Terzo recently caught the attention of Spend Matters, a procurement and supply chain management company, when their analysts were researching and reporting on procurement technology trends.
The analysts at Spend Matters observed a “growing need for, and evolution of, contract analytics and ‘actionable insights.’” However, traditional contract lifecycle management (CLM) solutions don’t provide functionality beyond basic contract storage and tracking, let alone analytics capability.
Terzo was recognized as a provider that stood out on Spend Matters’ radar, with the company described as: “designed to provide financial insights from contracts that more standard contract lifecycle management and contract analytics tools neglect.”
“We’ve noticed a growth in the number of new vendors popping up that are trying to add something extra that spurs action,” said Spend Matters analyst Nikhil Gaur. “Instead of offering a solution aimed at alerting you to certain changes to thresholds when a renewal date is coming up, for example, these solutions are tying in a lot more financial information by integrating with a P2P or ERP system to give greater insights. So, you can upload your invoices to the contract solution and that gives insights from a financial lens rather than just a contract lens. That allows you to take more of an objective and numerical approach to contract management. Users are starting to be able to see just how much monetary value is at risk if they don’t renew on time, or how much money they could save if they renegotiated part of the contract for example.”
Considering the majority of CLMs have a blind spot when it comes to extracting and analyzing contract data, the value that Terzo’s contract intelligence offers isn’t just cutting-edge — it’s becoming necessary. The ability to identify opportunities for cost savings and spend optimization can help impact a company's bottom line, but in order to do so, strong contract analytics must be at the core of your contract management strategy.
The full article from Spend Matters can be found here.
Terzo uses powerful AI technology to extract, analyze, and visualize your contract data. Terzo's AI data extraction capabilities also reach beyond contracts and can solve your organization's document problems, from invoices to POs and more.
Our platform was designed on the foundation of contract intelligence, providing business teams the necessary data to improve productivity, optimize spend, reduce costs, and manage risk and governance across their entire supplier ecosystem.
Terzo has global operations across the United States, Canada, and India.