In working with some of the world’s largest utility companies, Icertis has identified a number of common contracting challenges
Today’s utility companies are globally dispersed and rely on a diverse array of vendors and distributors to compete in a highly regulated marketplace. At their core, these business relationships are governed by contracts.
Ultimately, we find that utilities face a broad set of contract challenges that span infrastructure and sourcing, risk and obligation management, and collaboration with multiple stakeholders. If left unaddressed, these challenges can put utilities providers at a competitive disadvantage, expose companies to serious regulatory compliance risks and lead to dissatisfied customers.
- A lack of visibility into complex contract operations impedes efforts to optimize the performance of infrastructure asset management and sourcing, drive utilities savings, and control costs
- Client-provider relationships are governed by strict but complex master agreements, raising the risk of missed obligations
- Legacy systems and operational inefficiencies slow deals and cause leakage
- Fragmented processes and lack of integration between contract management systems and other enterprise systems cause terms negotiated during the sales cycle to not be included in the final contract