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How AI could help us prevent the next global supply chain crisis
Flex has been recognized as a 2023 Value Champion Award winner by the Associate of Corporate Counsel (ACC), the largest global network of in-house legal professionals, for the use of a new groundbreaking AI-driven contract review tool. This marks the first time the company has been included in this ranking and reflects its commitment in revolutionizing the industry.
Flex is focused on leveraging AI-driven tools for practical use cases, not only within manufacturing operations, but across the enterprise. The Flex legal team for Global Procurement and Supply Chain began leveraging AI to streamline the review process for non-disclosure agreements. After seeing early success, Flex expanded the tool to optimize supply chain contract reviews.
By removing repetitive and monotonous contract review tasks, what once took several days now takes five minutes. Expediting the contract review process enables Flex to respond to business needs with agility, highlighting Flex’s commitment to its partners across the value chain.
The average turnaround time for redlining a complex supply chain agreement was eight days, and our contract volumes were increasing. It was time for a change. We wanted to replace repetitive, manual tasks and free up valuable time for our employees to focus on more impactful work. To achieve this, we developed a turnkey solution for AI-driven contract reviews together with the DocJuris team.
— Iringo Csifo-Nagy, Lead Attorney, Flex Global Procurement and Supply Chain
This innovation sets a new industry benchmark for contract review and approval, offering a cost-effective and time-efficient approach to businesses worldwide. Read the full story here.
The complete list of this year’s honorees can be found here.
