Learn how a large, UK-based food retailer saved up to 12% in Annual Contract Value (ACV), 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 & Visible Results
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 that led to USD800K savings (12% of Annual Contract Value) and improved efficiencies.
Due diligence and standardisation enabled leadership to take informed decisions and ensured service continuity with minimised contract risks.
Total IT Global coordinated communication between departments, brought in a planned and structured approach, ensuring alignment, standardisation and timely completion that further enhanced predictability and precision.
A streamlined system for contract reporting, verification, approval, storage, execution, and renewal was implemented to automate processes and reduce manual intervention, leading to minimised errors and improved efficiencies with faster execution of the contracts.
Our website uses cookies to enhance your digital experience. You may choose to edit your preferences using the Cookie Settings button. Visit our Cookie Policy and Privacy Policy for more details.
Our website uses cookies to improve your experience while you navigate through the website. Of these, the cookies that are categorised as 'necessary' are stored on your browser by default, as they are essential to enable a basic browsing experience of the website. We also use third-party cookies that help us analyse and understand how you use and navigate our website. These cookies will be stored in your browser only with your consent.You may also chooseto opt-out of some of these categories.Click on the different category headings to find out more and change your default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site, and will not be able to monitor its performance.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these services may not function properly.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
