Industrial supplier powers decisions in the field and in the C-suite with contract data.
Business Challenge
Vallen’s mission is to provide its manufacturing customers with the best customer service and products at the best value.
This means keeping close track of its contracts to ensure it fully understands its business relationships. However, prior to adopting Icertis, the company lacked a formal contract approval process, making it difficult to ensure that all contracts entered into across the company aligned with business strategy.
Poor contract visibility also made it difficult to gain business intelligence from the agreements. For example, it was impossible to know when they approached a threshold that qualified the company for a rebate. In short, ineffective contract management plagued every stage of the contract lifecycle.
Vallen urgently needed to upgrade its system and set an aggressive schedule to choose a new contract management software solution and get it up and running.
Solution
Vallen chose Icertis because it could handle contracts across the enterprise and scale as the company expanded through organic growth and acquisitions. The new solution was implemented in just 90 days, delivering value quickly.
The platform's advanced analytics engine allows contract managers to run reports that reflect the business's state to leaders so they can make better business decisions.
“Vallen’s leadership team requires all types of reports,” notes contract manager Alicen Robinson. “Whether they want to know contract value, expiration dates, how many renewals are coming up, are we on the right trajectory --Icertis can provide that, see where it's going over time.”
Meanwhile, Robinson notes that she can provide field operators with contract information they need to manage customer questions immediately.
“By the time it gets to me, it’s on fire. They need it right away. With Icertis, it’s not a problem—I can find the contract in minutes,” she says.
Results
With Icertis, standard contracts can usually be executed in a few minutes—a process that used to take days. Vallen’s old system made it nearly impossible to keep track of vendor rebates. Now, with clear visibility into the rebates offered by suppliers, they can take full advantage of them and pass the savings on to the customer.
Moore explains, “If you can cut just a week off the contract time, revenue from that deal comes into your business that much earlier. Multiply that figure by all of our customers, and the numbers are huge.”
Accelerating the cycle time has a measurable impact on the bottom line.
Vallen has full visibility into the contractual dependencies and risks between suppliers and customers. Users were trained on the new system through a combination of live meetings and webinars, leading to rapid adoption.
The Icertis platform has become an indispensable asset in Vallen’s growing business.
