Fast-moving consumer goods major Unilever has automated its procurement contracting system by integrating a tool developed by online business-to-business (B2B) industrial goods marketplace Moglix.
The tool called iCAT, short for intelligent contracting automation tool. It is a cloud-based software solution that consolidates and automates large volumes of contracts, Moglix said in a statement. The Noida-based company claims that iCAT will make Unilever’s contracting process collaborative, efficient and accurate for its clients.
For Unilever, which has more than 1,500 procurement professionals, operating at over 100 countries and managing $20 billion annually, processing contracts at such a scale were time-consuming and effort intensive. This led to a long turnaround time for the procurement team and reduced operational efficiency.