Cognitive Contract Management with KPMG Ignite

Cognitive Contract Management with KPMG Ignite

Background/Challenge:

Many companies face the task of handling large numbers of contracts with different purposes, stakeholders and implications for the company. This is usually done by expensive human experts in an error-prone process. For instance, the IFRS 16 reform has brought about fundamental changes for lessees. In addition to that, the assessment and analysis of the leases is a time-consuming task. The high number of leases as well as local specifications in leasing such as currency and language make analyzing these contracts highly complex.

Furthermore, the contracts are for the most part not digitalized and extracting the information necessary to estimate the exposure requires a lot of manual work. It is therefore difficult for companies to get an overview of their leasing arrangements and the respective conditions.

 

Solution:

KPMG’s solutions for cognitive document processing exploit modular cognitive capabilities and include methods, tools, approaches and resources that focus on improving the transparency, consistency, efficiency and time needed to make decisions and take action. In addition, we round out this portfolio with highly skilled staff who apply relevant domain knowledge to leverage these capabilities and continue to develop client-specific innovations based on emerging technologies.

The versatility of KPMG Ignite in combination with KPMG’s partnerships with leading technology partners, e.g. cloud service providers, allows the integration of the top-performing technology for the case at hand.

 

Benefit for the customer:

Ignite provides a highly customizable analysis environment, facilitating efficient and cost-effective extraction, classification and prioritization of contracts. This enables the client to gain a more detailed understanding of complex relationships in their contracts, allowing for faster decisions with a higher level of confidence. All the contract data can be provided in a standardized format and will be centrally available as well as linked to the original contracts. This, as well as the overview of their portfolio in a dynamic but structured form, will put the client in a position to be able to estimate possible risks early on and take proactive measures.

 

  

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Cognitive Contract Management with KPMG Ignite

Nov 26, 2020, 14:02 PM
Title : Cognitive Contract Management with KPMG Ignite
Short description : Use advanced technology to automate your document processing
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Use advanced technology to automate your document processing
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