There’s a big problem within enterprise companies: piles of financial data buried across different documents, contracts, purchase orders, and invoices. When it’s time to compile all that data, you have two choices.
The old way consists of manually and painstakingly going through each and every contract. It doesn’t matter if it’s done with external consultants or if you develop an internal process. Either way, your human resources spend a lot of time manually compiling, extracting, and analyzing contract data.
Or you can use AI.
An AI financial intelligence platform like Terzo can help unlock insights into all your documents in a fraction of the time. But since AI in finance is a relatively new technology, many enterprise companies want to wait and see what the future holds for AI before implementing it within their environment.
While caution is understandable, your company will not be in a position to meaningfully move forward without embracing AI. If you don’t act now to integrate contract intelligence into your finance operations, there will be lingering consequences for your company.
Sure, you could continue using human power to manually review and analyze contracts. Or you can embrace AI and step into the future, unlocking the data buried in your documents.
There’s a lot at stake if you don’t take action:
Wasted Time
Manual review and analysis of your contracts will take longer and that data will lower quality, period. Using an outside consultant means waiting 12-24 months for it to be returned. Usually in a spreadsheet, without deep analytic insight. If you try to do this task internally, it’s still humans having to touch every piece of data. Either way, it will take too long.
Using an AI contract solution means a streamlined and automated process, without manual document processing. The AI models have already been developed and trained, so you can focus on deploying them immediately without wasting time. You do not have to train your employees to do the work or spend time in R&D creating a new process. Once the platform is up and running, you can eliminate human review to quickly identify high-risk contracts and documents that need attention. Overall, the process can be done in weeks instead of years, with a 7x faster extraction time, and then you will have access to critical data across all contracts in just seconds.
Lost Money
Time is money, so it makes sense that wasted time is also… wasted money. By removing unnecessary manual work, you will also save money. And the money spent on eliminating R&D and training expenses will be significant.
But more importantly, once you gain insight into your document and contract data, your enterprise company will see huge dollar savings. Reduce risk, track obligations, and stay ahead of expiration dates so you never miss renewals. Teams will gain insight into exactly what they own and how much it costs per unit. You can easily identify duplicate and redundant supplier spend to eliminate blind spots and take control of supplier contracts. All this enables you to know exactly where your money is going.
Degraded Company Culture
Don’t discount the high toll that tedious manual work will take on your team. Either they are doing the work themselves, or waiting for someone else to provide the data and then basing projections on data that is 2 years old. Your team will be frustrated and burnt out by manual methods. Talented workers can’t stand old systems and processes and they leave companies because of it.
With an AI platform, a lot of the tedious manual work is eliminated so your team can focus on the important strategic work you hired them for. With visibility into previously siloed information, it will make collaboration across teams effortless, and speed up buying cycles. Your teams will be less burnt out and frustrated, and armed with the answers they need to ensure they can do their jobs well.
The cost of waiting to implement contract intelligence
Wasted time and money. Depressing team morale. The cost of waiting to implement contract intelligence is too high.
When you embrace an AI contract intelligence solution like Terzo, you embrace 99%+ data accuracy and 5-10x faster. More accurate data in much less time. No more time wasted on manual contract review and analysis. This all translates into huge cost savings through cost consolidation and rationalization.
The time is now to adopt AI Contract and financial intelligence from Terzo.
To learn more about leveraging the power of AI to reduce time and cost while boosting team morale, reach out to the team at Terzo for a free consultation.
