ISG GovernX®

Turn complexity
into clarity.

Third Party Management
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10k

Third-Party Contracts Managed

1.3m

Deliverables and Obligations Managed Annually

350m

of Accumulated Savings USD for our clients
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On average, companies do not track 75 percent of their deliverables and obligations due to ineffectively managed contracts.

Without transparency, you’re likely missing out on cost savings, access to innovation, compliance, deliverables and obligations. You need a single source of truth to realize the full value of your third-party portfolio.

Change the way you manage your third-party relationships

ISG GovernX® is the first third-party management platform that allows you to proactively optimize the value of your supplier relationshipsmitigate risks and manage the contract lifecycle with speed and agility.

Get control of your third-party environment, improve supplier performance and decrease spend. Leverage ISG’s knowledge and insights borne from more than $460 billion worth of enterprise client-supplier transactions.

 

Get a comprehensive view of market intelligence and supplier performance in a single lens.

Reduce risk and complexity in your third-party relationships.

Automate the entire lifecycle of third-party risk management. Minimize exposure to financial, reputation, operational, and identify risk exposure from your third parties. From onboarding, assessments, and remediations to performance monitoring and reviews, gain efficiency by automating your workflow, integration, and on-going notifications.

Reimagine the way you manage your supplier portfolio.

Maintain insight and oversight of your third-party portfolio. Orchestrate and manage your complex environment of third-party relationships in one easy-to-use dashboard. Automate the day-to-day activities of supplier and contract management to free up more time to spend time on strategic initiatives.

Discover how procurement can enable innovation.

Build more strategic relationships with your suppliers. Govern, prioritize, organize and deliver on the full promise of your supplier portfolio. Perform meaningful analysis on real-time governance data through interactive dashboards that drill directly down into transactional data elements.

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Technologies & Integrations

Leverage the right technologies to be more strategic and efficient in governing all of your contracts and avoiding third-party risk.

Technologies

ISG GovernX® is an innovative managed services and lifecycle management platform leveraging the latest technology from ServiceNow, Automation Anywhere and IBM Watson.

Dashboard

A customized single pane of glass into spend, performance and risks across the organization allows you to drive key business insights, quicker decisions and proactive actions.

Easy Integration

ISG GovernX® is designed with an API-first approach, so it integrates easily with your enterprise environment.

ISG GovernX Features

contract workflow

Contract Lifecycle

GovernX makes it easy for businesses to realize the full business value of their supplier relationships throughout the entire contract lifecycle.  By providing stakeholders with visibility into to all relevant contract, performance and financial information businesses can proactively manage relationships to keep them aligned with the changing needs of the business.

Contract Portfolio

GovernX provides AI-enabled contract data extraction and automated workflow management which are fast, efficient, and provide deep visibility that enable better supplier relationships, risk mitigation and value realization across the entire portfolio.

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governx service levels dashboard third party management

Service Level Performance 

GovernX automatically tracks performance against contracted service levels.  GovernX will automatically validate service levels and computes service level credits and earn backs.  GovernX integrates with client enterprise systems such as ERP, service management systems, and other performance platforms, to enable source performance data intake. 

Invoicing Vendors

GovernX eliminates invoicing errors and discrepancies through automated validation of the invoices against the underlying rates and resource consumption data.  GovernX can upload resource consumption data across services through API integration within the client IT ecosystem.

Invoices
deliverable & obligations

Deliverables & Obligations

GovernX will ensure that all stakeholders are held accountable to their commitments by tracking performance against the contract in real-time through workflow automation that drives proactive review and monitoring of all relevant contract deliverables and obligations.

GovernX® Packages

  EssentialsContract LifecycleThird-Party Risk
Data & InsightsExtract and manage contract meta data & documents   
Analyze contract data, rationalize for savings   
Provide insights on compliance, spend, performance & risk   
ManageEnsure contract compliance and administer change   
Validate and optimize spend, minimize value leakage   
Confirm delivery performance, maximize value of relationship   
Author contracts, proactively manage renewals & terminations   
Assess risk through questionnaires & mitigate risk   
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Want to know more about GovernX®?

