Contract Intelligence Objective
Empower employees with a flexible, self-service contract management platform.
Solution Highlights
- Contracts controlling 82% of Cognizant’s revenue now digitized
- Tens of thousands of contracts digitally archived
- 94% compliance with contractual obligations managed on Icertis due to visibility and ease-of-use
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 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.
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 Icertis platform to gather actionable data from the field.
“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.”
Frank Marty, Global Head of Contract Lifecycle & Risk Management, puts it this way: “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.”
Results
The Icertis platform allowed a small team (less than 50) to create a system that manages the data and obligations found in contracts representing 85% of the company’s revenue, with a greater than 90% obligation compliance rate within those agreements.
Icertis has helped Cognizant understand and honor its obligations to customers, and a centralized system has consolidated the archiving of contract documents, making them accessible to all stakeholders.
“The data I provide now is the kind of data that helps people make decisions. Whether that’s the Finance department and the CFO, or a salesperson and a delivery person, it’s always focused on how I can help that person do their job more easily,” says Marty. “Ultimately, this data helps people make informed decisions across the board.”
