In today’s fast-paced business environment, the efficiency of processes directly correlates with the competitiveness of a company. One often overlooked but crucial area that can significantly benefit from technological advancements is contract management. For businesses reliant on timely contract execution and efficient renewal management, a streamlined process can lead to substantial time savings and improved operational efficiency. Enter CM Pro’s Repository Agentic AI—a revolutionary feature poised to transform how businesses handle contract management.
The Challenge of Manual Contract Management
In many organizations, contract managers grapple with the labor-intensive task of manually extracting metadata from signed contract documents. This not only involves sifting through lengthy and complex contracts but also ensuring that crucial data used in reporting and other systems is correctly documented. Furthermore, setting reminders for contract renewals or expirations typically requires a manual, static approach that can be rife with inefficiencies and prone to human error. This is where our Agentic AI steps into the picture.
Introducing ServiceNow CM Pro Repository Agentic AI: A Smarter Way to Manage Contracts
CM Pro’s Repository Agentic AI is designed to alleviate the burdens of traditional contract management by automating the extraction of metadata from signed documents and dynamically identifing critical renewal reminder dates, thereby facilitating a more proactive approach to contract management.
Key Features of Agentic AI
- Automatic Metadata Extraction: Upon contract signing, our AI agent is triggered to automatically extract essential metadata, ensuring that contract repositories remain accurate and up-to-date. This automatic process frees up significant amounts of time that would otherwise be spent on manual data entry.
- Dynamic Renewal Reminders: The AI agent also calculates and sets renewal or expiration reminder dates. Contracting professionals and their teams receive timely notifications for contracts nearing their renewal/expiration period, which helps maintain seamless business operations without the risks of missed deadlines.
The below images showcase how it looks for the end user:
How It Works
The repository AI agent works as follows:
- Trigger and Extraction: Once a contract is signed, the AI agent is automatically triggered, extracting relevant metadata swiftly and accurately. This data is then mapped to the appropriate repository metadata fields.
- Calculation of Lead Time: The AI agent also employs tools to compute the average lead time of similar contract requests. These results will be used in step 3.
- Review and Notification Setup: Post-analysis, the results are reviewed by the contract manager. Renewal/expiration notifications are automatically created and assigned by leveraging the renewal date extracted in step 1 and accounting for the lead time calculated in step 2. This allows contract managers ample time to complete the renewal/cancelation process before any automatic triggers for renewal/cancelation come into play.
Business Impact
The implementation of our repository Agentic AI has profound implications on business efficiency. By reducing the administrative load on contract management teams, employees can focus more on strategic tasks that drive growth rather than being bogged down by clerical work. The shift to a dynamic, AI-enabled process ensures businesses operate smoothly with minimal disruption due to contractual oversights.
In conclusion, Agentic AI not only offers a sophisticated solution to common contract management woes but also paves the way for a smarter, more efficient workplace. By harnessing the power of AI, businesses can stay ahead of contractual deadlines and operate with improved precision and agility. This is just one way contracting teams are finding operational gains by leveraging ServiceNow and CM Pro, for more details, please contact your account team.
