Telecommunications Leader Automates Contract Processes and Increases Efficiency
Looking to improve contract visibility, accessibility, and reporting for thousands of contracts worldwide, a global leader in telecommunications turned to Determine Contract Lifecycle Management (CLM) to provide a unified, end-to-end contract management solution on the Salesforce.com platform.
The Inefficiencies of Fragmented Contract Management
The business challenges faced by this global leader in telecommunications could all be traced back to the fact that the previous contract management system in place was not just one system, but a variety of manual and homegrown solutions. And this was not within just a single business unit, but across 40 countries on 5 continents.
With so many different business systems in use, the company struggled to effectively manage its contracts from beginning to end (request to renewal). But error-prone contracts resulting from manual processes were not the only challenges hindering business. The company’s lack of a central repository for such a widespread international team meant insufficient levels of visibility and collaboration, in addition to audit and compliance risks.
Ultimately, these struggles resulting from broken processes and lack of standardization led to high levels of inefficiency and ineffectiveness, along with the failure to maximize the value of each contract, which resulted in lost revenue opportunities.
Realizing the Value in Automated Contract Processes
Finally realizing the need for a complete and robust contract management system, the telecommunications leader concluded its search with Determine CLM. Determine’s solution was able to automate workflows and processes, increase visibility into each contract, provide a secure repository, accelerate revenue recognition, and even introduce reporting capabilities for new and existing contracts.
Determine CLM’s end-to-end contract management capabilities provided a comprehensive and integrated approach to contract management, which afforded the functionality, flexibility, and configurability necessary to conduct business responsibly and with less risk. Determine CLM also provided the following benefits:
- Standardization of procurement and sales processes
- Reduction of contract cycle time
- Elimination of errors within contracts
Moreover, Determine’s contract management system was best able to integrate with the company’s other existing business systems and processes. And with its ability to integrate bi-directionally with ERP, CRM, SRM, and procurement systems, the company had no concerns about adding new systems in the future.