Challenges

  • Contracts not executed at the pace needed to meet customer needs
  • No documented processes for consistency
  • Contracts not tracked for closures and any delays in reviews, negotiations
  • No measures for contract performance tracking and reporting
  • Lack of standardized engagement model for contracts review and triaging
  • Disjointed technology systems not supporting e2e contract management
  • Contracting stack confusing and difficult to trace

 

Solution

  • Took over immediate transactional contract review/negotiation support from legal
  • Designed and helped to establish a centralized CCM function
  • Identified necessary people, process and technology to support the function
  • Defined and streamlined processes, process aids and contract templates
  • Implemented automated contract Intake form and contract tracker for e2e contract workflow and reporting
  • Developed and implemented SLAs, KPIs and performance reports to drive governance and effectiveness
  • Supported technology roadmap, covering tactical and strategic solution

 

Benefits

  • 83% improvement in contract velocity in the first four months of CCM implementation due to increased utilization of streamlined contract intake form, tracker, process, and dedicated CCM resources
  • 89% improvement in response time and 82% improvement in time-to-resolve due to having a dedicated team responding to requests, providing continuous support, documented processes and automation
  • 67% increase in contract volume and tracking using automation and documented process
  • Distributed contract function between U.S. and India to support global time zones

 

RESULTS: Legal professionals able to focus on important legal responsibilities instead of contract review, negotiation and administrative activities

ABOUT THE AUTHOR
Nancy Nelson

Nancy Nelson