Health Care

Fortune 500 Specialty Pharmaceutical Company with several pharma suppliers.

Health Care

About Company

This specialty pharma company has many suppliers and special contracts for each one of the specialty drugs. The number of contracts are more than 10,000 and includes MSA, SOWs, NDA and Amendments.

Contract Challenges

There are several pain points for this client:

  • The legacy contracts are spread all over the shared folders and hence there a big risk of losing track of them
  • No visibility into the original contracts and amendments
  • Most of the contracts were paper based and scanned into unsearchable PDF and hence not searchable
  • Huge need to migrate and extract the data from legacy contracts
  • No visibility into contracts that are of high value

How Smart Contract Analytics was Helpful?

The SCA platform has readily built adapters to connect to common cloud storages such as Drop box, Box, SharePoint etc using which we could import the legacy contracts, extract meta data and digitize the contracts. Further we could migrate the digitized contracts and meta data to a newly deployed CLM system and brought in visibility of contractual terms, risks and obligations. The legacy contracts were in unsearchable PDF, scanned images and other formats from where the SCA tool was able to perform OCR to extract the metadata and clauses.

Business Benefits

  • The search facility helped in day to day work of procurement managers and improved the productivity by 30% resulting in huge savings and reducing the burn-out.
  • The analytics dashboard helped the procurement managers to review the contracts that are upcoming for renewals well before and stop any unwanted auto renewals – essentially preventing auto renewals and enabling to negotiate better rates.
  • Overall, the annual estimated savings are in the range of half million USD attributed to various components such as increase in productivity, preventing unwanted renewals and ability to negotiate better payment terms.

To understand how Smart Contract Analytics can help you reduce your day to day contractual pain points and save your time, resources and money.