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. Revenue recognition was delayed. And when it came time for renewals, the lack of a centralized repository for contracts made difficult to gather the information needed to prepare for negotiations. All these issues converged to expose the company to unnecessary risks.
KPIT needed an efficient way to support the company’s rapid expansion.