of AI and machine learning have now made it possible for automated bots to scan massive amounts of information from documents, contracts, SOWs, PDF files, project plans and more, and extract nuggets of highly valuable content that can be analyzed to address these challenges. During this session, the presenters will share how they partnered to build an AI-based project automation tool (bot) that reads tables from within SOWs to extract rate cards with market rates to identify projects that could have contracted at lower rates with more targeted resources. With these self-learning bots, it is now possible to ensure compliance of SOWs with deliverables, timeliness and consistencies in project roles and titles; improve obligation management; and increase contract compliance leading to significant cost savings and successful project delivery.
- Some of the most attractive areas for AI/cognitive computing use in procurement processes
- How you can improve contract performance and compliance using automated bots
- How to improve project management and delivery timelines through integrated views across statements of work, project plans and resource cost spreadsheets
- How to reduce cost and improve resource effectiveness through improved time and material best rates
Categories: 2017 Fall - Carlsbad, Summit Presentations
SRC Type: Disruptive Digitization