MindTree is a $400 million global information technology solutions company and a strategic partner to over 40 Fortune 500 enterprises. They employ 11,000 experts to engineer meaningful technology solutions to help businesses and societies flourish.
MindTree Improves Contract Turnaround Times by 40%
Mindtree wanted to move away from a manual and siloed contracting process for handling its large global portfolio of contracts. The Icertis Contract Management system was designed to meet MindTree’s unique contract management challenges. It allowed them to manage worldwide consulting business, and delivered
measurable results in the areas of cost reduction, improved compliance and timely revenue recognition.
MindTree had a large number of customer contracts, created by business units around the globe. The entire contract lifecycle process was manual, which meant that meeting contractual obligations was people dependent.
Without a centralized repository, it was difficult to track commitments, expiries and other milestones. There were frequent instances of non-compliance.
MindTree selected Icertis the Contract Management solution based on its end-to-end functionality, ease of use, and quick time to deployment.
The solution was specifically designed to meet MindTree’s unique contract management challenges. The new system covers all contracts, across all business units around the globe. Some of the new features developed for MindTree includes a rules engine for negotiation and execution, a contract repository, role-based alerts and a customizable dashboard for reporting key performance indicators.
The Icertis contract management system improved contract turnaround times by 40%, resulting in substantial productivity improvements and most importantly, shorter order-to-cash cycles. Different functional areas found it easier to work together. Timely contract renewals had a positive impact on revenue recognition. MindTree gained tremendous value through cost reductions, and achieved 100% compliance.
“Icertis’ unique approach to building software is evident in its Contract
Management product. Managing complex contracts across all our business units and getting a single view of various contracts was very important to us. MindTree selected the Icertis solution based on its end-to-end functionality, ease of use, and quick time to deployment. Their product will help take our contract management processes to the next level.”
Rajesh Narang, Vice President Legal & Company Secretary, MindTree