Enterprise technology relies on the subscription model more than ever before. Software-as-a-Services (SaaS) solutions are in every department, and it can be difficult to get a full view of just how many are employed at any one time within a large enterprise organization.
Contract intelligence tools, such as an AI contract repository, can help. Tools like Terzo will help manage all your contract data, across your entire organization. With insights into this data, you can confidently navigate contract renewals, and maintain strong relationships with suppliers, customers, and partners.
Renewing or extending a contract is an opportunity to reevaluate, adjust, and improve relationships. With each negotiation, you can ensure your contracts still align with your business goals, market conditions, and operational requirements. A strong contract renewal strategy can lead to significant business outcomes since each negotiation is an opportunity to reduce spend and boost revenue.
Intelligent contract repositories like Terzo will ensure you are prepared for every single contract renewal.
Get complete insight into your contracts
Enterprise organizations can have thousands of contracts spread across procurement, operations, and finance teams. With that many contracts, suppliers, and solutions, there’s bound to be overlap. Keeping track of contract periods, terms, obligations, automatic renewals, and deadlines is almost impossible without an intelligent contract solution.
AI contract management solutions give you insight into every single contract, invoice, and financial document across your entire enterprise. Contract intelligence can automatically analyze documents to extract critical data, such as key terms, obligations, and timelines. This streamlines the contract review processes and ensures nothing is overlooked.
When you have the full picture, forecasting budgets and allocating resources becomes much clearer. You can make decisions based on historical contract data and performance metrics to improve business operations. Contract intelligence like Terzo fuels data-driven decision-making.
Identify redundant and bloated spend
Once you have insights into each contract, invoice, and document, you can begin to analyze the areas of improvement. AI-powered solutions like Terzo can automatically look for opportunities to reduce redundancy, save costs, and improve services or terms.
Using an AI solution will also cut down on the tedious labor required to manually review contracts. AI solutions are faster and more efficient, without human error. You can easily compare previously siloed documents to ensure your enterprise is appropriately resourced with the correct contracts for each solution.
Prepare for negotiations
It’s time to face renewal negotiations with confidence, armed with new information about your contracts and their efficacy for your enterprise. Contract intelligence solutions will help you find opportunities to save money through more favorable terms or increased contract quality.
When you have additional insights and analysis into each contract, it’s easy to prepare a strategy for negotiations. If you have to make concessions, map out the exact conditions and ensure they are still in line with your ideal business outcomes.
Realtime Contract intelligence - monitor your spend
Contract negotiations and renewals are not the end of the road. By using an intelligent contract management system your new contracts will continue to be monitored and analyzed. You can compare the performance of the new terms over time and will be prepared for upcoming renewals. Contract intelligence will help you identify areas of improvement and cost-saving opportunities to get the most value from your contracts.
A financial intelligence platform like Terzo can revolutionize your contract renewal process. In the past, manual contract review and negotiation was your only option. Now, Terzo provides advanced analytics and insight to highlight performance metrics and renewal timelines so you never miss a critical renewal date. Build strong vendor relationships, optimize operations, and drive cost savings with contract intelligence.
To learn more about leveraging the power of AI to elevate your contract renewal strategy and position yourself for long-term success in a competitive market, reach out to the team at Terzo for a free consultation.
