T he ability to track and act on contractual terms in a timely manner is vital in today’s highly integrated global market to avoid business disruption and ensure compliance.
Our client, with operations on five continents, needed a way to track its time-dependent contractual obligations, decisions, and expirations, and to proactively notify those accountable. These notifications needed to allow sufficient time to fulfill the obligations, make the right decisions, and/ or execute replacement agreements. Without a way to fulfill this need, our client was missing business opportunities, breaching agreements, and incurring monetary and sometimes civil penalties.
To address these challenges, this client turned to Access Sciences to design and develop a commercial obligations catalog and monitoring solution.
Missed business opportunities, contract breaches, and negative financial impacts
SharePointbased process automation to track, manage, and act on contractual obligations in a timely manner
Because the client now manages its contractual obligations in a timely fashion, they avoid penalties and can focus on more profitable activities
Access Sciences worked collaboratively with resources from the client’s operational, legal, and technology functions to design, deploy, and train users on a new process and an out-of-the-box SharePoint-based solution. The key elements of the solution included:
Before our team deployed this solution, each of the client’s commercial representatives had to personally understand and be familiar with their assigned agreements, including detailed contractual obligations and numerous deadlines. This presented a business continuity risk with the contractual obligations responsibility falling on individuals, and a broader risk that the client may fail to claim rights or fail to meet obligations.
After deployment, commercial representatives were able to focus on more profitable activities, while still fulfilling the company’s obligations in a timely, consistent, and compliant manner.