Solution
AI for Business
Solution
AI for Business
Industry
Logistics
Region
US
Context
Shipping and logistics organization has thousands of active contracts for its customers. Billing and accruing against these contracts requires analyst interpretation of terms and manual entries to accounting systems.
This process is inherently slow and error prone, leading to millions of dollars in potential erroneous billing and accruals.
Problem Statement
Multiple functions are involved in the Contract Management Process: Sales, Finance, Legal, Customer Service etc. The process faces multiple challenges such as poor version control of contracts, lack of single source of truth, cross-functional collaboration, prone to errors due to multiple hand-offs, insufficient internal controls thereby adversely affecting end customer experience.
Impact
- 80% reduction in errors for contract attribute identification
- $400K improper accruals identified immediately
- 40 hrs/week of manual work eliminated across contract teams
- Improved cross-functional collaboration and stronger financial controls
- Enhanced customer experience through accurate and timely billing