BT confirms RAVN relationship
BT has for the past year been working with RAVN Systems within its group revenue and margin assurance team, in an arrangement that it says is likely to save “tens of millions of pounds” in lost revenue.
The team, headed by Horia Selegean, reviews the commercial contracts that BT enters into in order to maintain BT’s profitability by ensuring that contracts are accurate and that no unexpected changes have been made. It saves BT an estimated £100m a year.
Speaking at a RAVN AI and search conference on 28 November, Selegean said: “We’ve been testing the product for the last year. We needed a solution to get inside the data, find the latest contract, and compare it with the invoicing data, so whatever sold is what is invoiced.”
RAVN’s contract analysis software automates the review process and can quickly pick up any changes made to the contract by the contracting party. By engaging with RAVN, Selegean says the telecoms giant is moving “from reactive to proactive”.
“We’re making sure that we understand what we are selling in the early days,” he said.
Additionally, BT is running analytics on the data and extracting information about suppliers and employment contracts to enable it to be more agile.
“We’re rolling out contract risk analytics to prevent bad contracts plus to analyse, for example, employment contracts.”
BT in August sealed its merger with EE and Selegean added: “With EE coming on the contractual position will be quite complex and we’ll need to ensure that we have it all in hand.”
This story first appeared in the Legal IT Insider December newsletter – sign up for your free copy to be delivered into your inbox by clicking the following link http://www.legaltechnology.com//latest-newsletter/