The Commercial Real Estate Giant Integrates Disparate Systems and third-party Contracts with AI-powered Zycus iContract
About Company :
One of the ‘Big Three’ commercial real estate services and a 100-year-old company headquartered in Chicago, Illinois operates across 400+ offices in over 60 countries with 53000+ team members generating a revenue of 8.8 billion dollars by managing 4.1 billion square feet of commercial space.
Contract Management Challenges:
In the recent years the US headquartered commercial Real Estate major was involved in a sprint of mergers and acquisition which culminated into 3 major players. When merging, it’s common for the companies to face with the logistical challenges of integrating the disparate contract management systems coming together. Customer needed a contract management system that will streamline their business processes and manage third party contracts.
Initially the company leveraged an existing business suite software partner with contract management as one of their modules. But contract management was not their core expertise area the lack of AI capabilities like contract data extraction did not allow the company’s contracts team to migrate all the contracts from multiple systems into one place. Another huge requirement with the growing number of contracts to be managed, a central repository with post award contract management capabilities like alerts, reminders, and obligation tracking became critical.
The customer needed a CLM that did not operate individually, but also supported third party contracts. 2 years post implementation of Zycus Central Repository Software,
- 4000 contracts have been successfully stored in the repository from their Legal and Procurement departments in the US.
- The successful OCR conversion of migrated contracts enabled users to search contracts easily with the free-text search functionality.
- Hassle free reports supported by efficient data extraction with timely alerts, remainder and notification for contract terms and review they have standardized their post contract management process.
The Commercial Real Estate company is looking forward to bring in their Authoring Portal and Brokerage Team onboard the CLM. By Q1 2022, they are planning for a full CLM implementation.
To know more about how Zycus helped StoneX achieve the key outcomes, please download the detailed Case Study