Case Study: Financial Services Client Streamlines Contracts Workflow To Reduce Processing Time by 80%
- Financial Services
Client
A Financial Services Company
Location
United States
Client need
Implementing a contracts lifecycle management program
The client, a large financial services company, needed to organize and automate the company’s contracts, which were managed incongruently and by onerous manual processes.
Client solution
A programmatic approach to select and deploy the right Contracts Lifecycle Management technology
Leveraging our proprietary PracticeView methodology, Epiq helped the client define and architect an enterprise Contract Lifecycle Management Program. The project included defining the company’s existing capabilities, identifying opportunities to leverage existing technology investments, defining requirements for a CLM system, and identifying solutions that best fit the company’s technical environment, and processes.
Epiq delivered an enterprise CLM strategy, including an automated self-service contracts process, thereby freeing legal staff to focus on higher value-add matters. More importantly, we delivered a long-term roadmap to implement a broad-based Contract Management Transformation initiative for the client.
Why Epiq
The client chose Epiq due to our deep knowledge of leading solutions, approaches, concepts, and best practices in Contract Lifecycle Management (CLM). They were confident we could deliver an enterprise CLM strategy and long-term roadmap to implement a broad-based Contract Management Transformation program.
Results and Benefits
80%
Reduction in average contracts processing cycles times.
45,000
Contracts transformed, increasing contracts visibility and analytics.
50%
Manual steps eliminated with streamlined sales-to-service processes.