Following case study reflects our value proposition and success factors with one of our key customers:
About Client:
Our client, is a multinational business process outsourcing and information technology services company, specializing in enterprise and industry solutions. Company is domiciled in Bermuda with executive headquarters in New York.
It has more than 70,000 employees across 25 countries. The $2.46 billion company is listed on the New York Stock Exchange.
Project Summary:
Challenge – Our client has started implementing contract lifecycle management software for their entire organization. As part of the implementation project, client decided to abstract all legacy contracts for all the stakeholders of the company. The implementation is aimed for enterprise wide adoption and expected to map all obligations of the contracts to all subject areas including but not limited to legal, finance, IT, SLAs for each operations team, HR, Governance & Compliance, Insurance, Tax and more. This resulted in extensive list of parameters to be abstracted. In the present case it was more than 145 parameters. Client succumbed to following set of challenges:
- Large volume of legacy Contracts;
- Missing the operational and/or commercial timelines due to unmanaged contract database ;
- Relevant departments clueless about their respective obligations with respect to a particular Agreement;
- Absence of legal interpretation skills resulting in wrong interpretation of terms and conditions
- Difficulty tracking contract termination, renewal, and other dates
- Downfall in service delivery due to absence of any obligation tracking mechanism
- Absence of contracts database
- No assistance for implementation of CLM for legacy and ongoing transactions
- Stringent timelines
MM Solution – MM team proposed a solution targeting each of the challenges our team diagnosed during the scoping of the project. Deliverables were divided into three parts, and experienced and seasoned resources were appointed to lead each part.
- Collation
- A dedicated team of six attorney was appointed to collate the large volume of contract database, manage them, arrange them as per order of precedence
- All the dump was cleaned to only retain the contracts and associated documents thereby, clearly culling out unwanted data
- Prepared extensive trackers tracking details, status, and issues to be used by client’s project management team
- Abstraction
- Appointed a dedicated team of twenty well trained attorneys;
- Presented obligation tracker for the relevant departments such as Operations, Compliance, Legal, Commercial etc.;
- Interpreted complex legal language of the Agreement and subsequently breaking them into simpler and easy to comprehend sentences;
- Data Migration
- Uploaded abstracted data to the CLM tool offering easy access for all the departments
- Assisted client in compilation of reports covering the live accounts in the tool and updating status of all work-in-progress accounts
Success: All the challenges cited above were turned into a viable solution and successfully delivered to client. In addition:
- MM team was applauded by client to keep up with their constantly changing directions and guidelines
- MM team offered scalability to client which in turn empowered them to sign up for early roll out of adoption plan
- Efficiency Gains – MM’s prowess towards leveraging technology helps in eliminating additional administrative hours, fading the possibility of human errors, automated workflows and more
- Client had considerable cost savings by engaging MM versus other vendors to deliver same set of services because of the value addition that MM offers in conjunction with the efficiency gains attained in the project by leveraging in-house software and technology
- Successful & seamless support for CLM implementation
