fbpx

SUCCESS STORY
Contract Management Services

Scope

Contract Management Services

Number of contracts supported

50+

Annual Contract
Value

USD 5 Mn+
About the Client

Learn how a Finnish retailer with multiple, branded department stores saved up to 10%, and increased efficiencies by implementing a comprehensive contract management and governance program.

Challenges

  • Non-availability of data on baselines and its actual utilisation.
  • Non-standardisation of contractual formats and templates.
  • Long drawn-out coordination among internal departments for vendor on- boarding and approvals, causing dispruption of agreed timelines.
  • Manually locating and sifting through documents caused delays and extension of contracts in some cases, leading to poor customer service.
  • Indetermination of legal acceptance of contract terms, especially for novated contracts, increased regulatory risk.

Solution Offered

  • A discovery phase followed by due diligence was launched, to collate all the contracts and data points and plan the contract management life cycle.
  • A Contract Treatment Plan was proposed, while contracts and commercials were negotiated for best possible outcomes.
  • Total IT Global acted as the go-between for all concerned departments, driving alignment and closure in line with defined timelines.
  • A standardised structure for reporting, verification, approval, storage, execution and renewal of the contracts was created, to reduce manual intervention and automate processes.

Visible Results

  • Company achieved USD500K in savings (up to 10% of Annual Contract  Value) and improved efficiencies by implementing this program.
  • Planned and structured approach increased certainty and improved accuracy.
  • Due diligence and standardisation enabled leadership to take informed decisions and ensured service continuity with minimised contract risks.
  • Reduction in manual intervention minimised errors and improved efficiencies with faster execution of the contract.
  • Smart analysis and performance tracking ensured time-bound execution and ready availability of data points.

KNOW MORE ABOUT OUR SERVICES