BSM Provider Speeds Up Contract Review by 85% with AI

Faced with time-consuming contract reviews, the company implemented an AI solution. The AI accelerated reviews by 85% by automating key processes, freeing up resources for strategic initiatives.

Client:

Coupa, a global leader in Business Spend Management (BSM), empowers over 2,000 customers across 60 countries to enhance visibility, optimize supply chains, and manage cash flow effectively.

Problem Statement:

● Manual Contract Review Bottlenecks: Time-consuming, error-prone, and inefficient process.
● Compliance Risks: Manual review hindered compliance efforts and increased risk.
● Operational Inefficiency: Manual data extraction and documentation created delays.
● Communication Breakdown: Inefficient collaboration and potential for errors.

Results:

☑️ 85% faster contract reviews.
☑️ Enhanced compliance with SOX and ASC 606.
☑️ Standardized review and documentation processes.
☑️ Improved data insights and reporting.
☑️ Strategic focus through automated routine tasks.

AI Solution:

Facing the challenges of manual and time-consuming customer contract review, Coupa implemented an AI solution from Klarity. This solution utilizes Natural Language Processing (NLP) technology to automate key aspects of the review process.

Here’s how Klarity’s AI works for Coupa:

Automatic Data Extraction: Klarity automatically pulls contracts from Coupa’s system and extracts relevant data, such as metadata and key clauses.
● Intelligent Review and Pre-population: The AI engine analyzes the extracted information and pre-populates checklists based on Coupa’s pre-defined standards, reducing manual effort.
● Streamlined Workflow Management: Klarity provides purpose-built workflow tools to track the review process, ensuring completeness and secure storage of all documentation and comments.

By leveraging Klarity’s AI solution, Coupa automates the previously manual tasks, allowing their team to focus on reviewing complex or non-standard contracts.

Reference:

1. Volody’s AI-Powered CLM Software solves contracting issues for one of India’s largest property developer

Industry: Business Spend Management
Vendor: KLARITY
Client: Coupa