Cognizant Digitizes its Contracts, Transforming Global Consulting Business
Cognizant empowered its workforce with new capabilities to streamline contracting workflow while improving the delivery of services to their clients.
Objective
Empower employees with a flexible, self-service contract management platform.
Highlights
Contracts controlling 82% of Cognizant’s revenue now digitized
- Tens of thousands of contracts digitally archived
- 94% compliance with contractual obligations managed on ICI due to visibility and ease-of-use
Business Challenge
Cognizant had outgrown the rudimentary functionality provided by a paper-based contract management process. The manual processes used to generate contracts were slow, inefficient and unpredictable. Tracking the commitments and responsibilities defined in the agreements was problematic. With thousands of clients, it was easy to overlook an obligation buried deep within the pages of thousands of individual agreements.
Solution
Cognizant chose to build their new system on the Icertis Contract Intelligence (ICI) platform. With a centralized repository for sell-side contracts, executives at the company gained a 360-degree view of their contracts. The C-suite can now get reports on contract risk, outstanding contractual obligations and other indicators that help them protect their business. Many of the tasks involved in tracking and managing commitments are now automated.
Results
Digitizing thousands of sell-side contracts not only helped Cognizant’s staff work more effectively, it provided them with new capabilities to improve client service delivery. According to Frank Marty,