Leveraging advanced GenAI and AI technologies, FastCap identifies procurement savings, accelerates contract intake and analysis, uncovers potential financial risks

FLORHAM PARK, N.J.: Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions provider, today announced that FastCap® Finance Analytics solution has integrated a GenAI-powered contract and spend analytics capability that enables it to expedite contract intake, verify contract compliance, and identify procurement savings and tariff-related financial exposures more efficiently and more accurately.

FastCap initially launched as a platform focused on preventing payment errors and recovering incorrect payments. Since 2021, the solution has helped clients recover or prevent overpayments exceeding $850 million.

Built on a sophisticated GenAI model designed for enterprise use, these new FastCap capabilities are already supporting finance, accounting, procurement and contract management teams in a variety of industries across four key functions:

• Contract Intake: Automates analysis of contracts in any language, matching supplier terms against contract systems. For example, Conduent recently helped a client process 2,400 contracts - normally a six to eight-month task - in just three weeks.
• Contract Compliance: Detects commercial terms and amendments and compares them with actual spend to ensure compliance. Using this capability, Conduent uncovered over $3.5 million in erroneous payments after reviewing 70 million Accounts Payable records for a global logistics client.
• Procurement Spend Analysis: Provides actionable insights by comparing spend against negotiated prices within the client’s network and marketplace. A recent engagement identified $6.3 million in savings on $153 million of non-core spend for a Fortune 500 client.
• Tariff Management: Applies AI modeling to assess tariff impacts across strategic procurement scenarios. For a global manufacturer, the FastCap solution analyzed nearly 2,000 purchase orders and identified $750 million in tariff-related business impact.

“Organizations have vast financial data but often lack tools to convert it into actionable insights,” said Kimberly Marshall, Head of Commercial Solutions and Account Management at Conduent. “FastCap blends domain expertise with cutting-edge GenAI and AI technologies to deliver meaningful analysis that drives real business results. These new capabilities in contract and spend analytics expand the impact that FastCap can achieve for our clients’ bottom line.”

Conduent’s Finance, Accounting and Procurement Solutions accelerate cost savings while streamlining procurement processes with more spend under management and empowering organizations to make smarter, data-driven decisions.

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Fonte: Business Wire