We’re excited to share the latest enhancements to Aavenir Contractflow, loaded with innovative features, streamlined workflows, and a more intuitive user experience to make contract management faster, smarter, and more adaptable. Built to empower contract managers, reviewers, and collaborators, Aavenir Contractflow on ServiceNow simplifies every phase of the contract lifecycle, from creation and AI extraction to review and beyond. Here’s everything you need to know about the latest updates:
1. Flexible, AI-Powered Contract Creation and Extraction
What’s New
With Aavenir Contractflow, we’ve reimagined the contract creation process, providing new AI-powered workflows that adapt to your unique needs. Now, contract managers can upload externally generated documents and choose to extract essential information—like terms and clauses—either immediately or later.
Key Benefits
Greater Flexibility: Select when to initiate AI extraction based on your workflow.
Seamless Automation: AI automatically populates key contract fields, streamlining data entry.
Increased Accuracy: Review, edit, and finalize extracted terms and clauses for perfect control over your data.
Optimized Contract Extraction Process with Avy: The enhanced extraction workflow now goes beyond the pre-signature stages. Integrated with Avy, Aavenir’s AI assistant, it empowers obligation owners to extract key post-signature terms such as SLA targets, penalties, and deadlines on demand, ensuring a more proactive approach to contract management.
Example: Imagine you’ve just received a new contract from a third-party vendor. Instead of sifting through terms and manually entering details, simply upload the contract, trigger extraction at your convenience, and let the AI populate key fields in the background. You’ll get notified when it’s ready for your review and edits!
2. Enhanced Collaboration Options: Now with SharePoint Integration
What’s New
To make collaboration even easier, Aavenir Contractflow introduces SharePoint support alongside OneDrive for contract reviews. This added flexibility lets teams choose their preferred document-sharing and review platform.
Key Benefits
Expanded Integration Options: Use either SharePoint or OneDrive, based on your team’s needs.
Seamless Collaboration: Work on contracts with your team and external partners without disrupting workflows.
Smooth User Experience: The functional flow remains the same across platforms, ensuring consistency.
Example: Your organization uses SharePoint for document management, but contract reviews typically happen in OneDrive. With Aavenir Contractflow, you can review contracts using SharePoint without compromising existing workflows, providing a smoother experience for your team.
3. Advanced O365 Word Add-In for Streamlined Contract Reviews
What’s New
The updated O365 Word Add-in in Aavenir Contractflow offers a more streamlined and secure review process, enhanced with new AI capabilities. Each reviewer can officially conclude their review with a single click, triggering notifications and revoking access once reviews are complete.
Key Benefits
Faster Reviews: Automated notifications remove the need for manual follow-ups.
Improved Control: The system automatically revokes access after review, ensuring security.
Enhanced Clarity: Generative AI (Avy AI) simplifies complex legal language and answers questions on the contract.
Example: Reviewers can easily “end review” on a contract, and once all parties have reviewed, notifications are sent automatically. Avy AI can simplify any difficult clause with just a click, making legal terms easy to understand for every stakeholder involved.
4. On-Demand Extraction of Scanned Contracts
What’s New
Aavenir Contractflow now supports AI-driven extraction from scanned PDFs, making digitizing and managing physical contracts simple. This feature is especially valuable for organizations dealing with scanned documents or contracts that need to be tracked within the system.
Key Benefits
Digitize Physical Contracts: Easily turn scanned documents into digital records.
Automatic Data Entry: AI extracts and populates fields with essential information.
Adaptable Workflow: Extract information on-demand as you need it.
Example: You’ve received a signed hard-copy contract. Upload the scanned PDF into Aavenir Contractflow, trigger the extraction, and let AI populate the relevant fields, turning your physical contract into a manageable digital record with minimal effort.
5. New Role and Enhanced Workflows for Better User Management
What’s New
Introducing the ‘Contract Reviewer’ role to simplify internal reviews. Users assigned this role gain access to their designated contract documents, ensuring that the right people are handling the review process.
Key Benefits
Role-Based Access: Assign specific review responsibilities to designated team members.
Streamlined Workflows: Directly access assigned contracts for faster, more focused reviews.
Increased Transparency: Reviewers can view contract statuses, ensuring complete visibility.
Real-Time Obligation Tracking for Improved Governance: Avy’s integration ensures that real-time post-signature contract performance is monitored. This provides greater visibility into SLA compliance and contractual obligations and helps reduce value erosion throughout the contract lifecycle.
Example: With the new role, team members designated as ‘Contract Reviewers’ can access contracts in their queue without extra permissions, keeping the review process streamlined and securely managed.
6. Simplified and Intuitive UI for a Smoother Experience
What’s New
The update includes multiple UI enhancements to make navigation more intuitive and user-friendly. From streamlined extraction workflows to added visibility icons and a redesigned deviation summary, this release prioritizes clarity and ease of use.
Key Benefits
Improved Navigation: Easily access documents, statuses, and actions from one screen.
Clarity in Information: Enhanced pop-ups and display icons provide clear insights.
Efficient Document Management: Quickly view, review, and manage attachments and extracted data.
Example: While viewing a contract, a user can instantly see extraction status and request details through new, easy-to-access icons, making data tracking simpler and saving time on every contract.
7. Streamlined Termination and Deviation Management Workflows
What’s New
Contract termination is now more flexible in Aavenir Contractflow, allowing users to upload their termination documents or choose from templates. Additionally, deviations are now calculated with new configuration options, providing greater control over how changes are tracked.
Key Benefits
Flexible Termination Options: Select a template or upload a termination document from the repository for contract termination.
Customizable Deviations: Tailor deviation calculations based on preferences for version control.
Enhanced Audit Trail: New logs and configurations ensure tracking accuracy and document control.
Example: Users can select a relevant termination document format if a contract needs to be terminated. Contract managers can also adjust deviation settings to measure changes against specific clause versions, adding clarity and precision to the termination process.
What’s Next for You with Aavenir Contractflow
Aavenir Contractflow, super-charged with new advancements is designed to meet the evolving demands of today’s contract management landscape. With enhanced AI capabilities, seamless integrations, and a more intuitive user experience, this release empowers teams to manage contracts faster, more collaboratively, and with increased accuracy.
10 Contract Management Mistakes and How to Avoid Them
Contract management is the backbone of successful business operations, defining terms, expectations, and accountability between partners, vendors, and clients. However, minor oversights can lead to costly mistakes, compliance issues, and strained partnerships.
Businesses are aware of what issues such as delayed projects and missed deadlines can do to their relationships with third parties and their organization, leading to financial losses and a bad reputation.
Companies need to examine the common pitfalls that may occur during contract management to address the root causes of inefficiencies. This will allow them to proactively build a more robust workflow rather than focus on quick patches.
In this article, we’ll explore the ten most common contract management mistakes companies make, from ineffective contract tracking and analysis (leading to missed deadlines and forgotten renewals) to lack of version control and audit trails and provide actionable strategies to help you avoid these pitfalls, ensuring you build a more streamlined, efficient, and compliant contract management process.
10 Contract Management Mistakes Businesses Need to Avoid
The common contract management mistakes listed below emerge due to oversights in various aspects of contract management. Some occur due to roadblocks in collaboration, and others arise due to a lack of agility. Here, we discuss what teams can do right away to tackle the underlying problems head-on.
Mistake #1. Disconnected Contract Storage and Centralization
Multiple internal and external stakeholders access each contract management workflow, resulting in the distributed storage of contract details across departments and software.
Teams will have to deal with various challenges, such as tracking contract status, collecting data for writing reports, and even losing critical documents. Moreover, it increases the likelihood of version control issues across departments.
How to Avoid the Mistake: Companies can avoid this mistake by choosing contract management software that offers a centralized contract repository, which serves as a single source of truth for all stakeholders.
centralized contract repository enables quick access to critical contract details, saving valuable time and reducing the risk of missing key obligations or deadlines. With advanced search capabilities, teams can instantly find specific clauses, renewal dates, or compliance terms. This search efficiency helps stakeholders avoid costly delays and ensures everyone can access the latest, most relevant information.
Moreover, a CLM solution with a centralized contract repository can ensure that compliance-related clauses are consistent across all contracts and automatically updated if regulations change. It also plays a key role in improving transparency, reducing communication gaps, and enhancing accountability.
