Medius Launches Medius Contracts to Connect Contract Intelligence with Business Spend
Medius, a leading provider of Accounts Payable (AP) automation and spend management solutions, today announced the launch of Medius Contracts, a new AI-first contract intelligence solution that turns contracts in any format into structured, connected data and links that information with the purchasing and invoicing workflows where negotiated value is ultimately realized.
Standalone contract lifecycle management (CLM) tools have traditionally focused on getting agreements to signature. But much of the financial value of a contract is realized afterwards, when negotiated prices, terms and obligations translate into actual spend. Research from McKinsey estimates that unfulfilled supplier obligations can leak around 2% of spend, equivalent to $40 million annually for an organization with $2 billion in spend.
This leakage occurs in the gap between agreement and execution: contract terms sit in legal and sourcing workflows, while the spend they govern flows through procurement and AP. Checking whether invoices and purchases align with an agreement requires teams to manually reconcile information across separate systems and leaves room for error.
Medius Contracts is designed to close that gap and reduce spend leakage. Built AI-first, the solution automatically reads and structures contracts across different formats, extracting key information such as terms, obligations and pricing without manual data entry. That contract intelligence can then be connected with purchase requests, purchase orders and invoices across the Medius Suite, giving finance and procurement teams greater visibility into what has been agreed, committed and invoiced.
“Businesses invest significant time into negotiating contracts, but signing the agreement is only the beginning. The value comes from making sure those terms are reflected in what the business actually buys and pays for,” said Graeme Chard, Senior Vice President of Product Marketing at Medius. “Medius Contracts leverages AI to bring contract intelligence into the same environment as procurement and AP. That gives finance and procurement teams better visibility from agreement through to transaction, and better information when it comes time to renew and negotiate again.”
Medius Contracts brings contract intake and organization, approval workflows, compliance and obligation management, and renewals into one solution. Relationships between agreements, including master service agreements and statements of work, are brought together to provide a more complete view of the contract estate.
Park Place Technologies, a leading global IT infrastructure services firm, has seen Medius Contracts in action and is excited to bring contract intelligence together with AP automation.
“We like to keep our business leaders focused on strategic objectives. Medius Contracts helps us do that by making our vendor management more efficient," said Stephanie Osborn, Manager, Indirect Procurement & Category Management, Park Place Technologies.
For more information about Medius Contracts, visit Medius.com.
About Medius
Medius links invoice capture, processing, and payment to replace the worry and wondering of managing AP with calm and confidence. Medius goes far beyond basic automation by using artificial intelligence to do most of the work – so invoices get confirmed, coded and paid; AP teams get to go home and rest easy; and businesses can trust their budgets and forecasts. Medius, on a mission to transform the spend management category using the power of automation and AI, has more than 4,000 customers across 116 countries and processes $500 billion in annual spend through its system. Visit medius.com to learn more.