Contract Intelligence Objective
Reduce reliance on expensive legal resources for contract creation.
Solution Highlights
- Standardized, automated contracting process enabling self-service creation of over 50% of agreements
- 80% reduction of most commonly used templates
- 30% decrease in buy-side contract turnaround timeframes
- Integration of ICI with e-signature tool resulted in 70% increase in contracts executed via e-signature
Business Challenge
As a rapidly growing company with a global reach, Ferring struggled with centralization.
Their existing contract management system was entirely manual, and as the company grew, each location—and even separate departments within locations—developed and followed their own disparate agreement processes.
Teams relied on legal for even simple tasks, like sourcing contract templates. This meant Ferring’s lawyers had to devote a great deal of valuable time to contract management instead of to more substantive work, which became more of a burden as the number of agreements continued to escalate.
The company needed a way to streamline the contract workflow and, as Sheila Dusseau, Ferring’s Head of Global Legal Operations, puts it, get “the lawyers out of the equation.”
The Solution
To address these challenges, Ferring chose the Icertis Contract Intelligence (ICI) platform, with an initial global deployment across its Switzerland, United States, and Denmark locations.
Ferring chose ICI for its ability to extend contract management capabilities to users and teams across the organization with minimal legal involvement.
This self-service model provides clearly defined workflow responsibilities with end-to-end visibility, increasing efficiency while reducing risk.
By centralizing contract management, Ferring was able to rationalize its template library.
Automated alerts for expiries and approvals help prevent noncompliance, while ICI’s AI-assisted digitizing capacity provides a single, easily accessible and searchable source of truth for future contracting.
In addition, Ferring was able to easily integrate ICI with its other enterprise software, and will be able to scale ICI with Ferring’s global growth.
The Results
To address these challenges, Ferring chose the Icertis Contract Intelligence (ICI) platform, with an initial global deployment across its Switzerland, United States, and Denmark locations.
Ferring chose ICI for its ability to extend contract management capabilities to users and teams across the organization with minimal legal involvement. This self-service model provides clearly defined workflow responsibilities with end-to-end visibility, increasing efficiency while reducing risk. By centralizing contract management, Ferring was able to rationalize its template library.
Automated alerts for expiries and approvals help prevent noncompliance, while ICI’s AI-assisted digitizing capacity provides a single, easily accessible and searchable source of truth for future contracting.
In addition, Ferring was able to easily integrate ICI with its other enterprise software, and will be able to scale ICI with Ferring’s global growth.
Today, Ferring has a standardized, automated contracting process across multiple sites. Teams are less reliant on legal to manage contracts - with self-service creation of over 50% of agreements. This has driven speed, with the company experiencing a 30% decrease in buy-side contract turnaround time.
Ferring was able to streamline its entire contracting process – utilizing an easily accessible and searchable repository, and clearly defined automated processes that help to prevent non-compliance and end-to-end visibility over contract life cycles.