Mistake #2. Ineffective Contract Tracking and Analysis
Tracking a contract closely throughout its lifecycle is crucial for ensuring all the deadlines are met and obligations are performed. Lapses, even unintentional ones, can lead to financial setbacks and the erosion of stakeholder trust.
Similarly, after a contract has been fully executed, teams need to analyze what went well and what needs to be improved. This is essential to discovering areas for improvement and keeping the contract workflow flexible, robust, and scalable in changing market conditions. When neither is done well, a huge chunk of actionable insights may slip through the cracks, and a lot of easy-to-deploy fixes might remain invisible.
How to Avoid the Mistake: Automated tracking through CLM tools plays a crucial role in ensuring that companies stay compliant with contractual terms and industry regulations. It also supports post-execution performance analysis. Fortunately, CLM software can automate both processes to deliver obligation reminders and real-time contract analytics to teams.
Besides, regular, proactive monitoring provides timely reminders of critical dates, such as renewal and payment deadlines, significantly reducing the likelihood of oversight. Additionally, the built-in analytics of CLM tools allow businesses to optimize their strategies by uncovering patterns and hidden issues quickly.
Mistake #3. Inconsistent Review and Approval Processes
Inconsistent contract review and approval workflows lead to accountability gaps that increase the risk of missing key stakeholder insights. These could be unique teams or departments and a varied mixture of vendors, suppliers, and other third parties. Consequently, the flow of review and approval of the documents during contract negotiations and execution changes, too.
How to Avoid the Mistake: Setting up predefined workflows for different contract types can significantly enhance process integrity by ensuring that each contract follows a customized path, addressing specific needs and compliance requirements. Predefined workflows allow companies to customize the approval paths for each type and help avoid delays, as team members aren’t left waiting on ambiguous steps—making it easier to track bottlenecks in real-time.
A centralized CLM platform should be used to manage this workflow from start to finish. CLM workflows with role-based access will also help promote stakeholder accountability by notifying relevant stakeholders at specific stages and ensuring they review and approve based on their expertise.
Putting all the details in a common place will enhance visibility across teams and departments, encouraging proactiveness and accountability. Moreover, it will also serve as an audit trail, allowing for troubleshooting in case of disputes.
Mistake #4. Relying on Legacy Signature Methods
Speed is essential for success in today’s global marketplace. Companies must move quickly to capitalize on opportunities, close deals, and optimize their revenue. Outdated signing methods such as wet signatures are a bottleneck in modern workflows.
Physical signing methods significantly delay processes, even if the signing parties are in one city. There is always the risk of documents getting lost and damaged in transit.
How to Avoid the Mistake:eSignatures in contracts streamline approvals and reduce administrative costs. Furthermore, various CLM tools already comply with legal standards like eIDAS (in the EU) and the ESIGN Act (in the US). Leveraging these tools can speed things up as legally binding contracts can get signed within minutes instead of hours or days. Additional benefits include contract agility, lower administrative costs, and a secure documentation process.
Mistake #5. Overlooking Compliance and Regulatory Requirements
Regular audits within a CLM system, including periodic reviewing of contract processes and documents, play a crucial role in identifying and addressing compliance gaps and ensuring that contract management remains aligned with current regulatory standards.
Moreover, the continuous evolution of laws and regulations in contract management can make it challenging for teams to stay updated. Integrating the latest regulatory changes across different jurisdictions often requires significant resources and careful attention.
How to Avoid the Mistake: An effective way to navigate this is by using contract management software to help track these changes and integrate them into the existing workflow. Businesses can quickly update their clause libraries and tweak the process from a fundamental level. Here's our comprehensive list of the top contract mangement platforms to help you analyze and choose a software.
Besides, companies can proactively detect and correct misalignments with evolving laws or industry-specific regulations that make them vulnerable to legal penalties and reputational damage. Implementing both strategies can help avoid penalties and build credibility with various stakeholders such as suppliers, vendors, and clients.
Mistake #6. Lack of Version Control and Audit Trails
Contract documents evolve throughout their lifecycle. Various stakeholders, such as suppliers, vendors, and clients make edits and modifications to different degrees. These changes need to be tracked accurately to minimize confusion and disputes.
Poor version control of a contract document, with missing version tracking and audit trails, can lead to confusion and unauthorized changes that compromise the contract's integrity. This can make it challenging to determine the next steps in the contract execution, opening the door to avoidable mistakes.
How to Avoid the Mistake: Version control and audit trails are crucial contract management software features that promote transparency. They help teams track every change, ensuring all stakeholders work on the latest version and preventing unauthorized modifications.
Generating comprehensive version control and audit trail reports detailing every action taken within a contract's lifecycle helps minimize the risk of unintended changes and preserve document integrity. Besides that, it provides real-time updates on any adjustments made to the contract, minimizing the risk of unintended changes and preserving document integrity.
Mistake #7. Insufficient Contract Management Training
Every professional handling contract document should be aware of the process, tools, and regulations and know the stakeholders well. It is crucial to build the contract management process from the ground up, facilitating knowledge sharing and encouraging team members to learn. Approaching training as an afterthought may make integrating the learning elements into the process challenging.
How to Avoid the Mistake: Adequate, hands-on training for new and existing employees on best practices and compliance requirements helps minimize the chances of oversights, reduces errors while authoring contracts, ensures you never miss an obligation, and optimization opportunities.
Businesses need to invest to ensure their employees and external stakeholders have all the information they need to perform their daily operations while managing a contract throughout its lifecycle.
This involves creating guides, tutorials, and standardized best practices for various phases of contract management. Additionally, bringing in subject matter experts (SMEs) to conduct live, interactive training sessions to enhance team capabilities can be helpful.
Mistake #8. Using Multiple and Complex Tools
Modern contract management workflows are run by cross-functional teams leveraging various tools and technologies. As we discussed earlier, this can lead to a disjointed system that can make contract handling difficult. In short, a bloated tech stack can hinder productivity and increase training needs.
Teams spending several hours a day juggling multiple and complex tools will struggle with efficiency. Each interface change will require them to readjust and refocus, slowing the overall workflow.
How to Avoid the Mistake: Businesses can adopt an all-in-one contract lifecycle management solution, such as Aavenir Contractflow, to run their entire contract management workflow from one place. The platform provides a unified view of all contract activities at a glimpse in a user-friendly interface.
This approach keeps the tech stack lean, training workflows short, and overhead costs low. Moreover, as you can access all your contracts in one place, end-to-end contract visibility throughout its lifecycle is easily achieved.
Mistake #9. Not Involving Relevant Stakeholders
Different stakeholders work on the contract documents in different ways at different phases of the management lifecycle. It is crucial to identify all of them from the start and involve them in the review, negotiation, and approval processes as required.
Forgetting to collaborate with the right personnel for the relevant action items can lead to bottlenecks. Apart from slowing down the contract execution process, it makes companies appear unprofessional, which may impact relationships.
How to Avoid the Mistake: Engaging relevant stakeholders early in the process helps avoid these kinds of mistakes in contract management and enhances contract effectiveness. This reduces the risk of conflicts, delays, and costly revisions. Teams can also avoid misalignment in stakeholder interests and adhere to the company's strategic objectives while fulfilling the contract obligations.
Choose a contract lifecycle management (CLM) solution that helps streamline stakeholder communication by offering centralized, real-time access to contract data, status updates, and collaboration features, greatly minimizing delays.
Mistake #10. Using Inconsistent Language
Clear communication is one key ingredient in making a contract successful for different stakeholders. When everyone is on the same page about deliverables, obligations, and expectations, the entire contract lifecycle becomes smooth and streamlined.
However, inconsistent terminology and ambiguous language can have the opposite effect. Third parties may interpret the obligations differently, increasing the chances of misunderstandings and disputes.
Moreover, internal teams may need standardized clauses to understand each other, which can result in overlooked responsibilities and commitment to unintended terms. When unchecked, it can quickly translate to poor compliance and sour relationships.
How to Avoid the Mistake: To tackle this challenge and establish company-wide procedural consistency, an effective approach is to utilize standardized contract templates. Standardizing contract language minimizes misunderstandings and disputes.
CLM tools with clause libraries promote standardized language and reduce risk. Empower your team to leverage CLM solutions and implement a default clause library that ensures uniformity across contract documents.
It can also be helpful to review the contract templates and adapt to regulatory changes regularly. This plays a crucial role in minimizing misunderstandings between internal and external partners and creating straightforward contracts that are easy to interpret.
