Onit and Randstad Sourceright Forge Contract Lifecycle Management and AI Partnership
Randstad Sourceright Will Embed Onit Technologies Within Its Services Procurement Value Proposition To Improve Client Risk Mitigation And Contract Quality
Onit, Inc., a leading provider of enterprise workflow solutions – including enterprise legal management (ELM) and contract lifecycle management (CLM) – and Randstad Sourceright, a leading procurement managed services provider, announced they are partnering to help clients create, negotiate and manage the services they procure via Statement of Work (SOW) based contracts.
“Our primary goal is to help clients draft better contracts upfront,” said Scott Brewer, Head of Delivery Excellence within Randstad Sourceright’s Global Services Procurement Practice. “Buying services differs from direct materials since there is an inherent ambiguity in how companies perceive and articulate the value they are paying for. How you structure a contract is therefore an essential ingredient in whether an SOW-based engagement will be judged as successful or not. With Onit’s CLM and AI platform Precedent, we’re introducing a sophisticated tool that will evaluate contract quality and spotlight items of risk.”
“Contracts represent a vital component of any business. Randstad Sourceright’s experts deeply understand what makes a good contract and how our technologies can add value to their clients’ processes,” Matt DenOuden, senior vice president of global sales for Onit, said. “We’re proud to partner with Randstad Sourceright and to help their clients along the pathway to best procurement practice.”
A Thorough Evaluation
Based on a deep scorecard for the ideal CLM solution, Randstad Sourceright undertook a rigorous evaluation of CLM solutions over 11 months.
“Onit ticked all the boxes due to its innovative technology, position and its quality of support,” Brewer said. “Their pre-trained, multi-faceted AI surpasses the traditional ‘find and retrieve’ capabilities of other solutions. It finds an item, analyzes where it is and how it’s phrased and provides an interpretation. As it reviews more contracts and learns more, it only becomes smarter and more efficient.”
Onit’s CLM software empowers teams across the enterprise with end-to-end automation of the entire contract management process. It modernizes the whole contract lifecycle management process through time-saving capabilities, such as contract generation, automated risk mitigation, self-service and a Microsoft Word integration that lets customers work in their typical applications.
Onit’s Precedent is an artificial intelligence platform that reads, writes and reasons like a lawyer. Its mission is to help business professionals get more work done faster during the pre-signature and post-signature phases, increasing the speed to finalize contracts and ensuring the management of obligations after the deal is closed.
Onit and CLM Momentum
This new partnership adds to Onit’s continued CLM momentum. In the short time since Onit launched CLM in 2019, IDC named it a major player, Fortune 500 companies have implemented it for worldwide contract management and awards programs have recognized its role in modernizing contract lifecycle management.
Learn More About the Partnership with This Podcast and at SIG’s 2022 Procurement Technology Summit
Brewer and DenOuden discuss contract management, Randstad Sourceright’s plans for CLM and AI and the impact of these technologies in the latest episode of the Onit podcast.