AI-Powered PRGX Contract Compliance
Retroactively capture what’s yours from existing contracts
Don’t let your existing supplier contracts sit on a shelf. Get them delivering the funds and benefits you’re owed with PRGX Contract Compliance.
Don’t let your existing supplier contracts sit on a shelf. Get them delivering the funds and benefits you’re owed with PRGX Contract Compliance.
Our approach to Contract Compliance
Our experienced contract team works directly with suppliers to ensure compliance with all past terms and agreements, recouping significant dollars for your business. And with the help of specially trained AI tools, we can do it all in a timely, cost-effective way.
Watch how one of our specialists, Allan Bolam, Sr, Manager of Audit Operations, describes the benefits of Contract Compliance.
1.
Evaluate Contracts
Aided by secure, purpose built AI technology, our team of contract experts goes back and quickly processes years of contract activity, identifying critical terms and benefits negotiated.
2.
Review Invoices
We’ll compare negotiated benefits against each invoice — whether its thousands or a million — received from your suppliers and locate where leakage is occurring.
3.
Reclaim Benefits
With decades of procurement experience, our team will handle talks with all your suppliers to ensure the benefits that were agreed to, are the benefits you receive with our vendor-sensitive approach.
How PRGX Contract Compliance auditing services will benefit your business
Recover Finances
Recoup significant funds and other negotiated benefits to increase working capital and efficiency throughout your organization.
Reveal Relationship Insights
We gather critical information about how your past contracts were constructed using proprietary AI and look for ways to improve them going forward.
Curb Future Leakage
By identifying leakage in older agreements, our system can create new best-in-class terms that deliver more consistent benefits.
Build Vendor Transparency
Our team works to uncover why leakage was occurring, and works with your suppliers to help prevent it into the future.
Ready for holistic AI-powered contract management?
Explore our other solutions or see an overview
All Powered by PRGX Contract Insights™ AI Technology
Our contract intelligence platform quickly identifies compliance gaps in your existing agreements. PRGX Contract Insights™ AI securely processes your contract documents to extract critical terms and uncover obligations that might be overlooked. This proprietary AI technology helps our experts pinpoint recovery opportunities at scale that manual reviews often miss, accelerating the compliance process while maintaining data security.
See how our AI-Powered Contract Compliance solution can help your business
AI-Powered PRGX Contract Compliance
How is the Contract Compliance scope defined?
PRGX Contract Insights™ AI technology guides with data points to focus on the highest potential candidates. Our industry-leading experience with your input is combined to formulate a path forward with complex contracts that have the most inherent risk.
What are the typical data sources for Contract Compliance?
We gather data/documents from both you and your supplier to be sure we are working from a complete set. This may include AP, PO, vendor billing, supporting material and more.
How much of my time does a Contract Compliance engagement take up?
When you partner with PRGX, your time commitment will be minimal. Thanks to our highly experienced auditors and heavy investment in technology, we’ve reduced the amount of client involvement down to just 1-2 hours per week.
How much does a Contract Compliance Audit cost?
While the cost of a contract compliance audit varies based on project size and scope, in many cases PRGX Contract Compliance Audits can be designed to be self-funding. The amount of money we recover generally exceeds the cost, resulting in a net positive for our clients.
Why do I need a Contract Compliance audit?
Organizations spend a significant amount of time negotiating supplier agreements based on a shared vision of how those agreements will be implemented. However, over time, system upgrades, personnel turnover and other factors can affect how that agreement is actually implemented – costing you money in the process.
What are the benefits of Contract Compliance?
There are many benefits of conducting a contract compliance audit:
- Assess and improve supplier compliance.
- Reduce financial and operational risk.
- Recover past overcharges and improve cash flow.
- Reduce operating expenses going forward.
- Improve contract structure and language to eliminate ambiguity.
How does AI enhance Contract Compliance auditing?
PRGX’s purpose-built Contract Insights AI tool processes large volumes of data to quickly identify compliance gaps and recovery opportunities in existing agreements. By leveraging decades of experience in supplier contracts, Contract Insights is specially trained to detect non-compliance issues across tens of thousands of contracts and over 100 different clause types. Our industry experts then apply these findings alongside their procurement knowledge to help companies reclaim entitled benefits and identify root causes of leakage, maximizing the value of your past agreements.
