Transforming Contract Management with Persistent's Latest AI Tool

Innovative Contract Management with ContractAssIst

Persistent Systems, a leader in the realm of Digital Engineering and Enterprise Modernization, has unveiled ContractAssIst, a cutting-edge AI-driven solution designed to streamline contract management. This innovative tool harnesses the power of Microsoft 365 Copilot, Azure, and advanced AI technology to provide users with enhanced workflows, collaborative capabilities, and operational efficiency.

The Challenge of Managing Contracts

In today’s fast-paced business environment, managing a multitude of contracts from various vendors can be overwhelming for many enterprises. Inefficiencies in tracking and oversight often lead to lost productivity and cumbersome processes. ContractAssIst is specifically designed to address these challenges by leveraging Microsoft's advanced technology ecosystem to ensure secure data handling and enhanced search capabilities.

Key Features of ContractAssIst

ContractAssIst consolidates contract-related tasks into a unified platform that operates seamlessly within Microsoft Teams. With its intuitive user interface, teams can collaborate in real time, accessing AI-enabled support to facilitate decision-making. One of the standout features is the AI-powered chatbot that allows users to pose questions and receive intelligent recommendations directly within group chats, significantly reducing delays and boosting overall efficiency.

Understanding the Benefits

With the integration of natural language processing from advanced AI models such as GPT-3.5 and GPT-4, ContractAssIst enhances contract analysis, providing users with critical insights at their fingertips. The observability tools integrated into the system, such as Elastic and Application Insights, contribute to a scalable and transparent workflow, allowing enterprises to have complete oversight over their contract management processes.

Unique Positioning in the Market

What sets ContractAssIst apart from other solutions is its deep integration with Microsoft technologies. By combining these tools into a single platform, Persistent makes it easier for enterprises to manage their contracts efficiently and effectively. This comprehensive approach not only ensures compliance but also vastly improves internal communication, evidenced by a staggering 95% reduction in email communication related to contracts.

Real-World Impacts on Efficiency

Going beyond mere automation, ContractAssIst is engineered to save users time by enhancing productivity. Studies suggest that users can save between 20 to 25 minutes daily thanks to the solution’s streamlined navigation and processes. The anticipated cost reductions, particularly in annual licensing expenses, will provide significant financial relief for many organizations.

Statements from Leadership

Sandeep Kalra, the Chief Executive Officer and Executive Director of Persistent, emphasized the importance of practical solutions in modern enterprise environments. He stated, "At Persistent, our AI-led, platform-driven approach is central to solving complex enterprise challenges with practical, scalable solutions. ContractAssIst illustrates our commitment to leveraging innovative technologies for enhancing tasks like contract management with effective AI integration."

Sangita Singh, General Manager at Microsoft India, reiterated the collaborative spirit behind ContractAssIst. She noted, "Our partnership with Persistent is instrumental in optimizing operational efficiency across industries. The integration of Microsoft’s technology with Persistent's innovative solutions empowers businesses globally to modernize their operations and foster enhanced collaboration."

About Persistent Systems

Persistent Systems (BSE & NSE: PERSISTENT) is at the forefront of providing digital engineering solutions tailored to various industries. With a dedicated workforce of over 23,200 employees in 19 countries, Persistent's commitment extends beyond innovation to encompass corporate responsibility and sustainable practices. Recognized as the 'Most Promising Company' at the recent India Business Leader Awards, Persistent continues to pave the way in IT services, boasting a remarkable 327% growth in brand value since 2020.

Frequently Asked Questions

What is ContractAssIst?

ContractAssIst is an AI-driven contract management solution launched by Persistent Systems, designed to streamline workflows and enhance collaboration through Microsoft technologies.

How does ContractAssIst improve efficiency?

The platform reduces the need for excessive email communication, enhances decision-making through AI support, and saves users significant time daily.

What technologies power ContractAssIst?

ContractAssIst is powered by Microsoft Azure, Microsoft 365 Copilot, and advanced AI models to deliver robust contract management capabilities.

Why is ContractAssIst unique?

Its deep integration with Microsoft technologies and its capacity to provide detailed contract insights and compliance tools set ContractAssIst apart from other market solutions.

What commitment does Persistent have towards sustainability?

Persistent is committed to sustainable business practices and is a participant in the United Nations Global Compact, aligning its strategies with universal principles of human rights and environmental care.

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