Next Steps: Evaluate Your CLM Process
Businesses looking to elevate their contract management workflow throughout the lifecycle by avoiding the above ten mistakes in contract management should start by analyzing their existing processes. A robust CLM software fosters transparency and responsiveness, empowering teams to work more effectively and reduce delays across the contract lifecycle.
Aavenir is an all-in-one AI-powered contract lifecycle management solution that offers everything, including workflow automation, clause library, AI-powered analytics, collaboration, and more. Teams can gain full visibility over the contract lifecycle, ensuring faster approvals and enhanced compliance.
We'd love to hear how you have been preventing contract management mistakes.
Ready to level up your contract management process? Contact us today for a free personalized demo.
Frequently Asked Questions
1. What are the most common mistakes in contract management that businesses should avoid?
Common mistakes include poor tracking, inconsistent language, outdated signing methods, lack of compliance, and failure to involve stakeholders, all of which lead to inefficiencies and compliance risks.
2. How can a centralized contract repository improve contract management efficiency?
A centralized repository improves accessibility, simplifies tracking, ensures version control, and reduces the risk of lost documents, thereby enhancing contract visibility and management.
3. What tools or strategies can help track important contract dates and deadlines?
Automated reminders, performance dashboards, and contract management software can help monitor critical dates, ensuring timely renewals and compliance.
4. Why is it important to have a structured review and approval process for contracts?
A structured process reduces errors, ensures alignment with business objectives, and involves all necessary stakeholders, minimizing delays and disputes.
5. How can businesses ensure compliance with regulatory requirements in their contract management practices?
Update processes regularly with regulatory changes. Use compliance-tracking software and consult legal experts to maintain alignment with laws.
6. What are the three types of mistakes in a contract?
Mistakes in contracts are typically unilateral, mutual, or clerical errors, each affecting contract enforceability differently.
7. What are the symptoms of poor contract management?
Symptoms include missed deadlines, compliance breaches, inefficient processes, frequent disputes, and lost revenue opportunities due to poorly managed obligations.
Aavenir Expands Contract Lifecycle Management Capabilities with Generative AI for Obligation Management
Aavenir unveils groundbreaking updates to its sourcing and contract management solutions. Their latest enhancements focus on cost savings and optimization while leveraging Generative AI for contract obligation management, driving better contract performance and visibility into contract details.
MCKINNEY, TEXAS - Aavenir, a global AI-powered Source-to-Pay and Contract Lifecycle Management solutions provider, continues its journey of sustained growth and commitment to leveraging artificial intelligence - reimagining the way procurement and legal teams create and manage contracts.
Aavenir announces strategic enhancements to its sourcing and contract management solutions, Aavenir RFPflow and Aavenir Contractflow. The Aavenir contract lifecycle management solution now features Generative AI for post-signature contract obligation management. It enables IT SLA, regulatory, reporting and other performance obligation owners to easily access contract terms and provisions, and understand contract performance requirements via Avy, Aavenir’s AI-assistant. Aavenir sourcing management enhances sourcing transparency, offering detailed visibility into cost savings at line-item, category, and event levels for optimized procurement.
“Delivering contract value has long been challenging for enterprises, stemming from a lack of understanding of contractual commitments and unclear ownership. With our latest Generative AI enhancements for contract obligation management, we are empowering customers with greater visibility and control to reduce value erosion throughout the life of the contract,” said Sunil Masand, SVP and Head of Product at Aavenir.
Key Updates: Aavenir Contractflow
Avy for Obligation Management: Avy, Aavenir's AI assistant, now also integrated into the post-signature contract management workflow, extracts and answers contract and performance obligation-related queries by identifying contract terms, SLA targets, penalties, credits, and deadlines, and simplifying contract language for improved obligation fulfilment.
Optimized Contract Extraction Process: The enhanced workflow enables flexible, on-demand extraction of contract terms and clauses, catering to the needs of contract authors, reviewers, obligation owners and more.
O365 Add-In Enhancements: New AI-powered features simplify clauses and answer contract-specific questions, speeding up decision-making. Reviewers can finalize contracts directly in O365, minimizing manual tasks and reducing offline communications.
Key Updates: Aavenir RFPlow
Monitor and Optimize Savings: Gain clear visibility into potential cost-saving opportunities with robust savings calculations based on historical data or third-party benchmarks, enhancing transparency across line items, categories, and events.
Enable Flexible Baseline and Benchmarking: Compare costs against previous awards or external sources like the S&P GSCI Index, business catalogs, or ERP systems, ensuring accurate and comprehensive savings analysis for informed decision-making.
Aavenir, an AI-first company, continues to champion the prowess of generative AI in contract management with its latest product updates. Beyond advanced AI features like enhanced workflows and analytics, Aavenir extends its capabilities to contract performance management, solidifying its dominance as a leading contract lifecycle management solution.
"Aavenir's latest innovations in sourcing and contract lifecycle management are designed to deliver tangible cost savings and unlock greater efficiency for our customers," said Jesal Mehta, CEO of Aavenir. "By embedding generative AI into our solutions, we provide real-time obligation tracking, boost compliance, and accelerate procurement cycles—empowering organizations to make data-driven decisions that optimize financial performance in today’s dynamic and fast-paced business environment," he added.
About Aavenir
Aavenir delivers intelligent, AI-driven solutions transforming enterprise procurement, contract management, and financial operations. By leveraging machine learning and the power of the ServiceNow platform, Aavenir helps organizations streamline procurement workflows, enhance visibility, and ensure compliance across their Source-to-Pay and Contract Lifecycle Management processes. Trusted by global enterprises, Aavenir accelerates digital transformation, reduces risk, and drives operational excellence. Learn more at - aavenir.com
Aavenir Inc. Appoints Mohamed Reza as the Vice President, Marketing
MCKINNEY, Texas - Aavenir, a leader in AI-powered source-to-pay and contract lifecycle management solutions, is excited to announce the appointment of Mohamed Reza as Vice President of Marketing. In this role, Reza will lead Aavenir's marketing efforts to drive the company’s growth, strengthen its brand, and enhance value for its customers and partners.
Reza brings over 20 years of experience in marketing within the IT, software, and supply chain sectors. He has held significant leadership roles at global companies such as Microsoft, MetricStream, and Shipsy, where he built and led high-performing marketing teams.
His appointment comes as Aavenir embarks on an ambitious growth journey, focusing on expanding its global presence and building strategic partnerships.
Before joining Aavenir, Reza played a key role at Shipsy, where he established the marketing team, expanded the company’s global reach, and increased revenue fivefold through innovative marketing strategies, analyst relations, and customer-centric growth initiatives.
Prior to that, he spent a decade with MetricStream, a global GRC leader, where he led major marketing initiatives and established its flagship industry event, the GRC Summit, for its customers and partners. He also led the company's marketing initiatives to expand in Europe and the Middle East.
"Reza's wealth of experience and track record across all his prior leadership roles perfectly align with Aavenir's culture and the demands of this role. We are confident that his leadership will further elevate Aavenir's marketing endeavors and contribute significantly to our continued focus on customer growth," said Jesal Mehta, Founder and CEO of Aavenir.
"I am thrilled to join Aavenir at such a pivotal time," said Reza. "Aavenir's innovative solutions, its employee and customer-first culture, and strong customer backing provide a solid foundation for its future. We are on a mission to change the way business is done in the future. I look forward to working with the team, our partners, and customers to build on this success and drive new growth opportunities."
For more information on Aavenir and the leadership team, please visit: aavenir.com/about
About Aavenir
Aavenir, an Advanced Platform Partner of ServiceNow, helps enterprises maximize ROI with AI-powered applications on ServiceNow, comprising Sourcing Management, Onboarding Workflow Management, Contract Lifecycle Management, Obligation Management, and Accounts Payable Automation. For more information, visit aavenir.com.
Aavenir Recognized as Top 6 from Emerging Cities by GCC Workplace Awards 2024
Aavenir, a global AI-Powered Source-to-Pay and Contract Lifecycle Management solutions provider on the ServiceNow Platform, has been recognized as one of the Top 6 Workplaces from Emerging Cities at the GCC Workplace Awards 2024. This prestigious award, presented by Zyoin Group in association with LinkedIn and Alyve Health, celebrates Global Capability Centres (GCC) that foster exceptional workplaces in emerging regions, outside major metros.
