#United States #Santa Clara #Persistent Systems #Microsoft 365 #ContractAssIst

Persistent Systems Introduces ContractAssIst

Persistent Systems, a leader in digital engineering and enterprise modernization, recently unveiled its innovative solution, ContractAssIst. This cutting-edge contract management tool is designed to improve workflows, collaboration, and operational efficiency by harnessing the power of AI and Microsoft technologies. Through its partnership with Microsoft, Persistent aims to tackle the challenges many companies face when managing numerous contracts with various vendors.

The Challenges in Contract Management

Many organizations struggle with keeping track of and managing their contracts effectively. This lack of oversight often leads to inefficiencies and productivity losses due to missed deadlines, compliance issues, and increased operational complexity. ContractAssIst aims to alleviate these problems by creating a seamless ecosystem that simplifies the contract management process.

Key Features of ContractAssIst

1. AI-Powered Tools:
Leveraging the robust capabilities of Microsoft Azure, ContractAssIst provides users with enhanced data processing, advanced search functionalities, and seamless compliance monitoring. It integrates seamlessly with Microsoft 365 Copilot and Microsoft Teams, enabling teams to collaborate effectively in real-time. With AI-driven decision-making support, the solution employs advanced models like GPT-3.5 and GPT-4 for improved contract analysis through natural language processing.

2. Centralized Dashboard:
ContractAssIst features a user-friendly, centralized dashboard within Microsoft Teams, addressing critical contract management challenges. The integrated AI chatbot facilitates conversational queries and provides intelligent suggestions during group chats, optimizing processes and minimizing delays.

3. Real-Time Tracking and Notifications:
The solution allows for versions tracking in real-time, contract comparisons, instant notifications, and approval summaries, which significantly streamline contract workflows. This level of transparency improves compliance with internal regulations and helps companies mitigate risks associated with contract management.

4. Significant Business Benefits:
Persistent claims that organizations utilizing ContractAssIst can expect to see a reduction in communication loads, with email correspondence decreasing by up to 95%. Additionally, users can save 20 to 25 minutes daily by optimizing navigation processes, leading to increased overall productivity. Moreover, significant cost savings may result from a reduction in annual licensing fees associated with contract management tools.

Statements from Leadership

Sandeep Kalra, CEO and Executive Director of Persistent, emphasized the importance of the company’s AI-driven, platform-based approach to tackle complex business challenges. He noted, "ContractAssIst is a prime example of how we leverage innovative technologies to reimagine traditionally manual tasks like contract management. Our partnership with Microsoft plays a crucial role in driving measurable efficiency and tangible results for our clients."

Sangita Singh, CEO of ITES at Microsoft India and South Asia, commented on the collaboration, expressing that their joint efforts harness the transformative power of AI to foster innovation across sectors, including contract management at a broader scale.

About Persistent Systems

Persistent Systems (BSE: 533179; NSE: PERSISTENT) is a global services and solutions company that addresses the digital engineering and enterprise modernization needs of various industries. With more than 23,200 employees across 19 countries, Persistent is committed to driving innovation and customer success. The firm provides a wide range of services, including AI-driven software development, product engineering, data analytics, cloud computing, and intelligent automation. After being recognized as the "Most Promising Company" of the year at the 2023 India Business Leader Awards by CNBC-TV18, Persistent has also achieved carbon neutrality, underlining its dedication to sustainability and responsible business practices. As a participant in the UN Global Compact, it is committed to aligning its strategies with universal principles related to human rights, labor, environment, and anti-corruption practices.

With a brand value growth of 327% since 2020, Persistent stands out as the fastest-growing IT services brand in the Brand Finance India 100 Report for 2024.

For more information, visit Persistent Systems.