Learn how a Finnish retailer with multiple, branded departmental stores, saved up to 10% 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 USD500K savings (10% 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.
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