AI technology is more essential than ever for contract management. Many financial leaders have taken a conservative approach to implementing AI solutions, while their workload increases and their teams are overwhelmed and burnt out.
AI document extraction is crucial for changing the game.
For years, contracts and invoices were stored in filing cabinets, requiring precious space, time, and energy to maintain. Once these archives moved onto digital platforms, they didn’t require the same amount of physical space, but they still required the same amount of time and energy. While contract creation, negotiation, and execution could be automated, other processes could not. Hunting down the right file in an online database isn’t any easier than looking for it in a filing cabinet.
As enterprises continue to scale, this level of manual work becomes unsustainable. To add to the pressure, financial teams are frequently being asked to do more work with less headcount. Their teams are overworked and can’t catch up. This leads to burnout and inevitable human mistakes.
Contract management is invaluable in any business. When you effectively manage contracts, you ensure your relationships with customers and vendors are healthy and that nothing is slipping through the cracks. But when the volume of contracts increases, this becomes an impossible task. AI document extraction like Terzo ensure your team manages contracts and other financial documents appropriately.
The problem with the old way of managing documents
Right now, data can be stored in multiple places across multiple teams within your organization. This siloed data is impossible to evaluate, and opportunities to reduce duplicate and redundant spending can be missed. Key insights could be lost, including the details of any parts or warranties, and it is impossible to track compliance.
In the past, document extraction and analysis projects were frequently outsourced to an outside contractor. Each document was painstakingly manually analyzed and returned with a spreadsheet of the output. This could take up to two years, and the data was out of date by the time it was put to use.
In the past, your data was locked away, and accessing the answers you needed was almost impossible.
Terzo has created a new way
With Terzo’s financial intelligence platform, your data is at your fingertips. Terzo’s AI-fueled solution can extract important metadata from your documents instantly. With machine learning (ML), our solution can be trained to discover, isolate, and extract the data you need.
This unprecedented access to your data means that teams are free to focus on high-priority tasks. Your team will have insight into your agreements with the ability to analyze performance metrics and contract terms. No more manually hunting for the answers to your problems.
Terzo seamlessly integrates with other systems such as SAP, Oracle, Coupa, and other platforms, so you can instantly aggregate your data to gain actionable insights. This data lives in a single repository with an actionable dashboard, so you never have to wonder where to find the answer again.
Intelligent contract solutions will not only automate tedious tasks, they will also make themselves more useful over time. A combination of natural language processing (NLP) and ML ensures that the longer a business employs a specific AI model, the more accurate and useful its contract reviews will be.
AI solutions like Terzo offer advanced analytics and reporting that allow enterprises to gain deep insights into contract portfolios. These insights have not been available in the past and will help organizations to identify trends, patterns, and performance metrics. Enterprises will be able to optimize contract terms, identify potential risks, improve contract outcomes, and gain a competitive edge.
Drive results with AI contract management
It’s time to unlock answers in your contracts, invoices, and other financial documents. Finance leaders must determine how to optimize supplier expenses, reduce redundancy, and eliminate waste to increase margins.
The answer is enterprise contract management fueled by AI. A conservative approach will not deliver the results you need.
To learn more about leveraging the power of AI to become more productive, create more opportunities, and improve your bottom line, reach out to the team at Terzo for a free consultation.
