ContractPodAi®, the award-winning provider of AI-powered contract lifecycle management software, announced that Inmarsat, the world leader in global mobile satellite communications, has selected and successfully integrated ContractPodAi’s platform to support its document and contract management. The innovative ContractPodAi solution will help Inmarsat to digitally transform its procurement, contract operations and legal department’s contract management processes and increase efficiencies in the organization.
The competitive tender process was led by Inmarsat’s procurement team, working closely together with legal, which had identified the need for a user friendly, end to end solution to digitize and automate the company’s contracting process.
“Our legal team identified the need for a dynamic contract management solution, which could be implemented quickly, was easy-to-use and would inform commercial decisions and actions for the future.” said Tim Snow, Vice President Procurement and Contract Operations, Inmarsat. “With ContractPodAi, we have instant access to contracts and variations and are able to find key terms swiftly using the AI technology. We use this to make better and more rounded commercial decisions, leading to stronger mitigation of risk and reduced costs.”
Steve Rigler, Director of Contract Operations, Inmarsat, said: “Implementing ContractPodAi was aligned with Inmarsat’s strategic program, Project Streamline, which involved the migration of thousands of legacy agreements onto a new digital and contract platform adopting international standards, such as World Commerce and Contracting’s (formally IACCM) contracting principles. This has led to improved customer satisfaction, reduced contractual complexity and a dramatic enhancement in our speed of contracting.”
ContractPodAi develops one of the world’s most robust contract lifecycle management (CLM) technologies, providing services to get corporate legal counsels and related functions such as legal ops and procurement up and operational faster and more easily than ever before. ContractPodAi offers customers intelligent AI functionality, built on the trusted IBM Watson, and Microsoft Azure AI platforms, right out-of-the-box. Customers gain access to a centralized, smart contract repository. This replaces time-consuming manual contract management efforts and provides better version control across locations. In addition, ContractPodAi helps customers track key contract metrics, as well as providing powerful cognitive search capabilities across agreement phrases and clauses.
“This new deployment is a testament to the exceptional long-term commitment by Inmarsat to digitally transform its own internal contracting capabilities,” said Sarvarth Misra, co-founder and CEO, ContractPodAi. “Inmarsat is well on its way to having its procurement, contract operations and legal teams benefit from speed improvements, automation, and reduced regulatory and compliance risks by using their powerful new contract lifecycle management solution.”