Business Challenge
Mindtree had a large number of customer contracts, created by business units around the globe. The entire contract lifecycle process was manual, which meant that meeting contractual obligations was people-dependent.
Without a centralized repository, it was difficult to track commitments, expiries, and other milestones. There were frequent instances of non-compliance.
Solution
Mindtree selected Icertis the Contract Management solution based on its end-to-end functionality, ease of use, and quick time to deployment. The solution was specifically designed to meet Mindtree’s unique contract management challenges.
The new system covers all contracts, across all business units around the globe. Some of the new features developed for Mindtree include a rules engine for negotiation and execution, a contract repository, role-based alerts, and a customizable dashboard for reporting key performance indicators.
Results
The Icertis Contract Intelligence system improved contract turnaround times by 40%, resulting in substantial productivity improvements and most importantly, shorter order-to-cash cycles. Different functional areas found it easier to work together. Timely contract renewals had a positive impact on revenue recognition. Mindtree gained tremendous value through cost reductions and achieved 100% compliance.
“Icertis’ unique approach to building software is evident in its Contract Management product. Managing complex contracts across all our business units and getting a single view of various contracts was very important to us. Mindtree selected the Icertis solution based on its end-to-end functionality, ease of use, and quick time to deployment. Their product will help take our contract management processes to the next level.” Rajesh Narang, Vice President Legal & Company Secretary, Mindtree
The new system covers all contracts, across all business units around the globe. Some of the new features developed for Mindtree include a rules engine for negotiation and execution, a contract repository, role-based alerts, and a customizable dashboard for reporting key performance indicators.
Without a centralized repository, it was difficult to track commitments, expiries, and other milestones. There were frequent instances of non-compliance.