Recapture Millions in Lost Contract Value: Introducing New Procurement Capabilities, Custom AI Properties, and More
If you’ve managed supplier relationships for any length of time, you’ve likely experienced the frustration of value slipping through the cracks after contracts are signed. The volume discounts that never materialize. The service level commitments that go unmet. The milestone payments that somehow get overlooked.
We’ve all been there, and the numbers are staggering: 8.6% of annual spend is lost to “contract value leakage” due to poor visibility and missed supplier commitments, according to research conducted by the World Commerce & Contracting Association (WCC) in partnership with Deloitte. That’s essentially $8 out of every $100 of your contract value going out the window. For enterprises, this can rapidly snowball into a million-dollar problem.
That’s why we’re thrilled to announce Ironclad’s latest procurement capabilities, designed specifically to help legal and procurement teams recapture this lost value.
Connect the dots between contracts and commitments
Our new features transform static supplier contracts into actionable intelligence, giving procurement and legal teams complete visibility and control over their supplier relationships. These new capabilities include new “Obligation” and “Entity” objects, a unified dashboard, and custom AI data extraction – all working together in a simple, intuitive interface that serves as your single source of truth.
Never miss another supplier commitment–and protect contract value
A centerpiece of our new obligation management capabilities is a new “Obligation” object with 18 out-of-the-box obligation types, allowing you to systematically create, manage, and track critical contractual commitments. This means you can capture clearly defined tasks with ownership and deadlines, ensuring supplier accountability throughout the contract lifecycle. Legal teams benefit, too, with the ability to track regulator and compliance obligations.
Keep supplier data clean and standardized across systems
We’ve also introduced an “Entities” object, allowing users to centrally maintain and standardize counterparty data, plus a new “Entities Profile” page that surfaces all of the entities they contract with in one place.This, along with the ability to select entities and have information like addresses and tax IDs auto-populated into a launch form, help eliminate manual data entry and ensures counterparty information stays accurate, up-to-date, and standardized across your entire organization.
Train AI to surface business-critical insights
Beyond a slew of new features for enterprise procurement teams, we’ve also released new custom data extraction capabilities that let you automatically identify, extract, and surface business-specific data from your contracts. Previously, our data extraction capabilities were heavily manual and limited in their AI detectability, but now, you can create custom properties that are hyper-specific to your business–and train AI to recognize and extract them. This means you can drive greater business impact based on the unique needs of your organization.
Ironclad’s new procurement capabilities help customers:
- Recapture lost contract value: By tracking supplier commitments and obligations, you can ensure you’re receiving every discount, rebate, and service level you’re entitled to.
- See the complete picture of–and extract the maximum value from–every supplier relationship: With our refreshed, unified dashboard and new Entity Profile pages, you can see all contracts, commitments, and history with any business partner in one place.
- Standardize supplier information: Our centralized entity management ensures data consistency across your organization, eliminating information silos.
- Move quickly with confidence: Customized AI data extraction surfaces the business-critical insights you need when you need them.
Real-world impact for procurement teams
“Maintaining accurate supplier data across systems is critical for legal, finance, and procurement teams. Not only for efficiency; it creates better cohesion and connectivity for our business partners throughout the organization,” said Elliot Mandel, VP Legal Ops at Alnylam. “Ironclad allows our cross functional partners to work seamlessly within the systems they’re already familiar with, bringing consistency to the way we collect and manage information. It enables us to collaborate more effectively, improve accuracy, and streamline processes—standardizing the way we work to drive better results for the entire organization.”
Built for the ecosystem you already use
These new tools build upon the existing Ironclad suite and integrate seamlessly with the tools you already use, including Ramp, Coupa, OneTrust, and more. And with our Mulesoft connector, you can build integrations with any procurement system, giving you the flexibility to use the tools of your choice.
Procurement beyond basic contract management
“Procurement teams are moving beyond basic contract management. They need intelligent insights that help them maximize the value of every supplier relationship,” says Michel Feaster, Chief Product Officer at Ironclad. “While we have a laser focus on usability and speed of implementation, Ironclad is turning what was once static documentation into actionable intelligence that gives teams the agility to drive impact and act quickly.”
Interested in learning more about how Ironclad can help your procurement team recapture lost contract value? Request a demo or visit our procurement solutions page.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
