Businesses today need a better way to manage their contracts – after all, enterprises typically have thousands of contracts in force at any given time, and the ability to proactively manage them is pivotal to a company’s success.
As the leading provider of contract lifecycle management in the cloud, we’ve helped enterprises increase revenue, improve visibility, and reduce contractual risk. Companies understand that implementing an automated, enterprise-wide contract management solution is no longer an option. It is an operational imperative.
Here are three real-life contract management challenges our customers have faced, along with the value they received from the Icertis Contract Management platform.
Case Study #1:
Multiple disjointed systems leads to lack of standardization, visibility, and reduced contracting velocity.
Sample client: Multinational pharmaceutical and CPG manufacturer
Industry: Life sciences
ICM solution: Custom configured platform to meet client’s unique challenges, capturing all procurement contracts across global units, and centralizing enforcement. Provided a 360-degree view into all supplier relationships. Ariba integration ensured standard terms from executed contracts flow into POs, thus minimizing errors.
Key outcomes:
- Saved 5% on multi-billion dollar indirect spend
- 100% visibility into supplier relationships
- Significantly improved contract turnaround time
Case Study #2:
Highly fragmented, complex contract process leads to reduced visibility and lengthy contract turnaround times.
Sample client: European-based robotics and power automation leader
Industry: Industrial automation
ICM solution: Implemented a comprehensive, buy-side platform inclusive of contract setup, alerts, and notifications. Provided the ability to track commitments and expiries, as well as easily and quickly search through contracts based on metadata or text.
Key outcomes:
- Enabled tracking of contracts through various stages of their lifecycles
- Reduced contract cycle times from 72 days to 4 days
- Proactive notifications for contract expiries and renewals
- Helped eliminate manual errors through fully-automated, agile contract management process
Case Study #3:
Decentralized contract storage and fragmented management results in slow cycle times and higher costs.
Sample client: Fortune 500 technology company
Industry: Computer technology and manufacturing
ICM solution: Intuitive, scalable, and quick-to-deploy solution that eliminated all manual steps and provided complete governance. Robust functionality included simplified search, alerts, authoring, approval, storage, eSignature integration, and more on desktops, tablets, and mobile devices.
Key outcomes:
- 60% improvement in contracting speed
- 40% reduction in contract administration costs
- Improved customer satisfaction
- Extremely quick deployment: 12 weeks across entire enterprise
What are your contract management challenges?
Contract management is a unique challenge as well as an opportunity for enterprises. The Icertis Contract Management platform can help you transform your contract management processes to create more value for all stakeholders.
We invite you to schedule a demo to learn more about Icertis Contract Management and discover the right solution for your contracting needs.