Procurement teams use TextMine to keep on top of supplier contracts, SOWs and connect contract data to spend data.

Challenges in procurement

Creating and maintenance contract metadata is a challenge for procurement teams as contracts are siloed across the business in drives and personal inboxes. Moreover, the centralisation efforts of bringing these contracts into a single repository often skip the generation of clean contract metadata as there aren’t enough resources to do this manual work.

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TextMine helps procurement teams automate manual administrative tasks such as metadata creation for contracts and supplier documentation auditing. 

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TextMine’s AI powered LLM can read existing pdf documents, automatically categorise them and extract key terms as well as answers to questions. This means that not only can procurement teams curate the high level metadata required for their procurement and ERP systems, they can also capture richer insights for reporting purposes such as ESG or GDPR compliance.

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Procurement teams struggle to connect document data across different document types such as POs, invoices, SOWs and supplier agreements. This means that there are potential discrepancies between contracted and actual spend which is happening at the expense of the business.

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TextMine helps procurement teams audit the metadata across document types which in turn prevents incorrect spend and helps the business keep on top of renewals, price increases and special terms.

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Top use cases in procurement

AI powered Metadata creation: generate accurate metadata about your contracts such as dates, party details, termination, increases and automatic renewals. Create your own custom tags to ensure that you are tracking the most important information for your business. 

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Signature detection: TextMine helps detect signatures in documents so that you can quickly identify whether a contract has been fully executed or not. 

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Compliance: easily track supplier accreditation certificates and their validity. Automate insurance level compliance checks. Match contracts to their respective POs and invoices.

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Stakeholder management: effortlessly respond to ad hoc queries from stakeholders about supplier agreements and documentation.

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