Retail

Fortune 500 Luxury brand with worldwide stores and many suppliers

Retail

About Company

The company sells high end luxury goods and have suppliers in multiple countries. The company has deployed Ariba CLM as a part of their contract management, but quite a few procurement managers found it difficult to use Ariba and started authoring the contracts outside the CLM by modifying word templates.

Contract Challenges

Due to organizational changes and emphasis on streamlining the procurement process, the company was looking for a platform that can analyze the legacy contracts, abstract metadata from the existing contracts, search for key terms and clauses and act as an add-on to the CLM. Also since the management doesn't want to invest or replace existing CLM system due to cost considerations, SCA was brought in to bridge the gap.

How Smart Contract Analytics was Helpful?

SCA brought in the following key features:

  • Locate and centralize contracts, reducing the time and costs associated with search and discovery
  • Extract the terms, pricing, delivery obligations, payment terms, renewal clauses, and product/service performance SLAs
  • Find specific provisions in vendor contracts in areas such as:
    • Unknown auto-renewals
    • Obligations and indemnifications for data breach events
    • Unknown and unrealized pricing rebates and incentives
  • Obtain the intelligence to perform accurate spend analysis, understand contract risks, and reduce procurement costs

Business Benefits

And since SCA integrates with eProcurement, sourcing, contract lifecycle management, and supply chain management systems, it helps reduce cost leakage, increase overall savings on purchases, monitor risk exposure, and enhance supplier visibility.

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