GenAI for Procurement | Procurement using GenAI

Is Manual Contract Management creating bottlenecks in your Operations?

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Extracts data effortlessly

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Uncovers hidden meaning

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Intelligent Standardization

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Presents deeper insights

Current Challenges in the Industry

Inefficiency in contract management due to visibility, compliance, and data issues challenges procurement’s strategic value.

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.

Lack of
Visiblity

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

Fragmented
Data

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

Erosion of
Value

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

Our GenAI driven Use Cases on CLM

Accelerated Contract Review

GenAI CLM uses NLP and machine learning to quickly review lengthy contracts, identifying key terms, obligations, and potential risks in minutes. This helps procurement teams speed up negotiations, reduce cycle times, and seize time-sensitive opportunities.

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.

Contracts to PO to Payment Process Automation

GenAI CLM extracts payment milestones from contracts, automating payment setup and streamlining cycles. It also automates purchase order issuance, speeding up procurement and enhancing efficiency.

Compliance Monitoring and Enforcement

GenAI CLM monitors contracts for compliance in real-time, flagging deviations to help organizations address risks, avoid penalties, and maintain their reputation.

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.

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Extracts data effortlessly

PDFs, news, APIs, you name it – elsAi extracts info with unmatched speed and accuracy.
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Uncovers hidden meaning

Understands the “meaning” behind data, mapping diverse formats to a unified standard.
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Intelligent Standardization

Seamlessly translates and standardizes data, regardless of language.
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Presents deeper insights

Uncovers hidden trends and patterns with advanced AI and predictive analytics.

Our Integration Capabilities

Customize your elsAi experience the way you see fit

Leverage elsAi

Harness the power and capabilities of elsAi. Increase your efficiency!

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Send your data

PDFs, articles, anything goes
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elsAi works its magic

Cleans, standardizes, and enriches your data with AI power
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Analyze with confidence

Get accurate, unified data ready for deeper insights

Use AI you can trust

Achieve 99% accuracy in data extraction and eliminate manual errors.

Reduce data processing time by 80% and free your team for strategic tasks.

Uncover 20% more insights with AI- powered predictive analytics.

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