Are you or your stakeholders frustrated with how long it takes to get a supplier on board?
Meet Procurement Peet and follow his life through 105 days of pain in a conventional RFP process and then see Procurement Pete anew, breezing through a 30-day contracting process that includes absolutely no redlining!
Having already spent a substantial amount of time shortlisting suppliers during the RFP process, procurementr thenspends long hours negotiating contracts with suppliers. Add the legal redlining back and forth and the timeline is extended further on top In the end, the company is usually left with a contract that is of higher price or higher risk than initially anticipated.
Whereas the sourcing process as it stands today is split between the RFP process and negotiations, with ContractAI, negotiations are minimized because win-win clause options are already set in the contract template. Suppliers are free to choose whichever options they want - understanding that alternative options may increase contract risk or cost to the buyer and impact their selection as a supplier.