The way we manage our contracts today will define our tomorrow.
Contracting is having its day as companies turn to these foundational documents to ensure business continuity and reduce risk. Those companies with cloud-based enterprise contract management software have been able to access and analyze these strategic assets even as their workforce transitioned to working from home.
Below are six real-world examples of how Icertis customers have leveraged the Icertis Contract Management (ICM) platform to remain agile and proactive amid the turbulence brought on by COVID-19.
- Effective contract risk mitigation
As the pandemic spread, Cognizant leveraged ICM to better "understand the scale of the issue."
Frank Marty, Global Head of Contract Lifecycle Risk Management, noted: "Knowing that we have all our customer-facing contracts in one place and then being able to dynamically search those contracts for key words and phrases has helped us to understand the scale of the issue, make informed decisions and ultimately help us to focus our mitigation efforts much more effectively."
Learn more about Cognizant’s proactive response to COVID-19 in our on-demand webcast, “Managing Contracts in Times of Uncertainty,” featuring Marty and IACCM’s Sally Guyer.
- Peace of mind on risk management clauses
For Granite Construction, a leading civil contractor whose work was deemed essential to continue amid the lockdowns, ICM gave contract managers peace of mind that their contracts were in order going into uncertain times.
"Contracting had always been important, but now it's more critical than ever," says Procurement Systems Analyst Lynne Levassar. "When the outbreak hit, we knew risk indemnities and force majeure clauses were already in our templates and our contracts; we didn't have to think about it."
Read more insights from Lynne in her blog.
- Always on digital contracting
Mapping technology leader HERE Technologies was able to maintain contracting processes no matter where on the map their legal team was sitting.
"Before ICM, our contracts required manual, wet signatures," says Simon Anolick, Director, Legal Counsel. "Had we not digitized that workflow on ICM, it would have been impossible for us to sign contracts today. Since we digitized our approval and signature processes for all contracts COVID-19 hasn't interrupted these established processes."
- Easily adjust to unforeseen circumstances
Before the pandemic, Vallen leveraged ICM to maximize contract value. According to David Massie, director of contracts at Vallen, ICM has continued to deliver.
"Icertis continues to provide the benefits we need whether in a normal business environment or in a situation like COVID-19 where we need to easily adjust for unforeseen circumstances," says Massie.
- Maintain business continuity without disruptions
Central City Concern, a nonprofit serving homeless populations in Portland, Oregon, used ICM to make sure their important work continued.
"During this time where we have shifted our contracts team to working from home, we have been able to access everything we need within ICM to maintain business continuity with no disruptions," says Carolyn Cubitto-Smith, Contracts Manager at Central City Concern.
- Seamlessly Meet the Needs of the Business
For KPIT, Icertis provided seamless contract accessibility so business could continue despite lockdowns.
"Icertis has been a blessing in this pandemic, especially for the legal function," Sachin Chipade
Group Manager, Legal, says. "In spite of working remotely, we have hardly seen any disruption in the way we work thanks to Icertis. We are able to access all our contracts, at any time, and are able to cater to the needs of the business seamlessly in these trying times."
These are just a few highlights of how always-on, anytime, anywhere contract management can prove invaluable during both calm times and turbulent.
To learn more, please visit our COVID-19 resources page.