Pharmaceutical Subsidiary Achieves 92% Reduction in Contract Cycle Time With Icertis
The company was also able to improve its management of clinical trials and promotional events.
In 2014 the organization turned to Icertis to gain control over its contracting processes. Once deployed, the company enjoyed a central repository for all contracts and associated documentation connected to them.
Using the agility and seamless integration offered by the Icertis Contract Management (ICM) platform’s cloud-based software, the company was able to create customized workflows that addressed specific corporate and government requirements. Negotiations with vendors are now conducted through the vendor portal, providing a single source of truth for all parties.
The company has also taken advantage of the ICM Clinical Trials Agreement and Budgeting Application, built by Icertis engineers for pharmaceutical companies to provide powerful tools to manage clinical trial agreements and track budgets. The app ensures the right language and templates are used for site contracting, and gives the company easy access to information on site history and previous studies to accelerate turnaround times. It also tracks payments and milestones throughout the lifecycle of the trial.
The distribution company chose Icertis to provide a contract lifecycle management platform that could automate, streamline and optimize this system.
The Icertis Contract Management (ICM) platform is enterprise-wide, meaning it can be used by departments across an organization to approve, edit and view contracts, no matter which part of the business the contract originates in. The intelligent software allows teams to configure custom dashboards that notify them when important contract milestones are reached or obligations are due, which improves contract compliance and aids in risk management. And ICM sees fast adoption by users thanks to its easy-to-use interface, which can be integrated with other systems to allow users to utilize ICM’s powerful tools within applications they are familiar with.
- 92 percent reduction in contract cycle and response time
- Better compliance with corporate and government rules
- Improved management of clinical trials
Since implementing ICM, the subsidiary reports an astonishing 92 percent improvement in contract turnaround time. Vendor relationships have become streamlined, with all documentation associated with a vendor contract contained in a central repository that can be accessed by users from any device.
The company also reports improved visibility into its contract processes. Executives can now run reports based on a variety of terms—by month, by location, by category, or by a doctor’s name. This provides deep insights about its vendor programs that help the organization optimize its operations. For example, within ICM an executive can quickly see whether the company is spreading out its events geographically to best address market needs.
This successful implementation has led the Canadian office to become a model for its sister subsidiaries in other countries, several of which have followed suit and turned to ICM to get a handle on their contract processes.
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