Aavenir’s Director of HR and Operations, Sneha Sata, accepted the award in Bengaluru, India. The recognition highlights Aavenir’s commitment to creating a thriving and innovative work environment characterized by outstanding achievements, innovative practices, and a vibrant company culture.
“We are incredibly honored to receive this award, which is a testament to the hard work, dedication, and talent of our A-Team,” said Sneha Sata. “Aavenir’s success is driven by our employees, and we are grateful for their unwavering support and commitment to excellence. This recognition reaffirms our position as a sought-after workplace in the B2B SaaS ecosystem.”
Aavenir’s award-winning workplace culture is built on a foundation of trust, innovation, and employee empowerment. The company’s focus on creating a positive and inclusive environment has resulted in a highly engaged and motivated workforce. Aavenir's commitment to employee well-being is evident in its various initiatives, including flexible work arrangements, wellness programs, and opportunities for professional development.
Key factors that contributed to Aavenir's recognition:
Innovative work culture: Aavenir fosters a culture of innovation and creativity, encouraging employees to think outside the box and contribute to the company's growth.
Employee empowerment: Aavenir empowers employees to take ownership of their work and make meaningful contributions.
Focus on employee well-being: The company prioritizes employee well-being through various initiatives, including flexible work arrangements, wellness programs, and opportunities for professional development.
Strong leadership: Our leadership team is committed to creating a positive and supportive work environment.
Community engagement: Aavenir is actively involved in community initiatives, demonstrating its commitment to social responsibility.
“This award is a reflection of our unwavering commitment to creating a workplace where employees can thrive and reach their full potential,” said Jesal Mehta, Founder & CEO of Aavenir. “We will continue to invest in our people and foster a culture of innovation and excellence.”
About Aavenir
Aavenir, an Advanced Platform Partner of ServiceNow, helps enterprises maximize ROI with AI-powered applications on ServiceNow, comprising Sourcing Management, Onboarding Workflow Management, Contract Lifecycle Management, Obligation Management, Accounts Payable Automation. For more information, visit aavenir.com.
About GCC Workplace Awards 2024
‘Global Capability Centres Workplace Awards’, is an awards ceremony dedicated to recognising and celebrating organizational excellence across diverse sectors. As India’s first GCC Awards selected by employees, Workplace Awards 2024 specifically focuses on acknowledging organizations that have excelled in creating positive, collaborative, and empowering employee relations. The Global Capacity Centres' commitment to nurturing a supportive and inclusive work environment aligns with the core values we aim to celebrate at Workplace Awards 2024.
Elevate ServiceNow Sourcing and Procurement Operations SPO with Contract Lifecycle Management
Procurement without a signed legal contract is fraught with risks and challenges. These risks include potential legal disputes, lack of compliance, and financial losses. Contracts play a crucial role in procurement as they define the obligations and expectations of all parties involved. Read this article to explore how ServiceNow Sourcing and Procurement Operations SPO connected Aavenir contract management solution provides easy-to-use contract authoring, review, search, & post-signature obligation management to mitigate risks, improve compliances, and reduce spend in sourcing and procurement operations.
Many companies assume that the legal team should have to handle everything related to procurement contracts. Usually, only 1.2% of procurement team members participate in contract management, placing a heavy burden on legal departments for contract-related tasks. This delays contract time-to-signature and friction between procurement and legal departments, ultimately reducing procurement efficiencies. If this is true for your company right now, you are most likely to experience very real impacts on source-to-pay processes., including:
Slow Procurements: Manual contract management using spreadsheets or multiple emails back and forth can cause up to a 30% delay in the procurement cycle, increasing the likelihood of errors and decentralized storage, leading to an increased risk of misplacing critical contract documents.
Rogue Purchasing: This occurs when sourcing and procurement departments leave legal out of the loop on agreements or without a comprehensive contract lifecycle management (CLM) software in place. It could mean unenforceable agreements, inability to perform under the contract, or any other risks in-house counsel or a CLM could alleviate.
Lack of Consistency: In most companies, 57% of contract data collection and 79% of legal research in contract management is done manually by the legal department, which is resource-intensive and prone to errors. Contracts should be standardized whenever possible. This reduces risk across the company and creates consistency in your procurement strategies.
Lack of Contract Visibility: The procurement team needs access to contracts and their essential metadata. The procurement team plays a vital role in ensuring agreements are followed and counterparties meet their obligations.
Wrong Document Versions: Contract versioning is a significant problem for many companies. When a procurement team uses the wrong version of a contract, it could cause considerable legal risk. CLM software ensures every team is in the loop on the most up-to-date agreements.
Instead, procurement should play a critical part in contract risk management. This doesn’t mean you need lawyers in the procurement team, but rather that you will benefit from ServiceNow Sourcing and Procurement Operations SPO connected Aavenir Contract Lifecycle Management (CLM) software that manages this risk for each of your procurement needs. It lets the procurement team with self-service contract creation, AI-powered legal assistance in contract review and negotiations, automate workflows, document versioning, e-signature, smart contract search, and streamline post-signature contract obligation management, all while you run sourcing and procurement operations. By connecting ServiceNow sourcing and procurement operations SPO workflows with AI-powered contract and obligation management solutions into a unified SPO workspace, organizations can
Efficient Procurements: The ServiceNow Sourcing and Procurement SPO workspace connected CLM solution results in a 10-15% reduction in procurement cycle time (by reducing time spent on contract creation, negotiation, tracking, and renewals) and a 20-30% improvement in supplier performance with real-time insights into supplier SLAs/KPIs.
Risk Mitigation: Properly managed contracts within an ServiceNow Sourcing and Procurement SPO workspace help identify and manage potential risks associated with suppliers, reducing the likelihood of costly disruptions.
Compliance: The ServiceNow Sourcing and Procurement SPO workspace tightly integrated with CLM solution enforces adherence to regulatory and internal policies, leading to 20-30% improvement in vendor compliances (such as ESG, Government regulations, organizational terms, and policies) which is crucial for avoiding legal issues and fines.
Cost Control: A CLM-connected ServiceNow Sourcing and Procurement SPO workspace facilitates well-negotiated contracts that help manage pricing agreements and avoid unnecessary expenditure resulting in a 10-30% reduction in procurement costs.
Vendor Relationship Management: Contract management within a unified ServiceNow Sourcing and Procurement SPO process establishes clear and fair expectations, fosters trust, and enhances long-term vendor relationships.
The Real-world Challenges of Vendor Contract Management Solution
Most enterprises are likely underpinned by a variety of transactional systems and multiple instances of ERP, equipped to handle a very narrow set of source-to-pay capabilities, like contract management, third-party risk management, vendor management, invoice scanning, payment processing, reporting spreadsheets, and many more. Enterprises end up with a variety of teams, using a variety of systems, doing siloed activities as part of an overall source-to-pay process, all requiring manual integration or workarounds. (for example, sourcing, contracting, and payment are performed by 3 different teams (procurement, legal, and finance) on at least 3 separate systems (SAP Vendor Management, Standalone CLM solution, Oracle Finance Solutions)) While they may individually work to achieve these transactions, the parts do not form a whole.
The Connected Solution: ServiceNow Sourcing and Procurement Operations SPO + Aavenir Contractflow
ServiceNow Source-to-Pay workflow automation solution works as a system of engagement that brings everyone together -- employees, procurement, suppliers, and all your IT systems. In association with packaged Source-to-Pay Workflows, thousands of customers are extending, building, and integrating transactional systems for critical to back-office operations and core ERP workflows (such as SAP ECC or S/4HANA instance) across all lines of business.
Aavenir Contract Lifecycle Management solution works as a system of transactions that empowers contract requestors, managers, administrators, and reviewers with an intuitive, easy-to-use contract authoring, review, storage, search, and end-to-end contract management experience. Legal teams can ensure standardization of clause libraries & pre-approved templates, centralized full-text searchable contract repository, view detailed audit trails, and achieve drastic efficiency gains using AI-powered automated terms/clause/obligations extractions, clause deviation identification, safer terms/clause recommendations, AI Assistance, obligation management, and much more.
Aavenir CLM offers out-of-box Low/No code integration to ServiceNow applications, enterprise systems, and data sources for enhanced collaboration and a holistic view of contracts across business departments.
