Advanced techniques to deliver analytical results
The more an organization grows, goes online, or globalizes, the larger the role of contracts in the organization. Therefore, the ability to systematically manage contract creation, execution, and analysis is central to risk management, financial performance, and operational efficiency. Yet, organizations across all industries typically face two challenges related to the management of contracts in their organization; ineffective processes and costly support.
KPMG Cognitive Contract Management (CCM) is a tool that leverages KPMG’s modular cognitive capabilities to ingest, analyze and automate decision making across the contract management lifecycle to address these problems. A range of artificial intelligence “building blocks” proprietary to KPMG enables the system to read and understand invoices and contracts, and compare them back to reference data.
CCM’s customizable workflow is one that ingests source documents, performs pre-processing and data extraction, undertakes cognitive document analysis, and outputs the results of the analysis into a client defined format.
CCM helps organizations to address the following challenges:
- Commercial leakage
- Clause compliance
- Contract pricing comparisons
- Internal audit
- Legal department
- Supplier performance