Following JAGGAER’s unveiling of its Autonomous Commerce strategy for 2022 and beyond, the leading procurement software company has since advanced its strategy with its acquisition of DocSkiff.
Leading the revolution, JAGGAER’s Autonomous Commerce is a self-governing B2B enterprise commerce network of buyers, suppliers, and partners who are united together on a common, cloud-based platform.
Within the platform buyers and suppliers are credentialed, onboarded and ready to transact. By uploading vital information once, users can receive smart-match buy or sell recommendations that have been optimised based on historical performance ratings, costs, service levels, ESG goals, and risks, as well as a variety of other considerations.
JAGGAER acquires AI-powered contracts analysis platform, DocSkiff
By integrating DocSkiff’s capabilities into the JAGGAER ONE platform, JAGGAER hopes to enable organisations to intelligently extract, review, and analyse contract information using artificial intelligence (AI) and machine learning (ML).
“JAGGAER is transforming the way businesses conduct enterprise commerce by applying artificial intelligence and machine learning,” said Jim Bureau, CEO of JAGGAER.
“In light of the global talent shortage, organisations can no longer solve complex problems by applying more human capital. Using AI & ML, the DocSkiff solution can ingest contracts from a variety of disparate sources and holistically analyse them in a fraction of the time it would take a team of people. It can then highlight a variety of risks and opportunities, which can be managed by a central team. It’s an excellent example of applying AI where appropriate and impactful, and freeing people to do more strategic, value-added work.”
Why DocSkiff’s contracts analysis capabilities
Harnessing advanced AI, ML, natural language processing (NLP) and scalability, DocSkiff stand to strongly complement JAGGAER’s existing contract lifecycle management (CLM) solutions.
Such intelligent technologies like these can be directly applied to other aspects of the JAGGAER ONE source-to-pay (S2P) suite. JAGGAER plans to harness these capabilities in its Digital Mind offering.
What is JAGGAER’s Digital Mind solution?
JAGGAER launched Digital Mind in April 2021. The solution uses AI, ML and other advanced technologies to autonomously execute many repetitive, behind-the-scenes tasks that facilitate enterprise commerce. The solution also provides prescriptive recommendations to optimise business outcomes.
“JAGGAER and DocSkiff share a common vision insofar as we both recognize the immense opportunity to intelligently automate many of the resource-intensive tasks required to facilitate enterprise commerce,” commented Siva Pullabholta, CEO & Co-founder of DocSkiff.
“Our solution will be an excellent complement to JAGGAER’s Autonomous Commerce strategy, and we’re excited to propel our customers to new heights on their digital transformation journeys.”
JAGGAER plans to rename DocSkiff as JAGGAER Contracts AI and will be integrated into its Contracts+ solution. With this integration, JAGGAER’s customers will benefit from faster and more efficient contract management. Existing DocSkiff customers will benefit from access to JAGGAER’s suite of S2P solutions.