Contract Intelligence Objective
A contract intelligence system that would deliver a single source of truth for all contracts across a growing organization.
Solution Highlights
- Easy-to-use system delivers a single view of all contracts across the organization for internal users
- Better customer experience delivered through consistent, consolidated contract processes
- Accelerated revenue recognition through faster contract execution
Business Challenge
As one of the leading drug wholesale companies in the United States, this organization handles approximately 20% of all pharmaceuticals sold and distributed in the US.
The company is also a source for over-the-counter healthcare products, home healthcare supplies, and equipment for healthcare providers throughout the U.S, including acute care hospitals, pharmacies, nursing homes, and assisted living centers.
The company needed to overhaul its contract management system to address the highly fragmented contract portfolio that had resulted from the company’s rapid growth through acquisitions.
Due to these mergers, a single customer could have contracts with five or six different business entities, making the ordering process overly complex.
After testing several contract lifecycle management (CLM) platforms that were active in small in-house implementations, the company decided that none could handle its varied business requirements— everything from pharmaceutical distribution to manufacturing solutions. What was needed was an enterprise-level CLM platform that would provide a single source of truth for contracts across the business and give its workforce a way to contract with customers in a consistent, consolidated manner.
The Solution
With the Icertis Contract Intelligence (ICI) platform, the company found a CLM platform that provided them the speed, efficiency, and integrations with existing digital solutions they were looking for.
The structured workflows, improved visibility, and notifications offered by ICI boosted the efficiency of the contract process by more than the company anticipated, with completed contracts returned by clients in half the time it previously took.
“Being able to get a customer to sign on the dotted line far more quickly means that we bring in that revenue more quickly. And that improves our overall margin with that customer,” said one company executive.
Likewise, the ease of integration with key partners like Salesforce and with the company’s single sign-on solution and e-signature tools meant the its workforce could access the critical functionality of ICI without leaving the software platforms they were accustomed to.
The Benefits
With Icertis’ help, the company built a system that delivers a single view of all contracts across its entire organization.
Sales teams, legal, shared services teams, and finance and accounting can now be part of the overall contract review process, with visibility into the workflow without the need to rely on external processes.
“With our previous CLM, we would have to reach out to our customers to see where in the process the contract was,” said the executive. “ That’s just not something that we want. With Icertis, it has been a sea change in our customers’ experience working through the contracting process with us.”
