**London**: Gatekeeper has introduced LuminIQ, an AI-driven solution aimed at transforming vendor and contract lifecycle management. The tool promises improved compliance, efficiency, and decision-making for businesses, particularly CFOs, while aiming to set a new standard in the vCLM industry.
Gatekeeper has unveiled LuminIQ, a new artificial intelligence solution designed to transform vendor and contract lifecycle management (vCLM). The company, known for its AI-powered vCLM platform, asserts that this innovation will redefine industry standards and significantly enhance operational efficiency for businesses.
LuminIQ aims to bridge the gap between time constraints and business priorities by illuminating hidden risks and addressing operational blind spots. This is particularly crucial for Chief Financial Officers (CFOs), as the tool promises to improve visibility and control within vendor and contract management, potentially safeguarding millions in revenue that might otherwise be lost.
As the first AI solution in the vCLM sector, LuminIQ integrates advanced Agentic artificial intelligence into Gatekeeper’s platform. This integration is expected to overhaul traditional approaches to approvals, compliance assurance, and strategic insights drawn from vendor and contract data.
The initial AI Agent from LuminIQ focuses on streamlining workflow approvals related to vendors and contracts. It automates routine checks and validations, aiming to enhance overall efficiency and compliance. The Lumin Agent can route tasks to appropriate stakeholders, identify anomalies or non-compliance issues, and maintain a comprehensive audit trail of decisions.
By alleviating bottlenecks in approval processes, LuminIQ is designed to reduce contract cycle times from days to mere hours, while ensuring adherence to internal policies and regulatory standards. This capability places a new emphasis on agility and speed in contract management.
Gatekeeper has additional features, known as “Lumin Agents,” set to be released in the near future. These will include functionalities for vendor risk scoring, obligation management, compliance checks, and user-friendly workflow creation through text and voice prompts. The rollout emphasises the extension of AI capabilities across all aspects of vendor and contract lifecycle management.
According to Patrick O’Connor, CEO of Gatekeeper, “LuminIQ heralds a new era for vendor and contract management.” He added that the solution was developed to address the real challenges faced by their customers, highlighting the difficulties in managing the complex data sets and regulatory requirements intrinsic to effective contract and vendor management.
O’Connor stressed the potential of LuminIQ to empower teams to make quicker, more strategic decisions by providing insights and automating intricate workflows. He expressed confidence that the new tool would set an unprecedented standard in the industry, promising significant efficiency gains.
The launch of LuminIQ positions Gatekeeper as a leader in the realm of AI-driven vendor and contract management, combining cutting-edge technology with user-friendly solutions to assist customers in minimising risks and maximising the value derived from their vendor and contract relationships.
Source: Noah Wire Services
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