Business Challenge
Chemonics works with partners and government agencies in more than 35 countries–each with unique contractual needs. As a result, Chemonics’ business units were investing an inordinate amount of time requesting, creating, and negotiating contracts, some of them hundreds of pages long. The shortcomings in their contract management system were evident. Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) systems didn’t share critical information with the contract management system on funding, budgets or invoicing.
Inaccurate reports made it difficult to comply with ever-changing regulations. Not surprisingly, administrative costs were high, and contract cycle times were slow. Chemonics needed every user, regardless of their location, to be able to easily create a wide range of contracts, with greater speed and efficiency.
Solution
Icertis’ scalable, cloud-based contract intelligence platform was easily integrated into legacy on-premises systems with minimal effort from IT. The solution opened the door to a full range of new capabilities. Tasks that used to take days to complete can now be done in minutes. Improved search functionality makes it easy to find critical information that was previously buried in thousands of contracts. The finance department can now track spend across the entire enterprise. Budget roll-ups are simplified.
The legal team has visibility into the company’s contractual obligations. By automating repetitive processes, Chemonics reduced manual errors, increased the velocity of the contract creation process, and improved productivity company-wide.
Results
With an easy-to-use interface, the multinational rollout of the new platform was achieved with minimal training, without adding additional management overhead or requiring a large time commitment from internal IT teams. Today, every business unit at Chemonics has full visibility into the status of agreements. Contracts can be created, negotiated, executed, and managed easily. Administrative overhead has been substantially reduced.
Automated reports help identify the most frequently negotiated clauses, providing the information needed to continually improve the contracting process, so Chemonics can better serve its global client base.
Automated reports help identify the most frequently negotiated clauses, providing the information needed to continually improve the contracting process, so Chemonics can better serve its global client base.
Automated reports help identify the most frequently negotiated clauses, providing the information needed to continually improve the contracting process, so Chemonics can better serve its global client base.
The legal team has visibility into the company’s contractual obligations. By automating repetitive processes, Chemonics reduced manual errors, increased the velocity of the contract creation process, and improved productivity company-wide.
Inaccurate reports made it difficult to comply with ever-changing regulations. Not surprisingly, administrative costs were high, and contract cycle times were slow. Chemonics needed every user, regardless of their location, to be able to easily create a wide range of contracts, with greater speed and efficiency.
