Hear the latest thinking from the leadership team of IAOP's Digital Technologies Center of Excellence, as well as the views and progress on digital and automation maturity models, tools, success criteria, and lessons learned by the experts at the forefront of this transformational movement.
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The waves of new disruptive technologies that will continue to challenge us will require novel strategies from our industry. This Keynote will be a call to action for advisers, buyers and providers of outsourcing services who are working to maintain their competitive strength by mastering new capabilities quickly and effectively.
This is the story of how bp partnered with their provider to solve a difficult problem: taking time to contract from months to days. bp has thousands of suppliers around the world, and an increasing number of contracts to process, but a fixed amount of procurement and legal resources. The time to contract for SaaS contracts had risen to an average of 92 days and resources were being stretched to a point where the team worried about increased downstream risk. There was no solution on the market that addressed reducing time to contract significantly while mitigating contracting risk. bp set out to have a solution built that would streamline the contracting process while reducing contractual risk. The primary objective was to leverage AI and Machine Learning to reduce the average time to contract while minimizing the risk of errors introduced due to limited resources. Together, the bp and App Orchid team built a solution called ContractAI.
CPOs are leading the automation and digitization journey at many leading firms. As a former CPO at MUFG and BNY Mellon, hear how Joseph Martinez adopted sourcing automation, data science, and governance automation to enable agile procurement and accelerate business outcomes. Atul sits down with John and Joseph for this timely fireside chat.
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