Adding a new Contract using Smartscan

Created by Shubham Saxena, Modified on Mon, 22 Jan 2024 at 02:25 AM by Disha Munoth


Overview

Spendflo offers comprehensive contract management that covers both your monthly and long-term contracts. Adding a new contract is incredibly straightforward on the Spendflo app. Our advanced AI model, "Flo," is at the heart of our Contract Intake form, streamlining your workload and automating tasks on your behalf.


By default, at the onset of the engagement between Spendflo and you, our dedicated team ensures that all your contracts are uploaded to the Spendflo app. Furthermore, for the procurements handled by the Spendflo team, contract uploads are fully taken care of by us.


However, should you decide to manage a procurement offline, you have the option to upload a contract yourself, following these simple steps.

 

Introducing Smartscan powered by Flo AI


SaaS contracts can be quite long and hard to understand. It takes a lot of time to read them, figure out the complicated pricing, extract important information, and then put everything into a contract system. With Smartscan, all of this is possible without making much effort, the system does it all automatically. 

Smartscan will extract all the pricing and contractual details of the contract automatically and minimum to no manual efforts will be required. We will show you how to use this smart feature in this article.


Important Note: Please note that Smartscan allows you to effortlessly upload contracts up to 10 pages in length. If your contract exceeds the 10-page limit, you'll receive a friendly reminder to trim it down before uploading.


Go to the Vendor Management page


To add a new contract, go to the Vendor Management page and click ‘Add a new contract.’



Choose the type of contract.


Choose the type of contract from the options provided.

  • Long-term contracts: These contracts have a duration of more than one month.
  • Monthly contracts: The contracts that are on a monthly subscription




You’ll get an option to select a file, upload your contract file, and click continue. 


Once you upload the file and hit continue, the will open a new window where you can review and edit the contract

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The AI interface


Review and Edit Product/Vendor details


Upon file selection, our AI interface will analyze the contract and open a dedicated section to examine and revise the particulars.


1. Product details: Smartscan will autonomously identify the product's name. It will also present a list of multiple products if the contract is associated with more than one.


In case you observe any inaccuracies in the product name, you have the option to hover over the name and utilize the edit or delete button to make necessary changes.


2. Vendor details: The system provides you with the flexibility to designate either a vendor or a reseller from whom the product was obtained. This choice can be made based on your purchasing circumstances.


If the product was acquired from a vendor, the system will automatically link the vendor using our database, leveraging the product details. In instances where the product was obtained through a reseller, you can select from the dropdown list by searching for the appropriate name.

 


What if you don't see the Product or Vendor on the list?


For scenarios in which you are uploading a contract about a new product that is not currently present within our database, rest assured there exists a convenient procedure to introduce such products.


1. Make a search for the product's name. If the product is not found within the database, the system will notify you of its absence. Subsequently, you will be given the option to "Add" the product.



2. Opt for the "+Add" function, which will initiate a slide-out panel enabling you to input the product's name, the corresponding vendor, and the product URL.



3. Upon successfully creating the product, a confirmation prompt will be displayed.


4. Click save and continue


Contract Information


On the subsequent page, you will find the contract particulars, including Start Date, End Date, Contract Value, Payment Terms, and other relevant details, already populated. If our system encounters difficulty understanding a specific value, it may remain blank. In such cases, you can manually input the accurate values according to the terms of the contract. Additionally, the option to modify the existing pre-filled information is also available.



Pricing Details

Once the contract details have been entered, navigate downwards to input the pricing specifics. Here, you will encounter pre-filled pricing data such as license type, product name, and pricing model. You have the freedom to either append or modify these particulars. Additionally, the system will indicate any values that it was unable to auto-fill.



For enhanced granularity, you can include multiple line items within the pricing details section, especially if the contract encompasses multiple products. This enables you to delineate the license type and other relevant attributes for each item individually.



Upon completion, simply click "Save." The contract will then be successfully added, and you can subsequently access and review it on the contracts page.


You can search the contract on the Vendor details to view the contract that you just added. 



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