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Whitenote: Purchasing optimisation through automated detection of contract deadlines

2021-10-13 by Johannes Humbert (LinkedIn | Twitter)

Identifying explicit and implicit inclusions of cyber risks in commercial insurance contracts in wholesale individual business is an eminent part of the value chain. And NLP is the solution.

Process-relevant information is often hidden in plain text

Machines that can read documents like contracts take process automation to a new level.

Challenge

  • A hidden champion in the automotive industry had several thousand active contracts with customers and suppliers.
  • Termination dates and price escalation clauses could only be tracked sporadically. For old contracts the information was not available at all, for new contracts it was recorded with fluctuating quality.

Solution

  • With the docuduct standard module “Contract Master Data”, relevant information was automatically extracted from contracts.
  • Critical cases were presented to clerks for review - human-in-the-loop.

Result

  • Important contract deadlines were cleanly recorded in the DMS, responsible persons were automatically reminded in time.
  • In the following 12 months, savings in the seven-digit range were achieved through timely termination or renegotiation of contracts and the use of price escalation clauses.

Read the full whitepaper Bridging the Gap - More productivity and lower costs through automation of knowledge-based processes here.



Your contact

Johannes Humbert
+49 176 83 33 51 46
johannes.humbert@tetrel.ai