Annual Cost Savings of Nearly $500K With Complete Functionality
Contract Lifecycle Management (CLM) System Implementation
A Fortune 500 Networking & Cybersecurity Company
Challenges
- Services vendor-owned CLM system in use, not aligned to company requirements
- Inconsistent contract management processes leading to confusion and errors
- CLM system not workflow driven to aid contract tracking and closure
- Data availability and compliance issues
- No system-based contract creation capability
- Contracts posted in two locations; contracts missing and inconsistent between two systems causing traceability issues
Solution
- Performed Need and Gap analysis & Performed Market Research to evaluate CLM system
- Recommended CLM system aligned to strategic needs & Developed Contract Metadata Dictionary
- Implemented system with required functionalities for repository, contract creation, eSignatures, reporting, and other key functionalities for efficient workflow
- Developed User guides and trained all stakeholders on processes and system usage & Developed Intake and Quick Forms
- Partnered as an extended team to manage contractual data and system.
Benefits
- Enhanced management of contracts through various lifecycle stages
- 100% traceability to all contracts and supporting documents
- Improved contractual, regulatory, and corporate compliance
- Faster and more efficient signature process
- Automated reporting meeting requirements of all stakeholders
- Faster contracting time due to efficient processes and systems
- One source of truth
- Utilized AI technology to quickly and accurately migrate 23,000 contracts and input associated metadata into CLM system.
RESULTS
Annual cost savings of nearly $500K with complete functionality, relevant information, current, complete, and accurate contractual information.