Sherlock Supplier & Contract Risk Management
FOR WHOM?
- Procurement teams
- Sales teams
- Legal & Compliance teams
- Risk Managers
- Corporate teams
- HR teams
WHAT FOR?
- Contract lifecycle management
- Contract digitisation and repository
- On-boarding and due diligence
- Supplier risk assessment
- Supplier performance assessment
FEATURES
- Central repository for documents and associated data
- Automatic OCR and extraction of key data points (obligations, milestones…)
- Automatic matching with regulations and/or standard clauses
- Workflow support, document routing and automatic notifications
- Fast search – both "full text" file contents and smart metadata tagging
- Rich reporting and dashboarding capabilities
- Easy collaborative authoring of documents, API to electronic signature
- Full audit-trail with detailed check-in / check-out
BENEFITS
- Streamline the contract creation, authoring, and negotiation process
- Reduce risks by ensuring compliance with legal guidelines
- Increase contract visibility and analytics
- Never miss key milestones (renewal…) and ensure contract commitment and performance
- Enhance third-party relationship
- Simplify (re-)negotiation
- Searchable digitised content
- Improve audit preparation
- Avoid over-paying
Case study 1:
SLA and invoice reconciliation
Outsourcing key activities is common for pension funds or asset managers (custodian activities, administration…). But how to make sure that the various SLA’s are correctly applied? Sherlock helped our client to OCR and digitise their contracts, automatically extract key obligations and fee details, create and manage control execution on those key obligations, simplify payment authorisation and automate reconciliation of received invoices vs. fee details x fund value.
Case study 2:
Contract and supplier management
With more than 10.000 contracts scattered across 5 countries and 3 languages, our client was struggling to get a grip on its various suppliers’ obligations. Sherlock helped them to OCR and digitise those contracts, extracted key data points (start date, end date, renewal date, liabilities…), automate the matching with 21 key clauses (GDPR, anti-bribery and anti-slavery, no assignment / novation…) and automate the scoring of contracts against those key clauses. Our client was then able to prioritise renegotiation based on a combination of renewal dates, match scores and suppliers’ strategic importance. Authoring of contracts was made simple through smart collaborative features and standard clause / template library. Supplier onboarding could be automated: based on an initial assessment, various adapted workflows are automatically triggered, facilitating the collaboration between different teams and shortening the processing time.
Case study 3:
SalesForce data extraction
SalesForce is a great tool, but it only gets as good as the data one feeds it with… When this data is spread across thousands of legacy documents (too often scanned pdf and images…), aging back to more than 15 years, how do you avoid the awfully time- and energy-consuming manual review and copy/paste process? Sherlock automatically batch-OCR’ed thousands of those documents and extracted the required data fields, tagging every document automatically based on flexible business rules, and facilitate the extraction of the cleansed data points to SalesForce.