ServiceNow Sourcing and Procurement Operations SPO Capabilities
ServiceNow Sourcing and Procurement Operations (SPO) connects the entire source-to-receipt process for more seamless purchasing and case management across business teams by leveraging ServiceNow’s unique workflow optimization and automation capabilities. With ServiceNow Sourcing and Procurement Operations (SPO), procurement departments can manage the complete procurement lifecycle with eCommerce-grade experience on a centralized system of action, providing end-to-end visibility into all processes and complementing current systems of record. Some of the key ServiceNow Source-to-Pay applications include:
ServiceNow Shopping Hub: It enables an e-commerce like self-service procurement experience for all employees from pre-assigned employee credits. Employees can request a procurement team for the procurement of products and services, which are not available in the shopping hub catalog.
ServiceNow Procurement Case Management: It allows the procurement team to create, track, analyze, and manage procurement requests such as supplier information collection, contract creation, invoice verification, and more. Case management also allows procurement teams to handle a wide variety of types of issues with suppliers such as banking issues raised by finance, cybersecurity issues raised by IT, or performance issues raised by employees, keeping everyone together to fix the problem.
ServiceNow Employee Center: Enables access to S2P services for business teams and employees. For example, employees can request a procurement team to source products and services which are not available in the Shopping Hub catalog.
Enhanced ServiceNow Source-to-Pay capabilities with Connected Aavenir Contract Management
Built natively on ServiceNow, the Aavenir Contract Lifecycle Management solution easily integrates with ServiceNow Sourcing and Procurement Operations, allowing procurement teams to tap into the power of the AI-powered Connected Contract Management that helps mitigate risks, ensure adherence to compliances, control costs, and enhance vendor relationships in the procurement process.
Here are the potential use cases of this powerful integration:
Use Case #1: Connected Contract Requests and Legal Intake Management
Employees can easily navigate to the Aavenir Contract request page from any of their sourcing and procurement workspace applications where they can fill up a set of standard and configurable contract request forms designed in Aavenir Contractflow. From the creation of self-service template-based contracts (like non-disclosure agreements) to drafting custom contracts and 3rd party contract reviews, the legal and procurement team can manage any legal contract intake requests in Aavenir Contractflow - all within the same user login session of Sourcing and Procurement Applications on ServiceNow Platform. Pre-built contract request intake-to-signature workflows eliminate legacy processes of manual emails and follow-up requests between legal and procurement teams. This also frees up procurement and the legal team’s time to collect, review, and validate contract information with more detailed attention.
Use Case #2: AI-powered Contract Drafting with Microsoft Word Plugin
Aavenir Contractflow will enable quick self-service AI-powered contract authoring of standard contracts (such as NDAs - non-disclosure agreements) leveraging Aavenir’s pre-approved contract templates, terms, and clause libraries, AI-powered recommendations, and legal playbooks. The procurement or legal team can draft custom contracts and review 3rd party contracts using their own Microsoft Word tool with Aavenir Contractflow plugins to ease complex contract drafting processes using AI-powered recommendations. Aavenir Contractflow can automate the generation of standard clauses, templates, and even entire contracts using generative AI technologies based on historical patterns, legal playbooks, and predefined rules & criteria.
Use Case #3: AI-powered Contract Review and Negotiation
The Procurement team can directly leverage Aavenir Contractflow AI to review and analyze contracts for inconsistencies, compliance issues, and potential risks. AI can automatically identify any deviations from standard terms, historical contract data, or regulatory compliance policies for effective contract reviews and negotiations.
Built on ServiceNow by leveraging the Aavenir team’s 25+ years of experience in delivering CLM solutions for enterprises across the different industry verticals, Aavenir Contractflow comes with pre-built fully configurable contact management workflows that reduce time and efforts to route contracts for review, track contract amendments, and manage document versions for all contract types. Aavenir’s AI engine and Microsoft Word Plugin ease contract redlining, document versioning & comparison, and reduce the time-to-approvals. Aavenir provides pre-built integration with industry-recognized and secure e-signature solutions like DocuSign, Adobe Sign, and more.
Use Case #5: Quick Role-based Access to Centralized Contract Repository with AI-powered Contract Search from SPO workspace
Aavenir stores and maintains all enterprise contracts in a centralized secure contract repository built on the ServiceNow Platform. The CLM repository also manages document versioning and complete audit logs.
The smart contract repository allows the import of legacy or third-party contract documents using AI-powered trained Optical Character Recognition (OCR) turning unstructured data files into searchable records. Aavenir smart import will automatically detect 1000+ contract properties, like contract value, counterparties, dates, terms, payment milestones, discounts, termination periods, and many more. Aavenir’s AI-powered advanced semantic contract search understands the context and intent of the search query, enabling the procurement team to find contracts with specific clauses terms, or obligations more efficiently.
Use Case #6: Post-signature Contract Renewals Monitoring and Obligations Management
Aavenir Contractflow provides value well beyond contract e-signature to support AI-driven extraction of contract obligations (including contractual terms & clauses, SLAs, and mutually agreed-upon commitments) and obligation fulfillment workflows that can be assigned to the right owner and ServiceNow applications. Aavenir Obligationflow dashboard helps the procurement and legal team to view and track obligation compliance status directly from the SPO workspace and automatically trigger/ assign workflows from the SPO workspace to fulfill the contractual obligations.
Why organizations integrate Aavenir Contract Lifecycle Management with ServiceNow Sourcing and Procurement Operations SPO?
Built on ServiceNow Platform: Implemented natively on ServiceNow, Aavenir uses the same tables as of the ServiceNow Platform. Hence, Aavenir Contractflow can easily talk with ServiceNow SPO applications with low-code/no-code integrations delivering a single version of truth.
Connected Experience: Aavenir in conjunction with data enrichment from connected solutions such as ServiceNow Source-To-Pay, GRC, TPRM, ITBM, and LSD will provide in-depth insights for fast and easy decision-making.
Smarter AI Capabilities: Aavenir integrated with ServiceNow SPO and other enterprise-wide applications will provide smarter purpose-built Generative AI, natural language processing, and machine learning capabilities for efficient contract management, which will become a game changer for procurement, legal, and IT teams.
Ease of IT Administration: Aavenir and ServiceNow SPO applications portfolio offers the same IT administration experience making it easy for the IT team to manage upgrades, security patches, user administration, backups, and more for Aavenir Contractflow.
Easy and Secure Installation: Aavenir Contractflow is available on the ServiceNow App Store after being verified and certified for adherence to ServiceNow’s security and privacy policies. This makes Aavenir Contractflow far more secure and reliable CLM than other standalone or legacy CLM applications connected with ServiceNow SPO using costly and complex integrations.
Complete IT Contract Renewal and Negotiation Checklist
In today's dynamic IT landscape, staying on top of software licenses, hardware maintenance agreements, and other critical services requires constant vigilance.
IT contracts are the foundation of a company’s relationships with vendors. They define the services provided, pricing, and expectations for both parties. However, simply signing a contract isn't the end of the story. As expiration dates approach, IT departments need a well-defined strategy for renewals and negotiations.
This blog post provides a comprehensive checklist to guide you through the IT contract or renewal process, ensuring you achieve the best possible terms for your organization.
Pre-Renewal Preparation: Be Proactive, Not Reactive
A successful renewal starts long before the contract expires. Here's what you need to do:
Review Your Existing Contract: Dust off that contract and leverage AI-powered contract analysis tools to become reacquainted with the details. These tools can scan your document and identify key elements like expiration dates, service scope, pricing, and termination clauses. Assess the vendor's performance against these agreed-upon terms. Are they delivering as promised?
Highlight Potential Disputes: Additionally, look for any ambiguities in the language that could lead to future disputes. AI can go beyond basic identification, analyze the contract language, and highlight sections with potential ambiguities that could lead to future disputes. Many organizations utilize standard library clauses for common contract elements. AI-powered contract management solutions can compare your specific contract against these standard clauses and highlight any deviations. This allows you to identify potential risks associated with non-standard language and ensure your contracts align with established best practices.
Evaluate Vendor Performance: Has the vendor consistently met Service Level Agreements (SLAs)? Were there any penalties or credit? Have they been responsive to your needs and provided clear communication? Have there been ongoing issues that haven't been adequately addressed? A thorough evaluation will help determine if the current vendor remains the best fit. Also, vendor assessment surveys from internal stakeholders can help identify business problem-solving capabilities and support provided by the existing vendor. This information can be leveraged during negotiations.
