AI Powered Supplier and Contract Management Solution

This Request for Information seeks a vendor capable of providing an AI-powered supplier and contract management solution. The desired platform should streamline the acquisition of supplies and services using AI or similar enabling technologies.

The solution must oversee spend analysis for executed agreements by segmenting them according to various metadata, as well as manage supplier risk by tracking milestone completion, price escalations, and other contract performance metrics. The system should proactively alert procurement staff when proposed renewal price escalations exceed predefined thresholds.

Predictive analytics are required to generate dashboards forecasting upcoming contract requirements based on purchase history and contract end dates. The solution should automate contract management, utilizing natural language processing (NLP) to compare new contracts with approved templates, extract key terms, flag inconsistencies, suggest edits in accordance with organizational policies, and facilitate efficient negotiation and redlining.

Additional features should include automating commodity supplies and services acquisition, providing chatbot functionality to guide customers in selecting the correct procurement path based on complexity and dollar value, enabling self-directed procurement inquiries, and supporting compliant fulfillment processes adhering to organizational procurement controls and standards.