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