Customer Overview
Industry
Financial Services
Headquarters
New York, United States
Global Presence
70 offices in 5 contintents
The Background
About the customer
An international group of laboratories with over 800 labs across 50 countries, providing testing and support services to pharmaceutical, food, environment, agriscience, consumer product indusries and government agencies.
Key Challenges
Contract Request
Unable to place a contract request directly from Salesforce or any P2P platform.
Poor Contract Compliance
Absence of contract workflows led to compromised contract reviews.
Long Contract Creation Cycle
Lack of standard contract templates for in-house and external contracts.
Poor Contract Visibility
Absence of a central contract repository led to poor visibility into executed contracts.
Zycus iContract Solution for the Customer
Zycus has helped the Biotech giant to centralize and automate their global contract process by
Streamlining Contract Request & Authoring
Embedded self-service portal along with guided wizard to automate the workflows and AI engine to parse third party contracts.
Simplifying Complex Negotiation
Automated workflows for seamless contract reviews, negotiation and execution while tracking the redlines.
Improving visibility via Central Repository
Established a single source of truth along with a user-defined access for retrieving contracts and perform search.
Leveraging data using custom reports
Set alerts & reminders to schedule recurring statistics reports and dashboards for holistic view of key metrics.
Moving to an intuitive User Interface
Led to ease of use and faster atoption of the CLM within US and Asia users.
Monitoring contracts Stagwise
Set workflows to track and monitor the contracts stuck at every stage with just click of a button to accelerate the contract process.
Streamlined contract initiation for authors across several business units.
Reduced the time to signature to under 2-3 weeks from about 2 months.
Scaled up adoption with 100% of sell-side contracts processed through Zycus iContract since implementation.
Improved 100% Contract Visibility by accessing contacts in a few seconds.
Mitigate contract renewal and termination risks with timely reminders.
