DenizBank Gains Total Contract Visibility

Business Challenge

Due to a manual, paper-based contracting process, DenizBank struggled to achieve comprehensive visibility into the contracts to which it was a party. Thousands of different types of commercial agreements were stored on paper and often lacked important metadata.

As a result of this lack of transparency, essential contract management follow-up processes were inconsistent. Contract management effectiveness varied from department to department, as there was no standard, company-wide process.

DenizBank sought a contract lifecycle management solution that would allow the company to digitize all agreements for full transparency, standardize contract administration, facilitate consistent follow-up, and work across the entire enterprise. DenizBank also sought a solution from a company with experience operating in Turkey and the surrounding region.

The Solution

DenizBank chose the Icertis Contract Intelligence (ICI) platform as its end-to-end, enterprise-wide contract management solution, swayed partly by Icertis’ extensive, successful experience working with regional clients. ICI allowed DenizBank to digitize all of its contracts and store them in a central, secure cloud repository that can be accessed from anywhere in the world.

After documents are uploaded to ICI, DenizBank staff can access any agreement they have permission to view. With searchable contract metadata, ICI users can ascertain important information about contract negotiation, improving transparency.

ICI also makes contract administration workflows repeatable and predictable. DenizBank leadership can set up administration workflows that can be customized by department, seniority, deal size, and other parameters.

The Results

DenizBank expects to enjoy total visibility into contract terms and status.

Follow-up contract administration tasks will be streamlined. With the ability to design contract workflows, DenizBank leaders can be confident that all necessary tasks are completed within a timely manner and are consistently applied to every new and existing contract.