Cognizant Digitizes its Contracts, Transforming Global Consulting Business
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,