Leading Global Semiconductor Manufacturer Standardizes the Contracting Processes
A US-based, global semiconductor leader turned to Contract Lifecycle Management (CLM) to accelerate contracting cycles, increase contract visibility across business units, and track contract metrics to support its razor-thin margins.
Discovering the Need for End-to-End Contract Management
For this leading semiconductor manufacturer, the struggles began with a previous implementation of a contract management system plagued with IT and usability issues which, three years after deployment, still was not fully live. As a result, user adoption suffered greatly and employees simply circumvented the system, reverting to familiar manual methods.
Continuing to conduct business with its slow, error-prone, manual processes, however, could no longer be an option. A lack of visibility into key contract metadata meant the company missed important contract milestones and deadlines, reporting on contract performance was virtually impossible, and upholding company-wide standards proved largely unsuccessful without a system on which to first establish those processes and workflows.
But more importantly, contracting cycles were far too slow. Margins in the semiconductor industry are so tight that a delay of days in contract processing has a huge impact on deals. And, with product development cycles being as fast as they are, products sometimes become obsolete before contracts can be executed. Time was of the essence, but the company was incapable of acting quickly enough.
Standardizing Contract Management and Accelerating Cycles
After recognizing the need to find and implement a more capable contract management solution, the company turned to Determine. At the top of the priorities list was the ability to configure and automate contract workflows and processes which would allow the company to finally manage each contract in its contract portfolio from beginning to end.
Due to the company’s previous failures with implementing other solutions, and its struggles with user adoption, senior-level management had many serious concerns. Not only did the previous IT and integration issues need to be addressed by Determine up front, but a number of user enhancements were also made top priority in order to ensure greater usability.
Determine CLM rose to the occasion and solved the company’s many challenges by:
- Standardizing and streamlining the management of contracts through their entire lifecycle
- Automating document review and approval workflows
- Increasing visibility into contracts to track metrics and measure growth and scalability
- Providing alerts and notifications for contract deadlines
- Enabling mobile contract approvals to expedite cycle time
All provided alongside a centralized repository of contracts and commercial agreements, Determine CLM completely transformed how this global semiconductor leader managed its contracts, ultimately empowering it to fully manage contracts in a secure and automated end- to-end system.