Procurement: 3x Faster Agreement Signing for the Construction Company
With BestCompliance.AI, the construction company enhanced its procurement productivity by 70%.
70%
Productivity Growth
3x
Faster Agreement Signing
1 min
For Initial Compliance Check
Overview
BestCompliance.AI allows companies to train the system with their corporate rules and policies and check every document for violations within seconds instead of days without the engagement of compliance specialists.
This case study shows how AI has shortened the agreement-signing process for the construction company almost threefold while enhancing the productivity of its procurement department by 70%.
Problem Statement
- The Procurement team had to get approval from the Compliance Department on each agreement.
- They have to wait up to 5 days for feedback on each stage of the signing process.
- Due to several iterations, signing each agreement could take weeks.
- Since the company cooperates with tens of vendors within each project, deadlines could be overdue by months.
- As a result, operating expenses increased by up to 30%.
Gerald Cartman (name has been changed for privacy reasons)
Chief Procurement Officer
"Our industry is strictly regulated; therefore, we cannot put the contract into operation without the review from our compliance specialists, who are frankly overloaded. Sometimes, in the pre-discussion stage, we had to wait for feedback for almost a week. Afterward, we would pass comments from compliance to the client and receive a corrected document. And we had to repeat this process several times before we would get the final approval. Note that we have to deal with dozens of agreements with different vendors and suppliers within each project. And the delays in signing contracts may result in serious penalties for our company."
BestCompliance.AI automates the process of document checking for policy violations.
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The Compliance specialist uploads the policy into BestCompliance.AI in 2 minutes.
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BestCompliance.AI analyzes agreements, detecting any violations within seconds.
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A PDF of the reviewed document with links for each risky statement is created.
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The Procurement specialist instantly downloads and/or shares via email for the subsequent amendments.
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No need to involve compliance specialists for manual review at the pre-signing stages.
This video showcases how a Compliance specialist creates a new policy in BestCompliance.AI and trains the model
This video showcases how a Procurement specialist reviews the agreement for compliance violations
Results
- The Procurement dept now spends 1 hour instead of days for an initial check of the documents;
- Compliance specialists are only involved in the final stage, saving up to 40 hours weekly;
- BestCompliance.AI speeds up the agreement signing up to three times.
Gerald Cartman
Chief procurement officer
“With BestCompliance.AI, we’ve significantly reduced the involvement of our colleagues from the Compliance dept in agreement signing. The tool is simple and effective; it accurately detects all the problematic provisions in the documents, highlights them, and arranges them for convenience in a numbered list. In minutes, we can see each formulation with detailed argumentation on how it violates our policies, so we know what has to be amended and can address it quickly.”
Time Spent on Agreement review
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With Manual Check: up to 5 days and 2 to 3 iterations
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With BestCompliance.AI: less than 1 minute
Conclusion
BestCompliance.AI can speed up the procurement process threefold while maintaining the highest accuracy in compliance. This solution can be a game changer for the enterprise, as it deals with dozens of agreements every month, enhancing the productivity of the Compliance and Procurement teams and improving business results.
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