- Solution overview
The problem
Increasingly complex documents and data sets from multiple sources led to significant manual interventions
Globally, the life sciences industry spends anywhere from $700 million to $1 billion annually on contract management operations and systems. Companies process billions of dollars' worth of transactions, tens of thousands of contracts, and settle an estimated $100 billion each year in rebates and discounts. This creates immense pressure on pricing and contract management functions to prevent revenue leakage and protect profitability while managing the increasing complexity of contracts with stringent compliance requirements.
Operational costs are escalating, with chargeback and rebate process costs alone projected to rise by over 50% in the next five years. New business models, intense pressures on margins, and increasingly complex and evolving regulations and compliance requirements are further stressing contract management operations in the industry. Inconsistent membership rosters, incorrectly validated pricing, and duplicate, incomplete sales data are among the most common points of vulnerability in contract operations.
The solution
Genpact Contract Assistant
Genpact Contract Assistant processes unstructured and semi-structured content from disparate data sources. It can review documents for information, creating structured contract data for upload to any enterprise system as needed, enabling a truly touchless process from end to end. Contract Assistant is powered by Genpact Cora, our AI-based platform that accelerates digital transformation for enterprises.
Contract Assistant opens the door to intelligent automation of over 80% of life sciences contracting processes, to deliver 100% compliance with rapid denial resolution via touchless and accurate price data management. The solution utilizes optical character recognition (OCR) and an extraction engine equipped with natural language processing (NLP) and ontologies to extract, normalize, reconcile, and enter data into the enterprise contract management platform, and discloses fallout with data correction notifications.
The embedded compliance capability performs multiple validations against unstructured data sources using fuzzy logic techniques to ensure claims are accurate and valid. The outputs from the system can then be posted to the relevant financial systems through robotic process automation (RPA) to automate credit and re-bill activities.
Key features
Potential impact
For contract operations in life sciences, the business outcomes are significant.
Genpact Contract Assistant can eliminate revenue leakages (which could be as high as 4% of revenue in some cases), and ensure 100% auditability of all claims and settlements – which minimizes disputes and compliance gaps.
In addition, Contract Assistant can help drive productivity, accelerate integration opportunities, and minimize exceptions through continuous machine learning.
Why Genpact
For Fortune 1000 enterprises looking to drive digital transformation, Genpact AI solutions deliver a distinct competitive advantage. Genpact AI solutions integrate deep domain knowledge with leading AI technology and services for significant business value creation and accelerated digital transformation.