Zensar launches Blockchain led Contract Management Solution and Subcontractor Management System
Press Release | 14 Sep 2020
Pune, India, September 14, 2020: Zensar, a leading digital solutions and technology services company that specializes in partnering with global organizations across industries on their Digital transformation journey, announced the launch of its blockchain based contract management solutions for enterprises. The solutions called DICES (Distributed Intelligent Contract Enforcement System) focuses on contract enforcement while the other solution, called ZenConfluence is an enabling solution on which other applications can run.
Commenting on this launch, Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar said, “Our Zenlabs team is focused on futuristic technologies to build solutions which help companies manage critical operations in a more efficient manner. Our latest blockchain based offering in contract management will enable our customers to remain agile and competitive. Today, technologies like blockchain, NLP etc. are helping resolve real-life challenges with visible outcomes. Our spirit of innovation is in keeping with what our customers need to enhance their business operations.”
Madhwesh Kulkarni, Senior Vice President and Global Head, Technology Transformation Group, Zensar commented, “Our new blockchain solutions, have been created in-house and address two set of challenges within the overall contract management operations. As enterprises progress to a digital existence, new tools and platforms are needed to enable the transition to the digital world. At Zenlabs, our key objective is to explore new ways of bringing value to our customers.”
DICES is a contract enforcement system which facilitates the conversion and deployment of plain text legal agreements into blockchain-based smart contracts. Almost all organizations have huge volumes of transactional contracts, agreements wherein the enforcement is based on achievement of a goal, an event or a milestone. DICES uses a combination of NLP (Natural Language Processing) and a transpiler (patent pending) to extract the clauses that can be coded to create smart contracts. This helps in tracking and enforce the milestones efficiently, quickly and without manual intervention.
Key business benefits are as follows:
- Ensuring that every clause in a transactional contract is automatically honoured
- Visible improvements in bottom line from robust contract execution
- Reduction in the number of legal disputes influencing overall cost to company
ZenConfluence is designed to improve visibility in Hire to Retire cycle for Sub-contractors working for an enterprise. It is designed to improve the entire value chain of subcontracting systems across various enterprise programs across functions like hiring system, payroll, HR systems, finance and invoicing systems etc.
ZenConfluence is enabled on enterprise blockchain backbone which provides real time reconciliation between various footprints of the subcontractor enterprise interaction and is used to improve key actions like invoice to payment timeline, candidate history information to optimized relationships and operating margins. This tool creates an interactive infrastructure which allows track and trace of any digital asset across the enterprise systems and creates infrastructure to interconnect various enterprise systems to cross communicate.
Key business benefits are as follows:
- Singular consistent understanding of the Subcontractor lifecycle
- Improve PO – Invoice – Work order reconciliation process resulting in faster turn arounds
- Remove revenue and cost leakage from the subcontractor value chain
- Remove auditory and reconciliation cost of the subcontractor