ElectrifAi | Fortune 100 Pharmaceutical Company
01

The
Challenge

Major cost reduction and restructuring initiative, BUT:

  • Poor visibility into spend (Current solution inaccurate and not insightful)
  • Over 100K contracts, but no visibility beyond basic fields in system
  • No way to track supplier contract adherence (e.g., volume discounts, overcharges etc.)
  • No way to assess supplier contract risk
02

The
Solution

  • Implemented Spend-Ai and Contract-Ai solutions
  • Leveraged advanced data science to provide unprecedented insight into missed opportunities
  • Merged information from spend and unstructured text within contracts to reconcile purchasing activity with contract terms
03

The
Value

Additional Impact

  • Reduced off-contract spending by over 50%
  • Increased categorization accuracy by 21%
  • Identified opportunities to recapture lost savings from supplier non-adherence to contracts
  • Improved contract review time by over 90% while saving time and money
  • Able to assess riskiness of supplier contracts versus corporate standard and regulatory mandates

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