Aavenir’s ready-to-use worksheet to evaluate the overall performance of your vendors based on Carter's 10 Cs model. Download the Vendor Evaluation Worksheet now!
Identify Your Needs: The IT landscape is constantly evolving. Have your business needs changed since you first signed the contract? Has the compliance landscape changed with new laws and legislation? Do you require additional services or features to meet your current goals? Perhaps there are opportunities to consolidate services or eliminate unused features, leading to cost savings. You can get answers to all these questions with an efficient Generative AI Assistant tool like Avy AI.
Research the Market Landscape: Don't get complacent with your current vendor. Take time to research the market. Are there new vendors offering competitive solutions with better features or pricing? Have industry standards or regulations changed that might impact the terms of your existing contract? Knowing your options strengthens your negotiating position.
Renewal Communication and Negotiation: Striking a Win-Win Deal
Once you've completed your pre-renewal preparation, it's time to initiate communication with the vendor.
Initiate Communication Early: Don't wait until the last minute. Contact the vendor well in advance of the expiration date to express your intent to renew and discuss potential changes to the contract. This demonstrates good faith and allows ample time for negotiation.
Develop a Negotiation Strategy: Before diving into discussions, formulate a clear strategy outlining your desired outcomes. Do you prioritize better pricing, improved service levels, or a combination of both? Gather data to support your requests, such as industry benchmarks, competitor pricing, or internal usage statistics. Negotiate based on SLAs achieved and vendor performance against key metrics like response time, incident resolution time, support, and more. Be prepared to walk away if the vendor is unwilling to meet your essential requirements.
Key Negotiation Points to Discuss
Scope of Services: Has your IT environment changed? Do you need to add or remove services? Ensure the renewed contract accurately reflects your current requirements.
Pricing and Payment Terms: Negotiate pricing that aligns with the current market value and reflects your actual usage. Consider alternative payment structures, such as volume discounts or tiered pricing models, if they benefit your organization.
Service Level Agreements (SLAs): Clearly define performance expectations with measurable metrics and consequences for non-compliance. If existing SLAs haven't been met, negotiate for stronger guarantees.
Termination Clauses: Review and, if necessary, renegotiate termination clauses to ensure they provide flexibility for both parties in case circumstances change.
Security Provisions: With the ever-increasing threat landscape, ensure the contract outlines robust security measures to protect your data.
Finalizing the Agreement: Dotting the I's and Crossing the T's
Once you and the vendor reach an agreement, there are a few final steps to solidify the renewed partnership.
Review and Refine Contract Terms: Don't rely solely on memory. Carefully review the revised contract to ensure all agreed-upon changes are accurately reflected Leverage AI to check for deviation against pre-approved library clauses and potential risks and ambiguities against the compliance checklist and recommendations from GRC.
Finalize and Sign the Contract: Once you're satisfied with the final document, it's time for signatures. Clearly communicate the effective date of the renewed agreement and maintain copies of all signed documents for your records.
Not sure What, When, and How? Download our contract renewal checklist to ensure efficient compliance and implementation.
Conclusion: A Proactive Approach Pays Off
IT contracts, or IT MSA renewals, are not just about administrative tasks. By taking a proactive approach, you can leverage the renewal process to optimize your IT infrastructure, secure better pricing and service levels, and strengthen your relationship with key vendors. This checklist provides a roadmap for navigating the renewal process successfully. Remember, a well-planned strategy and clear communication are essential for navigating the renewal process successfully.
Don't Just Renew, Reimagine Your IT Contracts!
Don't settle for the status quo when it comes to IT contract renewals. Aavenir Contractflow, powered by AI, can transform your entire contract management experience.
Effortless Automation: Streamline contract creation, review, approval, and renewal processes with AI-powered automation.
Boosted Productivity: Free your team from tedious tasks and empower them to focus on strategic initiatives.
Reduced Risks: Mitigate risks with automated contract analysis that identifies potential issues and ensures compliance.
Connect with Team Aavenir and discover how AI can revolutionize your IT contract management.
AI Takes Center Stage at Knowledge24: Aavenir Leads the Charge in AI for Contract Management
ServiceNow Knowledge24 was a whirlwind of innovation, collaboration, and – for Aavenir – a resounding success! We were thrilled to be a part of Knowlege24 as a gold sponsor and connect with many of the 20,000+ ServiceNow customers, partners, and developers who attended the event. Our booth (#3310) was a constant hive of activity, buzzing with discussions about the future of contract management powered by AI. Here are some key takeaways and highlights from Knowledge24:
AI is Here, and It's Transforming Contract Management
The theme of "AI for the people" resonated throughout Knowledge24, and Aavenir was at the forefront of this exciting future. One of the biggest takeaways from the event was the undeniable power of AI in revolutionizing contract management. Our CEO championed this message in his standing-room-only session, "Maximizing ServiceNow ROI: How Enterprises Use AI for Contract Management." The session provided a deep dive into how AI can streamline workflows, boost accuracy, and empower businesses to gain valuable insights hidden within their contracts. Attendees witnessed firsthand the transformative potential of AI through live demos showcasing Aavenir's advanced use cases, including AI for Contract Data Extraction, Contract Review, Smart Search, Contract Compliance, and more.
Beyond Contract Management: Empowering People with AI ("Putting AI to Work for People" in Action)
While contract management was a major focus, the theme of "AI for the people" extended far beyond. Aavenir offered a glimpse into the future of work itself with demonstrations of its cutting-edge Generative AI Assistant, Avy AI. The solution goes beyond simple automation. It empowers teams with unparalleled efficiency and insights, allowing them to focus on more strategic initiatives and drive innovation. Instead of replacing human workers, Avy AI acts as a powerful ally, freeing them from mundane tasks and allowing them to leverage their expertise to its full potential.
Collaboration and Automation: Building a Streamlined Future
Knowledge24 also highlighted the critical role of collaboration and automation in today's fast-paced business environment. Aavenir's highly-attended "Ask the Pro" session by our SVP of Product, Sunil Masand, addressed this crucial concern head-on. Experts provided attendees with practical guidance on seamlessly integrating AI-powered contract management solutions into their existing ServiceNow workflows. This session offered a roadmap for achieving a collaborative and streamlined approach to contract management, unlocking the power of AI within a familiar ServiceNow environment.
One of the most exciting applications of AI in contract management discussed at the session was AI Contract Obligation Management. This innovative approach goes beyond traditional contract management by leveraging AI to automatically identify and track key obligations within contracts. This includes IT Service Level Agreements (SLAs), Environmental, Social, and Governance (ESG) commitments, and any other type of obligation outlined in the contract. By automating these tasks, AI frees up valuable human resources and ensures that critical obligations are never missed. This empowers businesses to maintain compliance, optimize resource allocation, and achieve their strategic goals.
The Future is Now: Unlock the Power of AI with Aavenir
Aavenir's success at Knowledge24 reflects our unwavering commitment to being a leader in the field of AI-powered contract management solutions. We are passionate about partnering with businesses to revolutionize their ServiceNow experience by unlocking the full potential of AI. Here at Aavenir, we believe that AI is not just a tool, but a powerful force for positive change.
Stay tuned! We will be sharing more insights from Knowledge24, including session highlights, exciting announcements, and in-depth discussions on the future of AI, in the coming days.
Ready to explore the future of contract management? Schedule a free demo to learn more about how Aavenir's AI solutions can empower your team and transform your ServiceNow experience.
KNOWLEDGE24 | Aavenir to Showcase Generative AI Capabilities for Contract Management on ServiceNow
Aavenir, a ServiceNow Advanced Platform partner, will unveil its latest Generative AI-powered contract lifecycle management solution at ServiceNow KNOWLEDGE24 in Las Vegas. Legal, procurement, and IT team attendees from across the globe will also witness Avy AI – Aavenir’s Generative AI Assistant for contract management Live-in Action, as itmarks its debut at KNOW24.
San Francisco, California, USA – Aavenir, a global AI-Powered Source-to-Pay and Contract Lifecycle Management solutions provider on ServiceNow Platform announces its participation in ServiceNow Knowledge24 event as a Gold Sponsor. The 3-day annual event, held at The Venetian Expo and Convention Center, Las Vegas, Nevada, from May 7-9, 2024, will showcase Aavenir’s Generative AI capabilities in Contract Management.
