Sports Producer Maximizes Contract Revenue with CLM
A global sports footwear, apparel, and equipment producer looking to streamline operations, improve compliance, and minimize costs and risks chooses Determine Contract Lifecycle Management (CLM) to replace existing fragmented systems and maximize revenue generated from contracts.
The Need for Increased Control and Visibility into Contract Management
Contract management with this global sports apparel and equipment leader was characterized by high levels of fragmentation at all stages, heavy reliance on manual processes, and few company-wide policies and standards. Depending on the country and region, the company was utilizing multiple manually-based systems and a variety of homegrown solutions that presented numerous difficulties when attempting to create, manage, or gain any insight into the varied contract processes in use.
In addition to an inability to effectively and efficiently manage all the stages of a contract’s lifecycle (from request, contract administration, through to renewals), the company needed to minimize costs and risks, maximize revenues, streamline operations, and improve compliance with policies, procedures, regulations, and negotiated terms and conditions. However, key functions like integrated workflows, automated controls, system generated notifications, global visibility into contracts, and meaningful reporting either did not exist or were not widely available throughout the organization.
Scaling Contracting Standards Company-Wide
With only a document management solution rolled out to its legal department, the company struggled to overcome its challenges and meet its goals. As a solution, they turned to Determine. There was great need for a cohesive, enterprise-level contract management solution that would enable the company to standardize contracting processes company-wide.
Furthermore, beyond providing a single document repository for all contract-related documents, including all contracts for all divisions and subsidiaries, Determine CLM provided:
- Complete automation of manual processes
- Standardization of contracting processes
- Metadata gathering that provided robust reporting
- Acceleration of contract cycle times
- A centralized, global contract repository
Previously working within multiple systems necessitating manual processes that were prone to errors and complex in nature, Determine CLM provided all of the company’s many business units with the tools and capabilities required to transform contract management. And with its newly established contracting processes and standards, the company was able to uncover the additional revenue once hidden within its contracts.