GenAI Copilot for Procurement

Save Time, Increase Efficiency:

Transform Procurement Operations with GenAI driven Contract Lifecycle Management (CLM)

#CLM
#Efficiency
#Productivity
#GenAI

Current Challenges in the Industry

Manual processes, lack of visibility, compliance issues, and fragmented data hinder efficiency and impede strategic decision-making while addressing the life cycle of contracts.
To streamline operations, mitigate risks, and drive value becomes the key challenges facing procurement function.

Manual Contract Management

Procurement teams often encounter the challenge of reviewing contracts that extend to 1000+ pages, making the process highly tedious and time-consuming. Relying on manual processes for contract creation, review, and storage not only consumes valuable time but also increases the likelihood of errors and delays.

Fragmented Data

Data scattered across multiple systems and formats, making it challenging to consolidate, analyse, and leverage insights for strategic decision-making.

Lack of Visibility

Limited visibility into contract status, obligations, and key terms, resulting in missed opportunities, compliance risks, and suboptimal vendor relationships.

Erosion of Value

Per data published by World Contracting and Contracting Association, suboptimal contract terms results in erosion of value equivalent to 9% of business’s annual revenue.

GenAI driven Contract Life Cycle Management

Leveraging state-of-the-art artificial intelligence and automation technologies, GenAI redefines the landscape by effortlessly handling the complexities of contract review, analysis, and execution. With unparalleled speed and accuracy, GenAI transforms cumbersome manual processes into streamlined workflows, enabling procurement teams to navigate through extensive contracts, mitigate risks, and capitalize on strategic opportunities.

Our GenAI driven Use Cases on CLM

Use case -01

Accelerated Contract Review

GenAI CLM utilizes natural language processing (NLP) and machine learning algorithms to swiftly review lengthy contracts, identifying key terms, obligations, and potential risks in minutes rather than hours or days. This enables procurement teams to expedite contract negotiations, reduce cycle times, and seize time-sensitive opportunities.
Our Success Story

elsAi Speeds Up Contract Reviews for Middle Eastern Construction Giant
higher-value tasks.
- Accelerate review times,
- Improve accuracy,
- and free up legal resources
Read more
Our Success Story

elsAI Automates Contract Renewals & Compliance for European Automotive Giant

Read more
Use case -02

Automated Contract Renewals

With GenAI CLM's automated renewal reminders and intelligent alerts, organizations can ensure timely renewal of contracts before expiration dates, mitigating the risk of inadvertent lapses and disruptions in services. By automating routine tasks, procurement teams can focus on strategic initiatives and value-added activities.
Use case -03

Contracts to PO to Payment Process Automation

GenAI CLM utilizes document parsing to extract payment milestones from contracts, automating payment setup and streamlining cycles. Additionally, it automates purchase order issuance, expediting procurement processes. This advanced AI-driven approach revolutionizes procurement, enhancing efficiency and agility
Use case -04

Compliance Monitoring and Enforcement

GenAI CLM monitors contracts for compliance with regulatory requirements, internal policies, and industry standards in real-time. By flagging deviations and potential non-compliance issues, organizations can proactively address risks, avoid penalties, and uphold their reputation.
Use case -05

Contract Analytics for Strategic Decision-Making

GenAI CLM generates comprehensive analytics and reports on contract performance, trends, and patterns, empowering decision-makers with actionable intelligence. By leveraging data-driven insights, organizations can optimize contract terms, negotiate favorable agreements, and drive cost savings.

Introducing OptiSol’s elsAi,

A sophisticated accelerator utilizes Generative AI and Predictive AI to streamline data processing with features such as semantic analysis, predictive analytics, and document summarization, enhancing overall efficiency.