Persistent Systems launches an AI-driven contract management solution 'ContractAssIst'

Persistent Systems announced the launch of ContractAssIst, an AI-driven contract management solution developed in collaboration with Microsoft. Powered by Microsoft Azure, Microsoft 365 Copilot, Microsoft Teams, and advanced AI technologies, ContractAssIst simplifies workflows, enhances collaboration, and reduces operational complexity, enabling enterprises to achieve greater efficiency and optimize costs.

Many enterprises struggle with tracking and managing their high volume of contracts from various vendors, leading to inefficiencies and lost productivity. ContractAssIst leverages Microsoft's robust technology ecosystem to deliver advanced contract management capabilities. Built on Azure AI, the solution ensures secure data handling, advanced search capabilities, and seamless compliance. It integrates with Microsoft 365 Copilot and Microsoft Teams, providing teams with real-time collaboration tools and AI-enabled decision support, while advanced models like GPT-3.5 and GPT-4 through Azure OpenAI Service enhance contract analysis with natural language processing. Observability tools like Elastic and Application Insights ensure scalability and transparency, making ContractAssIst a holistic contract management solution for enterprise needs.

Addressing key challenges, ContractAssIst consolidates workflows into a centralized dashboard within Microsoft Teams. Its AI-powered chatbot enables conversational queries and offers intelligent suggestions within group chats, reducing delays and optimizing processes. Additional features include real-time version tracking, contract comparison, instant notifications, and approval summaries.

Unlike other solutions on the market, which often rely on limited automation or standalone tools, ContractAssIst distinguishes itself through its deep integration with Microsoft technologies and its ability to deliver meaningful, timely intelligence. Its transparent and auditable workflows enhance internal contract management compliance, mitigating risks and ensuring that enterprises can optimize operations and make confident, data-driven decisions. Additional key benefits of ContractAssIst include:

- Reduction in communication overhead with up to a 95% decrease in email communication

- Enhanced productivity, saving 20-25 minutes per user daily through streamlined navigation and workflows

- Significant cost savings, reducing annual licensing expenses

Powered by Capital Market - Live News