KPIT Powers Rapid Global Expansion with the Icertis Contract Intelligence (ICI) Platform
Objective
Leverage automation and self-service to improve the efficiency of KPIT’s contract management system.
Highlights
- Improved contract turnaround time by 50%
- Gained 100% visibility into contract terms
- Accelerated revenue recognition
- Dramatically improved risk management
KPIT
KPIT Powers Rapid Global Expansion with the Icertis Contract Intelligence (ICI) Platform
Business Challenge
KPIT’s acquisition of several other firms led to a substantial rise in the number of contracts the company had to manage. With their consulting business distributed across the globe, the sudden volume of contracts caused a myriad of issues. There was no reliable method of enforcing contracting standards. Accuracy depended on individual diligence, increasing the chance of invoicing errors. Managing compliance with a time-intensive process.
Solution
The Icertis Contract Intelligence (ICI) platform consolidated all of KPIT’s contracts into a single repository. This enabled them to centralize the enforcement of contracting standards, while still allowing regions to modify templates based on their unique requirements.
Results
The transition to the new platform was seamless. There were no major business disruptions during implementation. And due to the easy-to use interface, only minimal training was required. The new platform & contract management software delivered a range of benefits. By standardizing on critical clauses, KPIT was able to enforce deviation approvals.