Raindrop’s contract management is specifically designed as a single platform to answer one of every company’s most critical and challenging questions, namely, “How and where are we spending our money?”.
Raindrop extracts critical contractual metadata and uses it proactively to ensure future awareness and deliver maximum business value across the enterprise. Business stakeholders have the visibility they need with actionable insights for Operations, Procurement, Finance, and Sales to optimize the financial outflow of funds to their suppliers. Raindrop’s Contract Management module is powered by artificial intelligence (AI) and machine learning (ML) to extract contract informationand apply it in real time. This provides visibility and unparalleled capabilities to take your contract management effectiveness to the next level.
Raindrop provides automatic alerts for upcoming expirations and renewals, so your team will never miss a notification deadline. Beyond alerts, Raindrop assigns renewal tasks to the appropriate owners, and has configurable workflows to streamline the approval process.
Raindrop’s AI-powered document tagging feature helps to easily navigate contracts, extractingkey data points such as effective date, renewal date, contract type, etc. These items are automatically identified as contract documents are uploaded which simplifies the entry of key data points.
Raindrop Contract management helps institutionalize adequate controls over all functions that impact financial reporting and contractual relationships. Approval workflows ensure processes are consistently adhered to and audit trails for each contract help in risk mitigation.
Contracts touch almost every part of the business and Raindrop’s contract module provides deep integration with systems in finance, procurement, legal, and e-signatures for a unified experience
Contracts touch almost every part of the business and Raindrop’s contract management, provided deep integration with systems in sales, finance, procurement, legal, e-signatures for a unified experience
Raindrop’s contract management helps to prevent spend leakage by providing notifications prior to automatic and unexpected contract renewals with actionable insights to get cost relief from under-utilized commodities and contain costs prior to over-consumption.
With the power of Raindrop, you can achieve greater data visibility and identify cost savings opportunities, including areas for contract consolidation & preventing unnecessary purchases. Precise data tracking & contract renewal notifications help in preparation for renewal negotiations, avoiding late payments, & securing the most beneficial terms for your company.