Digitise Your Contracts For Easy Management Reporting And Analytics
Many businesses do not have a centralised location to record, store and manage their supplier contracts during their lifetime. The best-case scenario is using an unstructured repository as a dumping ground for contracts. More often than not, supplier contracts are scattered across the business with little visibility around management or commitment. So how do procurement teams effectively and efficiently manage the basics such as expiring contracts, let alone manage the agreements during the life of the contract, and how can procurement gain valuable insights and unlock value from these contracts without the visibility?
Robobai's contract lifecycle management platform provides a centralised and accessible hub for all supplier contracts along with the management of those contracts during the life of the contract. With the Robobai platform, it connects the critical contract information with the spend analytics within the platform. It then provides AI insights for the procurement teams to act upon, so expiry, rise & fall mechanisms, price reviews, KPI's etc are all managed efficiently and effectively, handing the power back to your procurement teams.
All of this leads your procurement, finance and operation teams to make informed decisions and find areas within your supply chain where spending could be reduced and better managed. Robobai can enhance your companies Contract Management systems in the following ways:
Ensure spend is placed with the right suppliers at the right price Reduce spend leakage with non-contracted, non-preferred suppliers - don’t leave money on the table Reduce risk, ensure suppliers are contracted on the right terms Leverage and aggregate your negotiating position with previously overlooked information Unlock value during the life of the contract
Transparency across all procurement activities and purchases.
Contract compliance is critical for the buyer and supplier, but it is also complex and confusing. When negotiating and implementing a contract with a preferred supplier, part of the process is ensuring the buyer/s place the right purchase orders with the preferred supplier. But with a globalised and diversified array of suppliers, coupled with a high volume of contracts and purchase orders, the task is impossible if not adequately supported.
This is where Robobai’s innovative AI-powered platform comes in, linking contract data with AP/PO/GL etc spend data. Robobai’s AI is able to process huge amounts of line-level data, often millions of lines with a 90+% level of accuracy. Taking standard monthly data extracts from your ERP systems, Robobai classifies and categorizes your spend and then analyses against preferred contracted suppliers within the category and effectively identifies compliance and valuable insights that your procurement teams can reliably act on.
This allows your procurement team to spend less time crunching data and sifting through spreadsheets and more time ensuring you keep the savings that have already been claimed, providing procurement with credible, reliable and accurate saving numbers.
Ultimately, ensuring contract compliance is a must do for procurement, because if the business is not buying from preferred suppliers, what’s the point!