Contract Intelligence Objective
Digitize and expedite contracting processes enterprise-wide to overcome outdated contract management systems.
- Uptake of 98% of client agreements and 90% of SOWs
- Digitization of authoring, approval, and execution of over 400 contracts a month
- 25% decrease in turnaround time for end-to-end SOW review
With an annual revenue of over $1.5 billion, this multinational IT services company works to deliver unique digital transformation to their customers, with a focus on the banking and financial services industries. As a large company, it comes as no surprise as they have more than 7,000 legacy contracts and process an average of 300 contracts a month, including master service agreements (MSAs), non-disclosure agreements (NDAs), and statements of work (SOWs).
With many contracts being renewed or revisited on a quarterly basis, as the foundation of evolving customer relationships, contract management was a cumbersome task. Status and approvals were tracked manually, involved a large team, and took a significant amount of time to manage.
Each contract was subject to review and input by legal, IT, security, tax, and delivery teams, with manual tracking of status and processes. Time was wasted due to the passing of items back and forth, and there was little visibility of contract status across the business.
Additionally, they lacked a historical view of their relationships and contract terms with long-standing customers, and the contract process lacked integration with their CRM and project management system. This prevented them from gaining an end-to-end view of relationships due to disparate data sources.
They selected the Icertis Contract Intelligence (ICI) platform for its ability to digitize and expedite their contracting processes and have seen substantial benefits since implementing the solution. Initially, they moved their MSAs and SOWs to ICI and, after seeing the benefits, shifted all contract types to the platform.
With the majority of their agreements on ICI, they were able to streamline a number of business processes. Further, they were able to digitize and automate formerly manual processes.
Following the success of the initial implementation, they are now looking at ways to grow their use of ICI and have begun exploring opportunities to utilize artificial intelligence (AI).
With their SOWs and processes established in ICI, they are now looking to incorporate service-level agreements (SLA) and compliance requirements in parity with customer commitments, and their internal CRM service, into ICI. The resulting integration will streamline operations even further with cross-platform collaboration.
Uptake has been nearly completed with 98% of their clients’ contracts processing through ICI and have 90% of their SOWs on the platform. By using ICI, they were able to digitize the authoring, approval, and execution of an average of 400 contracts a month – eliminating time-consuming, manual work.
With ICI, roadblocks are quickly surfaced and can be quickly addressed, avoiding downtime between steps, allowing work to start earlier, and accelerating time-to-revenue collection while seeing a 25% reduction in turnaround time for end-to-end SOW review.