SEATTLE–(BUSINESS WIRE) – Suplari, the Spend Agility ™ company, today launched Suplari Agile Contracts, a solution that provides corporate procurement teams with a steady stream of predictive insights to monitor and manage their entire inventory of active supplier contracts. Suplari Agile Contracts combines automated contract processes with corporate spending and supplier data, adds workflows, and delivers actionable business intelligence that informs decision makers of the best “next” actions.
Suplari Agile Contracts integrates corporate spending data with internal and external supplier data and uses artificial intelligence to proactively identify cost reduction and cash flow opportunities. The results are presented in an intuitive user interface (UI) that enables business users to make instant and effective decisions without additional assistance from data scientists and IT teams.
Suplari Agile Contracts can be implemented in less than four weeks, as opposed to the lengthy and complex implementations required for traditional CLM (Contract Lifecycle Management) and ERP (Enterprise Resource Planning) software.
“McKinsey estimates that ineffective contract management and supplier management cost 9% of annual sales, resulting in annual losses of $ 2.5 trillion for the Fortune 500,” said Nikesh Parekh, CEO of Suplari. “Most contracts and supplier relationships are managed by the budget officer, which leads to invoice errors, volume discounts, poor supplier performance, missed renewals and ineffective negotiations.
“But with Suplari Agile Contracts,” Parekh said, “we enable procurement teams, legal teams, finance teams, and budget officers to make timely, smart negotiation and contract management decisions by monitoring data, providing smart alerts, and automating collaboration across the board.” important stakeholders across the company. ”
Built on advanced AI and machine learning technologies, Suplari Agile Contracts provides a collaborative platform for business owners and procurement / finance teams who:
Use intelligent insights to identify which suppliers and contracts require immediate attention, create tasks, and assign team members.
Consolidates all of the information required to make business decisions – such as spending, supplier risk, supplier performance, external market data, supplier news, SEC filings and early renewal opportunities;
Enables a customizable workflow based on best practices to speed collaborative decision-making and minimize the time it takes to complete projects.
Additionally, Suplari Agile Contracts, through streamlined performance indicators including savings tracking and forecasting, enables procurement teams to align all stakeholders, provide C-level executives with visibility and analyze what is working and what is not, while making the adjustments needed to deliver tangible business results .
Suplari Agile Contracts adds hundreds of automated insights to Suplari’s Spend Intelligence Cloud library that are used to predict and manage costs, cash flow and investments across the enterprise. Suplari Insights uses advanced algorithms and industry best practices to convert thousands of data points on suppliers, contracts, orders, and budgets into actionable “opportunities” for finance and procurement managers.
Click here for more information on Suplari Agile Contracts.
Suplari is the Spend Agility ™ company. We’re delivering the first Spend Intelligence Cloud that enables finance, procurement, and corporate executives to continuously and collectively optimize procurement, forecasting, risk, and compliance. Built on advanced machine learning, Suplari helps medium and large businesses achieve spending agility by automating data, insights, and actions to predict and manage costs, cash flow, and investments across the enterprise. Suplari’s cloud-based software is quick to deploy and delivers added value in less than 90 days. Learn more about Suplari at www.suplari.com and contact us at [email protected].