Tavant Partners with SimpliContract to Improve Contract Visibility
In today’s CLM landscape, the significance of GenAI-powered CLM has a far-reaching impact on enterprises’ growth and profitability. SimpliContract’s AI-first CLM solution helps streamline CLM processes in enterprises, boosting performance and productivity across their contract lifecycle. Tavant, a leading IT player in the industry, leverages SimpliContract’s AI-powered CLM to overcome challenges, improving visibility into their contracts with instant access to contract summaries, real-time reporting while reducing contract TAT by 40%.
In this blog, let's discuss how SimpliContract's AI-powered CLM platforms can boost your CLM journey and help achieve desired outcomes.
AI-First CLM Features: Simplifying your Contracting
SimpliContract’s GenAI-powered CLM solution provides an all-in-one easy-to-use platform facilitating seamless collaboration from pre-sign to post-sign phases in the CLM journey. Our unique CLM features include:
1. SimpliAuthor
Allows self-serve requisition request from your existing CRM or P2P, AI-assisted reviews and negotiations, and provides intelligent contracts for your faster negotiations. Specific AI & Analytics features empower you to-
• Request contracts from your own favorite tools.
- Create AI-infused workflows.
- Automatically builds contracts with legal-approved clauses based on intake fields.
• Work together/collaborate in real-time across platforms.
- Collaborate in real-time with multiple co-authors in MS Word editor.
- Ensure constant contract visibility and hassle-free stakeholder access - Converse, share documents using a simple to use collaboration portal.
• Effortlessly negotiate using industry’s most intelligent AI-Native Risk Analyzer.
- Get redline suggestions for your contracts.
- Talk to your contracts in simple, natural language about prevailing terms, legal precedents, etc. AI-enabled virtual contract assistant can help you navigate in depth.
2. SimpliStore
SimpliContract’s SimpliStore, provides a one-in-place repository for all your company’s contracts, propelling effortless data discovery and insights upon seconds. The unique centralized virtual store/repository is equipped with supercharging AI features allowing you to:
• Centralize Intelligently.
- SimpliStore organizes contracts with an audit trail of versions and statuses across their lifecycle, integrates with systems like Salesforce or Microsoft, and syncs with ERP, P2P, or CRM platforms.
- Its advanced risk analyzer extracts clauses, benchmarks terms, provides risk scores, redlines, and alerts for renewals, terminations, expiry dates, and obligations, enhancing negotiation and management.
• Uncover data-driven patterns and gain valuable insights.
- The AI-powered CLM platform SimpliStore has a unique feature to extract, analyze and report on 320+ key contract data points such as expiries, renewals, obligations, SLAs, and many more. The AI-enabled analytics helps you in monitoring contract performance.
3. SimpliAI
SimpliAI is the revolutionary GenAI infused CLM feature with unique capabilities far more intelligent, reliable, and autonomous than any traditional CLMs. Its compelling features allow you to-
• Metadata extraction. It allows you to extract metadata such as expiry & renewal terms, payment terms, contract value, price escalation, and many more.
• Leverage GenAI- SimpliAssist, industry’s most capable AI-native risk analyzer powered by the Generative AI technology. It allows you to negotiate faster with Generative AI Assistants to review contracts maximizing your efficiency and productivity.
Our world-class GenAI assistant is completely dedicated to giving you a competitive edge over others. Try it now!
4. AI-Powered Contract Analytics
Exclusive AI- contract analytics platform features include-
• 100% No-code configurability feature.
• Seamless integration with existing repositories like SAP Ariba and Coupa.
• Metadata, obligation, clause extractions.
• Risk analytics.
• Conversational AI – search for data and insights.
How Tavant Leveraged our GenAI-CLM Platform: A Success Story
Tavant is a digital product and platform company that provides digital solutions to its customers across North America, Europe, and Asia-Pacific. The company was facing acute CLM challenges on their sell-side which were solved using our AI-powered CLM solution -
Challenge #1: Handling multiple repositories as contracts were stored in multiple locations, and locating a contract based on specific search filters was not possible.
Solution: Adopting SimpliContract’s centralized repository which enabled them to store all their contract documents in a single store with a role-based authorized access capability. This immensely improved their contracts’ visibility.
Challenge #2: High cycle time to complete a contract as they were unable to extract key data including milestones, terms, and clauses.
Solution: AI-powered search engine enabled metadata extraction helped the team to gain one-click access to key dates, critical clauses, and terms in a contract helping solve the challenge.
Challenge #3: Lack of visibility into contract expiries as users could not track the contracts by status, and upcoming contract expiries, to initiate the renewal/termination process.
Solution: SimpliContract’s AI-CLM provided customized dashboards that enabled users to efficiently track contracts by status, type, and gain one-click access to contract information based on extracted metadata and specific KPI.
Challenge #4: Lack of reporting and contractual insights as they could not access the latest data updates to make data-driven decisions.
Solution: The CLM-platform derived real-time insights on contract performance and generated expiry and SOW reports in the form of pie-charts for easier consumption. Periodic expiry alerts allowed them to initiate the renewal/termination process and make data-driven decisions.
Interested in exploring our wide range of AI-powered CLM platforms, and choosing the one that suits your unique CLM requirement? Download our case study for more insights.
SimpliContract’s next-genAI-powered CLM platform provides state-of-the-art automation and intelligence facilities to enterprises allowing their seamless CLM journey. No doubt, our industry’s best AI-powered contract analytics' tool and other CLM capabilities are empowering companies improve contract lifecycle & boosting ROI.
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