Introducing dTrax - Deloitte’s AI-enabled Contract Lifecycle Management Solution
Harnessing the power of Analytics and AI to better manage contracts
The pace of business is becoming faster and the demands on in-house counsel are continually growing. Organisations no longer have the time to waste valuable resources manually putting together, negotiating and managing contract portfolios.
Thanks to significant breakthroughs in technology, there is a better way.
Many of the critical issues faced by legal departments could be alleviated by investing in technological solutions that enable in-house legal departments to automate repetitive and manual legal processes. And by using the analytics generated by this technology, in-house counsel can make more timely and accurate strategic decisions, resulting in greater business impact.
dTrax is Deloitte’s proprietary, end-to-end Contract Lifecycle Management solution that delivers improved contracting efficiency, visibility and compliance through advanced analytics.
dTrax is highly customisable and can integrate with existing business systems (e.g. vendor onboarding, CRM or invoicing) to help streamline operations and maximise the impact across the organisation.
It is configured to the needs of your specific organisation, leveraging a customised suite of technologies which help reduce cost, minimise risk, reduce cycle time and increase accuracy by using artificial intelligence and machine learning. This customised approach ensures that your contract management solution evolves with changing technology and the evolving needs of your business.
dTrax can be configured as an end-to-end contract lifecycle management solution, or as a solution to manage specific projects, such as contract repapering exercises in response to regulatory change (e.g. GDPR, Brexit, Initial Margin or IBOR).
Key benefits of dTrax:
- Increased efficiency. dTrax speeds up the contractual process to help you negotiate and execute deals more quickly.
- Reduced costs. dTrax’s streamlined process and improved operational efficiency reduces the costs associated with contracting.
- Reduces risk. Insight into contract performance to ensure you are recognising revenue as well as assessing and mitigating risk.
- Saves time. The unburdening of senior legal advisors from managing the high volume of low value/low risk negotiations.
- Increased compliance. Improved adherence and expedited response to regulatory change.
- Improved process of business transactions and enhanced client experience.
dTrax Process Flow
How is dTrax different?
- It is highly customisable. We can tailor the solution for your specific needs and integrate it with your existing business systems and processes.
- You gain access to Deloitte’s fully integrated, end-to-end service offering, which provides advisory services, technology configuration and deployment and managed services. Deloitte is recognised as a global leader in data analytics services (by Gartner in 2018)
- It is contract agnostic. It has the ability to create, negotiate and execute any type of contract, regardless of complexity or length.
dTrax by Deloitte
To find out how dTrax can help transform your business, please contact the dTrax team.