ServiceNow Knowledge24 is a premier annual event attended by more than 25,000 attendees from across the globe. As a ServiceNow Advanced Partner, Aavenir has been helping organizations worldwide transform sourcing, procurement, and contract management processes, reduce cycle times, and deliver risk insights with its AI-enabled solutions built on ServiceNow.
“We are excited to unveil Avy AI and our Generative AI capabilities for ‘connected’ contract management at KNOW24. We invite our customers and prospects to make the most of their ServiceNow investment and experience how Aavenir can deliver remarkable control over productivity, costs, and risk while contributing to strategic decision-making,” said Jesal Mehta, Founder and CEO of Aavenir.
Theater Session: Maximizing ServiceNow ROI: How Enterprises Use AI for Contract Management | Tuesday, May 7, 11:30 PDT | Expo: Stage 3
Ask the Pro Session: Best practices for implementing AI-powered Contract Management solutions. | Wednesday, May 8, 3:00 PDT | Expo: Ask the Pro1
To learn more about Avy AI for Contract Management,visit the Aavenir Booth #3310 orBooka Demoin Advance. Experience how Aavenir’s Generative AI and Avy AI comprehend and extract contracts, understand legal language, and enhance the overall user experience by providing unparalleled insights into contracts and connected data.
About Aavenir
Aavenir, an Advanced Platform Partner of ServiceNow, helps enterprises maximize ROI with AI-powered applications on ServiceNow, comprising Sourcing Management, Onboarding Workflow Management, Contract Lifecycle Management, Obligation Management, Accounts Payable Automation. For more information, visit aavenir.com.
About ServiceNow
ServiceNow (NYSE: NOW) is a cloud-based platform with digital workflows that creates great experiences and unlocks enterprise productivity. For more information, visit servicenow.com
Key Sessions You Must Attend at ServiceNow Knowledge 2024 featuring Artificial Intelligence (AI)
In today's rapidly evolving business landscape, harnessing the power of artificial intelligence (AI) is no longer a luxury—it's a necessity. As enterprises strive to stay competitive and innovative, integrating AI-driven solutions into their business operations has become paramount. ServiceNow Knowledge 2024 presents a unique opportunity to explore how AI can drive enterprise excellence, and the key sessions at this event are not to be missed.
What is ServiceNow Knowledge 2024?
ServiceNow Knowledge 2024 isn't just an event; it's a convergence of industry leaders, experts, and innovators coming together to shape the future of enterprise technology. At the heart of this gathering are the partner sessions, where leading organizations showcase their AI-driven solutions and share insights into how they're revolutionizing enterprise operations by leveraging the most powerful ServiceNow Platform and AI technologies.
The Selection: How to Curate the List of Essential Sessions for Your ServiceNow Knowledge Experience
Selecting key sessions to attend at an event involves a strategic approach to maximize your experience. Here's a step-by-step guide:
Set Objectives: Determine what you aim to achieve from attending the event. Are you seeking industry insights, networking opportunities, or specific knowledge? Clarifying your objectives will help narrow down session choices. Look for sessions that align with your objectives, interests, goals, and expertise level.
Prioritize Topics: Identify the topics that are most relevant and beneficial to you. Consider the latest trends, innovations, and challenges in your field.
Research Speakers: Investigate the background and expertise of session speakers. Opt for sessions led by renowned experts, thought leaders, or practitioners with valuable insights to share.
Check Session Formats: Take note of session formats (e.g., presentations, workshops, panels) and choose those that best suit your learning style and preferences.
Seek Recommendations: Consult colleagues, mentors, or industry peers for recommendations on must-attend sessions based on their experiences or expertise.
Review and Reflect: After the event, reflect on your session choices. Evaluate what you learned, connections made, and how it aligns with your initial objectives. Use insights gained to inform future event attendance and session selection.
By following these steps, you can effectively select key sessions to attend at an event, maximizing your learning, networking, and overall experience. Here are some key sessions Handpicked to put AI to work for your enterprise.
Top AI Sessions to Attend at Knowledge 2024:
[ServiceNow]: AI Keynote and Roadmap: Put AI to work with the Now Platform
AI changes the way we think about work, and generative AI is the beginning of a new chapter. In 2024 every company will need to formulate a vision and strategy to incorporate artificial intelligence. Now Assist leverages GenAI to provide answers, make predictions, summarize and create content, and automate repetitive tasks. Join Jon Sigler, SVP, Platform, and one of our pioneering customers in this roadmap session to deepen your understanding of ServiceNow’s AI strategy and learn what's new and next with Now Assist, generative AI experiences on the Now Platform®, and machine learning.
[Aavenir]: Maximizing ServiceNow ROI: How Enterprises use AI for Contract Management
Effective contract management ensures cost savings, risk mitigation, legal compliance, and revenue protection. Generative AI has enabled new ways of assisting with contract drafting, reviews, negotiations, and identification of contract terms, obligations, and risks. Join this session to hear real-world challenges, AI adoption use cases, and best practices in contract management. Learn how enterprises can maximize ServiceNow® ROI by connecting contract data & processes between Aavenir and ServiceNow solutions.
[Accenture]: Reinvent your work, workforce and workers in the age of generative AI
Generative AI appeared fast and is evolving even faster. It will radically change how work is done and reinvent and transform business processes. Achieving Gen AI’s full potential hinges not just on a strong data foundation, but also on leaders’ willingness to lead and learn differently. New talent strategies, new ways of working, skilling and continuous learning are needed to navigate the risks and seize this opportunity. Join this Think Big session to explore how gen AI is changing the game and how to prepare workers, reshape your workforce and reinvent work for the gen AI era.
[ServiceNow]: Customer Service Management Keynote: Improve service and spur growth
With rising customer expectations and pressures to reduce costs, delivering consistent exceptional experiences while improving the bottom line is hard. Explore how the ServiceNow® Intelligent Platform uses generative AI to reshape customer experiences, enhance service, and improve revenue across the customer journey. Hear ServiceNow customers share real stories of adapting to ever-changing customer demands, propelling growth and excellence.
[DXC Technology]: How 500+ companies are using ITSM Pro to propel the AIOps journey
To thrive in today’s market, embracing new technologies must be a part of your DNA. Deciding whether to buy, build, or partner? After confirming performance, value, and ROI, DXC selected ITSM Pro to accelerate our AIOps strategy. ITSM Pro is already deployed to 500+ clients on DXC Platform XTM and is a transformative agent for 26K+ engineers, providing swift scaling for intelligent operations. Join this demo of practical use cases and see how DXC is using AI/GenAI to enhance employee and customer experience. See the results and envision how your company can realize these benefits.
[Thirdera]: Simplify user experience with cognitive load principles in Employee Center Pro
Elevate the usability of Employee Center Pro by mastering cognitive load management. This practical session delves into how accounting for cognitive load can transform user experiences, boosting satisfaction and adoption. Discover the impact of design decisions on simplifying users' mental efforts within Employee Center Pro. Learn effective techniques to minimize cognitive strain, including streamlining complex workflows, optimizing visual hierarchies, and using clear language. Join us to ensure the EC Pro portal effortlessly guides users, making every interaction intuitive and productive.
[VBrick]: The transformational power of intelligent video across the enterprise
Enterprise video has the power to engage and mobilize teams, drive productivity, employee experience and organizational transformation. By centralizing and securely federating video across the enterprise, video can now be intelligently delivered inside business applications and work processes used every day. This enhances and creates multiple use cases that drive individual and organizational productivity. Join this session to hear how intelligent, AI-driven video has become a transformative capability in some of today’s largest and most recognized companies in the world.
[ServiceNow]: Finance and Supply Chain Keynote: Automate manual work across the back-officeLearn how ServiceNow® can help scale accounts payable or streamline supplier onboarding by eliminating the manual, unstructured work that slows teams down. Hear how customers like Dropbox are cutting their source-to-pay cycle times in half, while providing a better experience for everyone.
[3CLogic]: Use AI to boost agent Performance with NOW assist and speech analytics
48% of consumers are highly concerned AI will reduce access to live human beings and negatively impact the customer experience. But what if AI could improve customer engagements and outcomes by enhancing live agents? Join this session to discover how GenAI is re-inventing the contact center with agent-centric capabilities designed to reduce manual tasks, improve speed of services, and deliver AI-powered insights into the quality of customer interactions at scale.
