Revolutionizing Contract Management: How a Slovak AI Solution is Leading the Way

30 May 2023

In the realm of contract management, a seismic shift is underway, thanks to the pioneering efforts of artificial intelligence (AI). Cequence, a Slovak startup, is at the forefront of this revolution, transforming way contractual processes are handled with its cutting-edge AI technology. The company recently announced a significant accolade that underscores its innovation and leadership in the field: winning first place in the TREND PRIVATE category at the 10th annual Fair Sourcing Awards (FSA) during the prestigious eBF2023 conference.

The FSA honors individuals and teams from both the corporate and public sectors for their contributions to the procurement field. Awards are given for innovation, inspiration, the creation of new methods, and trend adoption. This year, nominations were dominated by key terms such as digitization, robotics, digitalization, and automation, highlighting the industry's rapid evolution towards more efficient and advanced practices.

Rasťo Kovaľ, Head of Client Solutions at Cequence, expressed his enthusiasm and pride in the recognition: “We are extremely pleased and proud that the FSA jury appreciated the Cequence software, which is the first in the world to bring practical applications of artificial intelligence (using OpenAI and Pinecone technologies) into contract management. Over 40,000 users across two continents are increasingly delegating manual, repetitive tasks to AI, thanks to Cequence. Our team is now working on enabling AI to take over drafting contracts and negotiating terms.

The award was determined by an international jury of 40 members from the PROCUREMENT BOARD, a Czech-Slovak think tank supporting digitization in public procurement and corporate purchasing. Past FSA winners include notable organizations such as the Banská Bystrica Region, Innogy, Masaryk University, Asahi, and the Ministry of Agriculture and Rural Development of the Slovak Republic.

The eBF conference, where the awards ceremony took place, is the largest international event focused on the digitalization of procurement and public procurement in the Central European region. This year’s conference attracted nearly 700 experts who discussed the future of the sector over two days across seven stages.

About Cequence's Solution

Cequence is revolutionizing contract management with a software solution that offers clear and efficient management of contracts and related processes. Utilizing the latest technologies, such as artificial intelligence (OpenAI, Pinecone), machine learning, and natural language processing, Cequence is transforming manual tasks associated with creating, negotiating, and concluding contracts into automated processes.

Clients of Cequence have seen significant improvements in their processes within just six months of implementation: a 50% faster contract closure rate, a 62% higher compliance with contractual obligations, and a 34% increase in team productivity.

This recognition by the FSA highlights the transformative potential of AI in contract management and positions Cequence as a leader in leveraging technology to streamline and enhance the procurement process. The future of contract management is here, and it is being shaped by the innovative solutions provided by companies like Cequence.

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