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Scaling Contract Operations with Artificial Intelligence

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Contract-Operations-AI-1Managing third-party contracts in a large enterprise is daunting. First, there is the sheer volume of contracts and the lack of uniformity of drafting them. Then there is the typically dispersed responsibility for contract management across the enterprise, and the inherent complexity of the contracted business services themselves. Few companies have the staff required to identify and track the critical vendor obligations covered by what can be tens of thousands of active contracts. The result is that potential business value goes unachieved simply because the human and basic electronic processes for managing their contracts cannot perform at scale.

Artificial intelligence (AI) solutions on the market today can help organize these contracts better. For instance, an AI application can assess contracts across an enterprise and categorize them based on renewal date, services covered, SLAs and other firm-specific criteria. But these simple categorizations offer minimal value to a contract management team trying to corral thousands of contracts. Such simple categorization does little to bridge the divide between a hard drive full of executed PDF contracts and vendor management software that lacks full context of the contracted services.

AI’s greater promise is when it is used to convert contract-specific obligations and terms into a detailed workflow that makes clear to contract managers what and when actions must be taken. The result is a daily “to do” list that helps contract managers maintain commitments and measure and improve contract management operational efficiency. This shift to contract workflows, or ContractOps, brings better contract compliance for all parties and, ultimately, greater value to the enterprise.

Enterprise contract managers should keep the following in mind when plotting a course toward better ContractOps.

  • Plan for ContractOps as scale. Don’t use AI only as a sophisticated query tool to parse a large set of unstructured contracts on demand. Set goals to convert obligations to concrete workflows that direct your team’s efforts through the daily tasks of auditing invoices, meeting renewal dates and confirming SLAs.
  • Prioritize. For enterprises managing large numbers of contracts – say, more than 1,000 – prioritize based on contract value, risk levels inherent in the services and potential impact of those risks. Not all your contracts are of equal importance to your enterprise. While AI may efficiently parse them all, the greatest value to your organization comes from efficiently completing the resulting contract workflows, and that will require human attention. Focus that attention on the greatest value.
  • Focus on best practices. Leverage technologies that will turn your AI observations into cleaner, more efficient contracting in the future. AI will naturally discover anomalies in how terms are defined, how service levels are described and other variances among your many contracts. The best AI solutions will find the trends and inform your new efforts to form best practices.
  • Be careful about BYO-AI. AI algorithms are readily available to any IT organization, but they need to be trained with data from beyond your own hard drive of PDF contracts. Otherwise, you will simply be training your AI model on how YOU construct contracts – not on how they SHOULD be constructed.Choose a commercial AI solution that is trained on industry-wide best of class contracts.
  • Train your contract managers on the role of AI in your ContractOps strategy. AI is one tool in the tool chest. The best AI solutions use multiple machine learning models to characterize contract phrases against the training model. These characterizations should prioritize contract phrases with confidence levels that allow a contract manager to quickly proofread low-confidence characterizations in a digitized workflow. The best models will accurately characterize approximately 90 percent of the clauses, leaving just 10 percent for the contract manager to quickly confirm as part of the workflow.

ISG helps companies reimagine how they govern, prioritize, organize and deliver on the full promise of their supplier portfolio with secure, on-demand access to ISG GovernX®. GovernX reinvents the way you manage your suppliers by providing a customized single pane of glass into spend, performance and risk across your organization. It will change the way you manage your contracts – and your business.

Contact us to find out how we can help you.

About the author

Kevin Blackwell leads ISG’s product technology platform strategy, which brings the wealth of ISG experience and intellectual property to customers through industry-leading technology solutions. Kevin has 30 years of experience in software application and infrastructure development spanning hundreds of customer implementations in big data analytics, middleware, retail analytics and innovation management.

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Meet Our ISG GovernX® Team