Mphasis, a leading Information Technology (IT) solutions provider specializing in cloud and cognitive services with annual revenue of over US$1.8 billion, works to deliver unique digital transformation to their customers, with a focus on the banking and financial services industries. As such a large company, Mphasis has more than 7,000 legacy contracts and processes an average of 300 contracts a month, including master services agreements (MSAs), non-disclosure agreements (NDAs), and statements of work (SOWs).
With many contracts being renewed or revisited on a quarterly basis as the foundation of evolving customer relationships, contract management was a cumbersome task. Status and approvals were tracked manually, involving a large team, and taking significant time to manage.
Mphasis implemented the Icertis Contract Intelligence (ICI) platform and has seen substantial benefits as a result. Initially, Mphasis moved their MSAs and SOWs to ICI. After seeing benefits, the company shifted all contract types to the platform. Uptake has been nearly complete, with 98% of Mphasis clients’ contracts processing through ICI and 90% of SOWs on the platform.
With Icertis, Mphasis has completely digitized the contract management workflow and experienced a 35% reduction in contract turnaround time.
By using a dedicated solution to streamline contract management, the authoring, approval, and execution of an average of 400 contracts monthly has been digitized, eliminating time-consuming manual work.
With ICI, roadblocks are quickly surfaced and can be more quickly addressed, avoiding downtime between steps, allowing work to start earlier, and speeding time to revenue collection.
In fact, they experienced a ~35% reduction in turnaround time for end-to-end SOW review.
Mphasis is now looking at ways to grow their use of ICI. The company is exploring the opportunity to integrate AI-powered service-level agreements (SLAs) and compliance requirements in parity with customer commitments.
Mphasis is also looking to incorporate the internal Mphasis CRM service into ICI to meet specific service and customer requirements. The data gathered from digitizing contract management will also give Mphasis greater visibility into historical customer relationships, providing a clearer view of operations over time.
With the help of modern contract intelligence, Mphasis is well equipped to efficiently and with greater speed help clients digitally transform their own infrastructures, allowing them to serve their customers better and faster.