KPIT’s acquisition of several other firms led to a substantial rise in the number of contracts the company had to manage. With their consulting business distributed across the globe, the sudden volume of contracts caused a myriad of issues. There was no reliable method of enforcing contracting standards. Accuracy depended on individual diligence, increasing the chance of invoicing errors. Managing compliance with a time-intensive process.
Revenue recognition was delayed. And when it came time for renewals, the lack of a centralized repository for contracts made it difficult to gather the information needed to prepare for negotiations. All these issues converged to expose the company to unnecessary risks. KPIT needed an efficient way to support the company’s rapid expansion.
The Icertis Contract Intelligence (ICI) platform consolidated all of KPIT’s contracts into a single repository. This enabled them to centralize the enforcement of contracting standards, while still allowing regions to modify templates based on their unique requirements.
A rules engine automatically routes contracts through the appropriate approval channel. Dashboards provide real-time visibility into upcoming milestones. Invoicing errors were reduced by integrating the new contract management platform into SAP and other legacy systems. Automated alerts on renewals ensure timely recognition of billed revenue. Today, the entire organization has end-to-end visibility across all contracts, even those from recently acquired entities.
The transition to the new platform was seamless. There were no major business disruptions during implementation. And due to the easy-to-use interface, only minimal training was required. The new platform & contract management software delivered a range of benefits. By standardizing on critical clauses, KPIT was able to enforce deviation approvals.
The centralized contract repository made preparing for audits a much smoother process. The invoicing process also saw dramatic improvements, with less frequent occurrences of invoicing against expired contracts. Today, KPIT manages a higher volume of contracts, with greater accuracy, using fewer resources.