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.
Failing to meet service-level agreements (SLAs) because managers weren’t fully aware of them not only had a negative financial impact on the company but had the potential to erode client relationships as well. The professional services company needed a better way to monitor and manage thousands of obligations. Business leaders believed the best way to build value with a contract management system was to centralize core contracting functions at the corporate level while still empowering the individuals in the field who were closest to the customer.
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.
“We wanted a system that empowered the individuals who interact with our customers to improve the delivery of our services. That was our guiding principle. "
In close collaboration with Icertis, Cognizant was able to structure the system to reduce administrative overhead for employees and improve service delivery while still leveraging the ICI platform to gather actionable data from the field. Frank Marty, Global Head of Contract Lifecycle & Risk Management, puts it this way:
By using the ICI platform to transform a paper-based system, the company can easily scale to meet the demands of their rapidly growing client base.
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,
“By digitizing contract processes … we now have the visibility we need to make more informed decisions on behalf of our clients.” Frank Marty, Global Head of CLRM, Cognizant
Failing to meet service-level agreements (SLAs) because managers weren’t fully aware of them not only had a negative financial impact on the company but had the potential to erode client relationships as well. The professional services company needed a better way to monitor and manage thousands of obligations. Business leaders believed the best way to build value with a contract management system was to centralize core contracting functions at the corporate level while still empowering the individuals in the field who were closest to the customer.