[ServiceNow]: 360 Exchange: Implementation & rollout strategies for Customer Service Management
Ready to embark on a transformative journey to enhance your customer service capabilities with ServiceNow®? Join us for an insightful discussion on implementation and rollout strategies, gaining invaluable insights into successfully deploying Customer Service Management (CSM) solutions within your organization. Tailored for practitioners and implementors, 360 Exchange provides a distinctive opportunity to connect directly with ServiceNow experts and peers. Prepare to delve into open dialogues, share invaluable insights, and collectively explore solutions to common challenges.
The Next Step: Embrace the Future with ServiceNow Knowledge 2024's Essential AI Sessions
As we navigate the ever-evolving landscape of technology and innovation, ServiceNow Knowledge 2024 stands as a beacon of insight and advancement. With Artificial Intelligence (AI) at its core, the key sessions unveiled in this guide offer more than just knowledge—they represent opportunities to shape the future. By attending these essential sessions, you're not merely passive observers; you become active participants in a transformative journey. Embrace the power of AI, unlock new perspectives, and chart your course towards success at ServiceNow Knowledge 2024. Let these sessions be your compass as you navigate the boundless possibilities that lie ahead.
To make the most of your experience at Knowledge 2024, it's essential to register for sessions in advance. Create your personalized schedule with our Agenda Builder. Log in, browse 700+ sessions, and lock in your agenda before seats fill up. Only registered attendees can use this feature, so register now if you haven’t already.
Detecting and Preventing Procurement Frauds: Unveiling Common Symptoms and Pathways to Excellence
Research and estimates reveal that businesses experience approximately 5% loss in spending each year due to procurement fraud, waste, and abuse, resulting in annual losses ranging from $10,000 to $150,000. However, many individuals may not be fully aware of these risks.
Are you or your business experiencing the same but unable to identify the missing link of where the fraud occurs and how to seal it? Employing continuous monitoring stands out as a proven strategy to enhance and modernize the procurement monitoring process to detect and prevent procurement frauds.
Procurement fraud involves dishonest or unethical activities within the procurement process intended to manipulate or gain an unfair advantage. Detecting procurement fraud can be challenging, but several symptoms or warning signs should be on organizations' radar.
This table delves into the world of procurement fraud, highlighting the signs to watch for. Furthermore, it unveils a superhero in the form of connected contract management solution, revealing which features can help mitigate and prevent specific types of fraud.
It's important for organizations to implement robust internal controls, conduct regular audits, and promote a culture of transparency and ethics to mitigate the risk of procurement fraud. If any of these symptoms are observed, a thorough investigation should be conducted to determine the extent and nature of the fraud.
Instead of investing in multiple procurement solutions that manage your supplier identifications, bid management, RFP management, vendor onboarding, procurement contract negotiations, supplier information management, vendor invoice approvals and payments - opt for a connected contract management solution like Aavenir Contractflow, that offers you the ability to manage each of these functions within a solution on a single data model. It not only avoids duplication of data but also provides insights from connected data.
With its generative AI-powered capabilities, Aavenir Contractflow seamlessly connects legal, finance, and procurement insights, delivering alerts and notifications to users for smart contract authoring, contract and vendor negotiations, risk management, clauses deviation analysis, and more. BOOK A DEMO>>
Beyond the Lines: Uncover Contractual Intent with AI-Powered Contract Inquiry
Traditional contract management has been a time-consuming labyrinth that often involves manual review of mountains of legal documents and is prone to errors. This leads to inefficiencies in searching for specific information, inaccuracies in understanding intricate clauses, and limited accessibility for non-legal professionals.
Fortunately, AI in contract management offers a unique approach to how we interact with contracts. This technology empowers legal and non-legal teams in organizations to ask questions in plain language, receive instant, insightful answers, and gain a deeper understanding of complex legal terms and obligations.
AI-powered contract management has transformed the way we interact with contracts. Imagine having a virtual assistant readily available to answer any contract-related question instantly and accurately.
Core Functionality
AI-driven ‘Intent-based Contract Inquiry’ is a Contract Assistant solution powered by artificial intelligence (AI). This system acts as an intelligent interface for your contracts, leveraging natural language processing (NLP) and machine learning to understand your questions and provide relevant answers. It analyzes the vast amount of information within your contracts and extracts key details, making them readily accessible and easily digestible.
User Interaction
Interacting with this Generative AI Assistant tool is simple and intuitive. You can:
Type your questions in plain language: Just like you would ask a human assistant, you can ask straightforward questions about your contracts.
Contract Analysis and Upload: The system can analyze various file formats, allowing you to upload existing contracts for analysis.
Navigate through a user-friendly interface: The system provides a user-friendly interface for exploring different aspects of your contracts and accessing relevant information.
‘Ask Contract a Question’ can answer a wide range of inquiries about your contracts, including:
Specific clauses and their meaning: Clarify the purpose and implications of specific clauses within your contracts.
Obligations and rights: Understand your and the other party's responsibilities and entitlements outlined in the contract.
Deadlines and key dates: Identify important deadlines and milestones stipulated in the agreement.
Risk identification: Uncover potential risks or areas of concern within the contract based on predefined parameters.
Aavenir Avy understands contracts and provides intent-based responses to questions asked by both legal and non-legal teams, thereby saving time and identifying any hidden obligations. Learn more
Benefits of Intent-based Contract Inquiry, ‘Ask Contract a Question’
Let’s unlock a multitude of benefits of this powerful AI-driven solution:
1. Efficiency Gains Throughout the Lifecycle
Imagine needing to find a specific clause about late payment penalties. Forget sifting through pages! Intent-based inquiry understands your question and retrieves the relevant section instantly. This saves countless hours across the contract lifecycle, from negotiation to post-execution management.
Ditch the time-consuming manual review process. Ask your questions directly and receive instant answers, freeing up valuable time and resources. It can help reduce the time spent on contract compliance and risk reviews by 60%.
2. Contract Compliance
This benefit goes beyond simple keyword searches. AI can analyze the entire contract and connected data (like GRC policies) to identify potential conflicts or areas where the contract might not align with compliance standards. It's like having a built-in compliance checker!
3. Risk Identification and Recommendations
AI can scan contracts for clauses that pose potential risks, like termination clauses with unfavorable terms or hidden fees. It can even analyze past contract data to identify patterns and recommend best practices for future negotiations, mitigating future risks.
Identifying potential risks or red flags within contracts before they become problematic allows for proactive mitigation strategies. Also, minimizes the risk of overlooking crucial details or misinterpreting clauses, ensuring accurate contract execution and compliance.
4. Obligation and Performance Visibility No more scrambling to remember key obligations or performance metrics. Intent-based inquiry can highlight these details within the contract, making it easier to track progress and ensure both parties are meeting their commitments.
5. Informed Decision-Making
Make informed decisions throughout the contract lifecycle, from negotiation and execution to monitoring and compliance with intent-based search. Gain a deeper understanding of your contractual leverage during negotiations, allowing for more effective deal-making.
6. Contract Visibility Across Connected Processes
Imagine a world where contracts seamlessly integrate with other business processes. AI can analyze contracts alongside connected data sources, providing a holistic view of how the contract relates to other workflows and agreements.
Translate complex legal language into plain English, making contracts easier to comprehend for everyone, regardless of legal expertise. Gain clear and concise explanations of specific clauses, eliminating confusion and ensuring accurate interpretation of contract terms. This fosters better collaboration and reduces the risk of isolated information silos.
By harnessing the power of AI, ‘Ask Contract a Question’ empowers you to navigate the complexities of contracts with increased efficiency, clarity, and confidence.
Aavenir's AI-driven ‘Ask a Contract a Question’ in its Generative AI Assistant, Avy is a game-changer in the way we interact with contracts. It empowers users with:
Efficiency: Streamlined review processes and faster information retrieval.
Clarity: Demystifying complex legal language and promoting clear understanding.
Confidence: Mitigating risks and making informed decisions based on accurate data.
What is Avy
More than just a chatbot, Avy is a Generative AI Assistant driven by Aavenir's proprietary large language model, built on an open-source LLM framework for connected contract management on ServiceNow.
Avy empowers legal, non-legal, procurement, and other teams to:
➡Ask questions to contracts effortlessly
➡Comprehend the nuances of complex contracts
➡Simplify contract clause management
Ready to unlock the potential of AI-powered contract analysis? Explore Aavenir Avy and discover how it can change your organization's approach to contracts.
Request a Demo for a personalized consultation and see how this innovative solution can empower your team to navigate the complexities of contract management with confidence.
