Case Study: Multinational Technology Manufacturing Company Improves Contracts Processes with CLM Implementation
- Technology
Client
Multinational Technology Manufacturing Company
Location
North America
Client need
The client was experiencing delays and inefficiencies in contract negotiations, customer requests, and contract approvals. Processes were manual, which led to time-consuming internal tracking and contracts summarisation. The client could not proactively manage contracts obligations and tap into their data to measure performance, causing compliance risks.
Client solution
Epiq experts partnered with the client’s legal department to implement a new CLM tool. The key components of the solution included:
- Automation and Workflow: The CLM software streamlined the contract creation, approval, and workflows processes, reducing the need for manual intervention
- A Centralised Repository: All contracts were stored in a secure, centralised repository, making it easy to access, search and retrieve contract data
- Tracking and Alerts: The system was configured to monitor regulatory changes, internal policies, contractual obligations, and other contract milestones throughout the contract lifecycle
- Analytics and Reporting: The client gained valuable insights into contract performance through the CLM solution provided analytics and reporting tools
Why Epiq
The client needed contracts solutions experts that could support both the change management and implementation plan for their CLM implementation. By integrating a central repository of contracts, instituting tracking alerts, and adding reporting tools the client now has enhanced contract visibility and additional features leading to increased productivity in their contracts process.
Client Quote
“On behalf of our team, thank you for your expertise and delivering the results we expected. We confidently shut down our legacy solution today, and are looking forward to our new CLM solution, both literally and figuratively.”
Results and Benefits
1,400
new CLM tool users; trained and supported.
Transitioned from manual data and contract entry to CLM solution.
1
new workflow that connects 3 departments.
~3,800
contracts were migrated to the repository.
Assignment and Approval Stages
