Contract Sentinel is a new generation platform that enables companies to capture, centralise and collaborate its contracts, policies and agreements for both supplier & customer.
The platform is built on latest generation cloud native AI/ML technology. CS is:
A McKinsey study found that a narrowly focused transactional approach to contracting leads to considerable inefficiencies because such contracts “are lacking basic elements that could enable better vendor performance and cost savings.” Contracts are the engine of a business, with 90 percent of spending and investments governed by terms and conditions embodied in them, yet the McKinsey study found that “suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues. For Fortune’s 2016 Global 500 companies, this 9 percent would have equaled $2.5 trillion in value.”
Managing Contractual performance is both complex and expensive undertaking. Typically, 40-50% of a business spend and most of the income is represented in some form of contract. So, the topic is important but it’s just too hard to make the process transparent. Increasingly we are also moving to a consumption based world making the task even harder to manage these new types of contracts.
Contract Sentinel can provide an answer to these challenges by providing a high level of automation and structure to contract performance. The platform brings all the key stakeholders together in a collaborative solution. From Executives, Operations, Management, Finance, Procurement suppliers and customers aligning them with up-to-date hard data on good or poor performance measured against agreed service levels - Contract Sentinel provides a single, transparent version of the truth.
Contract Sentinel brings performance back to the source agreement covering cost, risk, spend, SLA, KPI performance in one solution. Managing software, hardware, facilities and service contracts in one simple low cost solution!
askelie (Ever Learning Intelligent Engine) provides a conversational AI experience to Contract Sentinel or inhouse Contract repositories. elie can also be used to process new contract requests and supplier onboarding in a unique automated experience
Contract Sentinel & askelie provide vital tools in the challenge to control contractual spend & performance
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