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Automate 90% of Supplier Contracting in 14 Days with AI

BP is using AI to transform the supplier contracting process. The new solution allows legal, procurement and suppliers to efficiently collaborate by providing them AI powered templates that eliminate the painful redlining process. Suppliers are able to easily choose alternative acceptable terms to BP and understand the costs associated with their choices. The solution uses advanced Natural Language Processing to parse contracts automatically to identify contentious clauses. Deep Learning is leveraged to provide insights into evolving behavior patterns that are then used to improve contract template, structure, language and options. BP is able to control and restrict the terms of negotiation, virtually eliminating the risk of high-risk terms being embedded in contracts. Key benefits include drastic reduction in contract time, no more redline versions, significant time and cost reduction for BP and its suppliers. 

 

Disruptive Digitization
Artificial Intelligence