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The technology will provide significant cost savings and reduce revenue leakage, says the firm.
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PwC establishes AI-powered contract intelligence system
16 May 2023
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10 minute read
PwC has launched an AI-powered contract management system which it says will provide an accelerated level of digital transformation along with significant cost savings.
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The firm said the system which was developed as part of the firm’s strategic collaboration with Microsoft and contract management software firm Icertis would provide C-suites with “the ability to unlock critical business insights from data embedded in contracts and use it to automate end-to-end business processes.”
PwC global chairman Bob Moritz said the development was the next necessary step to embrace AI technology as a tool to help develop greater business efficiency.
“We know from our most recent PwC CEO Survey that 40 per cent of CEOs think they will need to transform their organisation to be economically viable in a decade,” said Mr Moritz.
“As the world continues to increase in complexity, technology will play a critical role in creating opportunities for organisations to build trust and deliver sustained outcomes.”
“This new collaboration offers C-suites a unique opportunity to implement and leverage an AI-powered approach to contracting that will drive efficiency, increase profitability and reduce risk.”
The firm said contract management could often be seen as a burdensome and disjointed process and that the use of AI could help businesses better navigate the process from contract creation to realising its intent.
Icertis chief executive officer and co-founder Samir Bodas said developing a more efficient way to process and interact with contracts was crucial as it was one part of the business process that affects every firm.
“Contracts impact every level of an organisation, governing the entitlements and obligations of every commercial relationship – from suppliers to customers, partners and employees,” said Mr Bodas.
“The collaboration between Microsoft, PwC and Icertis combines market-leading expertise in contract management, artificial intelligence, and business transformation to accelerate value for enterprise organisations around the world.”
The firm said ineffective contract management could cost companies between five to 40 per cent of the contract value as important entitlements were left on the table.
Chief partner officer at Microsoft Nicole Dezen said she was pleased by the positive impact the collaboration would have in the improvement of business processes.
“Our expanded collaboration with PwC and Icertis will deliver innovative tools and solutions, built on the Icertis Contract Intelligence platform, powered by Microsoft Azure, that will transform the way global businesses approach contract intelligence and analytics,” said Ms Dezen.
“As Icertis and Microsoft further integrate generative AI into contracting, customers will realise even more increased productivity, improve bottom-line performance and drive growth.”
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