Moglix has launched iCAT – an intelligent contract automation tool that enables its clients to consolidate and automate large number of contracts.
Moglix, a B2B commerce and procurement software startup, has onboarded Unilever, one of the world’s largest FMCG company, to create a cloud-based contract automation SaaS tool for the Anglo-Dutch giant. Moglix has launched iCAT which is an intelligent contract automation tool that enables its clients to consolidate and automate large number of contracts. While Moglix tested the project with Unilever, it has launched iCAT in United States, which is one of its core markets.
As per reported by Goa Chronicle, Moglix has digitally transformed Unilever’s contracting process by covering Direct Material spend of 20 billion dollars and enabled innovation, transparency and efficiency in contracting process.
Rahul Garg, Chief Executive, Moglix, stated that contract management is essential part of procurement. iCAT can be useful for large organizations like auto, FMCG, pharma and chemical to consolidate their contacting process and unlock great savings.
Reportedly, Unilever churns out around 100,000 contracts annually with buyers in different geographies of the world. It takes time and effort to process large number of contracts and effects operational efficiency.
Moglix has deployed iCAT, which is a co-developed dynamic, cloud-based solution, with Unilever, and has reduced turnaround time from seven days to two days. It has also increased efficiency by around 40%.
According to reliable sources, Monglix’s business of SaaS tool is currently contributing about 10% of its overall top-line and is expected to increase exponentially. The company plans to invest $2 million in the business which will be used in marketing and business development across Europe and US.
Last year, Moglix had raised $23 million in a fund round led by Accel Partners US, a venture capital firm, and International Finance Corp, which is an existing investor of Moglix.