Leverages AI for end-to-end transparency and insights
SANTA CLARA, Calif. and PUNE, India, Jan. 15, 2025 /PRNewswire/ -- Persistent Systems (BSE: 533179) (NSE: PERSISTENT), a global leader in Digital Engineering and Enterprise Modernization, today announced the launch of ContractAssIst, an AI-driven contract management solution developed in collaboration with Microsoft. Powered by Microsoft Azure, Microsoft 365 Copilot, Microsoft Teams, and advanced AI technologies, ContractAssIst simplifies workflows, enhances collaboration, and reduces operational complexity, enabling enterprises to achieve greater efficiency and optimize costs.
Many enterprises struggle with tracking and managing their high volume of contracts from various vendors, leading to inefficiencies and lost productivity. ContractAssIst leverages Microsoft's robust technology ecosystem to deliver advanced contract management capabilities. Built on Azure AI, the solution ensures secure data handling, advanced search capabilities, and seamless compliance. It integrates with Microsoft 365 Copilot and Microsoft Teams, providing teams with real-time collaboration tools and AI-enabled decision support, while advanced models like GPT-3.5 and GPT-4 through Azure OpenAI Service enhance contract analysis with natural language processing. Observability tools like Elastic and Application Insights ensure scalability and transparency, making ContractAssIst a holistic contract management solution for enterprise needs.
Addressing key challenges, ContractAssIst consolidates workflows into a centralized dashboard within Microsoft Teams. Its AI-powered chatbot enables conversational queries and offers intelligent suggestions within group chats, reducing delays and optimizing processes. Additional features include real-time version tracking, contract comparison, instant notifications, and approval summaries.
Unlike other solutions on the market, which often rely on limited automation or standalone tools, ContractAssIst distinguishes itself through its deep integration with Microsoft technologies and its ability to deliver meaningful, timely intelligence. Its transparent and auditable workflows enhance internal contract management compliance, mitigating risks and ensuring that enterprises can optimize operations and make confident, data-driven decisions. Additional key benefits of ContractAssIst include:
- Reduction in communication overhead with up to a 95% decrease in email communication
- Enhanced productivity, saving 20-25 minutes per user daily through streamlined navigation and workflows
- Significant cost savings, reducing annual licensing expenses
Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent
"At Persistent, our AI-led, platform-driven approach is central to solving complex enterprise challenges with practical, scalable solutions. ContractAssIst, developed in collaboration with Microsoft, exemplifies how we leverage innovative technologies to reimagine heavily manual tasks with AI, such as contract management. This solution is a result of our deep partnership with Microsoft and our shared vision of driving AI adoption to deliver measurable efficiencies and tangible outcomes for our clients."
Sangita Singh, General Manager, ITES, Microsoft India and South Asia
"Our collaboration with Persistent leverages the transformative power of AI to drive innovation across industries, including contract management. ContractAssIst, built on Microsoft Azure and powered by Microsoft 365 Copilot and Microsoft Teams, integrates Microsoft's technology with Persistent's platform-driven approach to deliver intelligent, secure, and efficient solutions. Together, we are empowering businesses across the globe to modernize operations, improve collaboration, and achieve operational excellence."
About Persistent
Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,200 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the "Most Promising Company" of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. Persistent has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 327% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in the 2024 Brand Finance India 100 Report.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs
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