Managed Services – Contracts
Industry: Life Sciences
Client: Leading Multinational Pharmaceutical Company
Issue:The client, with offices in several global locations, had contracts that were scattered across numerous departments and individual stakeholders. Approximately 15,000 contracts needed to be migrated into a contracts database and mapped to the correct templates.
Solution:Conducted an initial review and developed a multiphased approach. Upon organizing the folder structure and data, our team migrated the client's legacy contracts into the client’s existing CLM database (Cobblestone) upon review of nine critical clauses with several sub-sections.
Cost Savings:The client realized an estimated cost savings of approximately 55%.
- Multiphased approach that resolved client's backlog while also implementing a Managed Services approach to contract review, negotiation and abstraction
- Reviewed 15,000 contracts in four months to clear backlog
- Rectified incomplete, misfiled and duplicate copies and versions of contracts
- Expedited client's negotiation process
- Unified the previously disparate organizational systems across business units
- Created organizational structure including family hierarchies and external party names in the master data library
- Provided system for easy monitoring of contract obligations and milestones
- Provided continuous onsite support for client