Client: Leading information technology service, consulting and business process services company
Industry: IT consultancy
Area of operation: Global
Products: Comprehensive IT Solutions and Services
Employees: 175,000 employees across 62 countries
Revenue: US$8.47 billion (2019)
Effective contract management is crucial to risk management and flawless compliance maintenance. Wipro realized the limitations of the existing contract management process, as a result of manual approval processes and lack of visibility into approvals and pending and executed contracts. Additionally, lack of an online central repository for enterprise level contracts, resulted in longer cycle time for contract reviews.
At the same time, agreement compliance often required manual intervention using an email-based review process, increasing the risk of missing versions and approvals’ deadlines. There was also a need to identify risks and obligations associated with the contracts while ensuring enforcement of legal processes and approvals.
Wipro was looking to implement a contract management system to address the above-mentioned concerns.
Wipro partnered with Icertis to deploy their Next Generation Contract Management (ICM) System. A leading contract management system provider, Icertis, demonstrated high level of flexibility to accommodate the contract review process within Wipro.
The solution was implemented in early 2018 for sell-side contracts comprising account level contracts and revenue generating statement of works and Purchase Orders after an initial pilot in three large accounts. ICM was integrated with the Deal Pricing System and Wipro’s Microsoft CRM system and ensured real-time authentication and easy data-sync.
Icertis acted as a launch pad for Technology Assisted Review (TAR), enabling end-to-end contract management capabilities for Wipro - from creating a request for contract review to executing contracts in the system. This significantly improved turnaround time for agreement execution and order booking. Some of the key benefits include:
- Enhanced process compliance: Better contract review andcomprehensive capture of comments from relevant stakeholders helped increase traceability of approvals.
- Improved transparency, speed and efficiency: Real-time view of review status helped ensure speed and efficiency. Ability to accommodate digital signatures did away with the need for manual intervention.
- Reduced risks: Online review ensured ease of access to contracts.
- Enhanced effectiveness: Ability to negotiate with clients and suppliers and review contractual obligations helped improve outcomes.
- Contract analytics: Rich insights into all active MSAs and SOWs through meta data was made available.
- Superior governance: Maintaining record of approvals and audit trials ensured tighter governance while capturing different types of obligations for active MSAs resulted in better obligation management and compliance.
“Deployment of the Contract Management System has helped Wipro to enhance effectiveness of contract reviews and improve efficiency, while ensuring process compliance. This is a big step towards automating the Order 2 Cash Process as well as enabling technology-assisted contract reviews”.
-Kumar Gokare, Senior Manager – Finance, Wipro.