Contract Intelligence Objective
A centralized, enterprise-wide contract intelligence solution that would help ensure the company was delivering on its obligations.
- Contracts governing 85% of all company revenue centrally managed on the Icertis platform
- Improved compliance drives down risk
- Integrations to other enterprise software like Salesforce provides visibility to front-line business users
This multinational information technology services and consulting company with over 318,000 employees globally is organized into several vertical units focused on specific industries, including Banking & Financial Services, Insurance, Healthcare, Manufacturing, and Retail.
“Understanding and fulfilling our commitments to customers and realizing the full value of our entitlements is critical,” says their Global Head of Contract Lifecycle Risk Management. “Missed obligations mean delivery problems, reputational risk, and ultimately a financial impact.”
As a Fortune 200 professional services company, the company enters into thousands of contracts every year. These contracts define its delivery obligations to customers and carry other vital information, like pricing terms. However, like many companies, its contracts are being issued and stored by different teams, each with their own processes. This wasn’t simply a matter of poor document management—it put the business at risk.
“It was understood that we needed a different way of looking at contracts,” he continues. “A different way of understanding our contracts and our commitments to our clients—not from a purely legal standpoint, but really from a holistic standpoint.”
To help realize maximum value from their contracts, they created a contract Center of Excellence (COE), with Icertis as its contract intelligence partner. With the Icertis Contract Intelligence (ICI) platform, the COE was able to extract contract data and measure KPIs, like obligation compliance and contracting outcomes.
The COE took a phased approach to their Icertis implementation, scaling out the platform to different solution areas incrementally. An early project was standardizing contract language across the company. Following that was a more ambitious effort to leverage Icertis’ AI trained to identify contract obligations to understand the obligations that existed in its legacy contracts and how the company was honoring those commitments.
The Icertis platform allowed a small team (less than 50) to create a system that manages the data and obligations found in contracts representing 85% of the company’s revenue, with greater than 90% obligation compliance rate within those agreements.
With Icertis, the COE is able to demonstrate to executives using data from hundreds of accounts.
ICI has helped their organization understand and honor their obligations to customers via a robust system where, when contracts are signed, their data is automatically extracted. A centralized system has consolidated the archiving of contract documents, making them accessible to all stakeholders.
“The data I provide now is the kind of data that helps people make decisions. Whether that’s the Finance department and the CFO, or a salesperson and a delivery person, it’s always focused on how I can help that person do their job more easily,” the project lead notes. “Ultimately, this data helps people make informed decisions across the board.”