Business Challenge
Vallen’s contract management system was holding the company back. The outdated system was based on manual processes, and completed contracts were stored on servers and desktops throughout the organization. The company lacked a formal contract approval process, meaning there were no safeguards in place to prevent individuals from making commitments that went against policy or company strategy.
With poor visibility into supplier contracts, it was impossible to know when they were approaching 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
Once Vallen chose Icertis, the new solution was implemented in just 90 days. With the advanced analytics engine built into the platform, Icertis Contract Intelligence (ICI) adds value at every step of the contracting process, from contract initiation to negotiation, execution, implementation, compliance management, and renewal. Executives can review and approve contracts from anywhere in the world.
Despite its powerful capabilities, Icertis contract management software is easy to use and can be easily adapted to Vallen's business needs.
Scott Moore, Vice President of Contracts for Vallen, says, “If we want to make a change, we do it ourselves. We don’t need our IT team to do it.”
Results
With Icertis Contract Intelligence, 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 the rebates 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 Contract Intelligence platform has become an indispensable asset in Vallen’s growing business.
