31 Jan Global Contractual Obligations Made Simple
The Need to Avoid Business Disruption
The 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 system to track its time-dependent contractual obligations, decisions, and expirations and to notify those accountable in a proactive way. The notifications needed to allow sufficient time to fulfill the obligations, make the right decisions, and/or execute replacement agreements. Without such a system, our client was missing opportunities, breaching agreements, and incurring monetary and sometimes civil penalties.
To put the right system in place, this client partnered with Access Sciences to design and build a commercial obligations catalog and monitoring solution.
Leverage SharePoint to Capture and Monitor Contract Events
Access Sciences worked collaboratively with client resources in the 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:
- Registering all commercial obligations
- Tracking upcoming contract events and pushing electronic notifications of impending requirements to allow for sufficient time to take action
- Providing a comprehensive audit trail for compliance
System Enables Consistency and Compliance
Before the client deployed this solution, each of their commercial representatives had to personally understand and be familiar with their assigned agreements. 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, the commercial representatives were able to focus on more profitable activities, while still fulfilling the company’s obligations in a timely, consistent, and compliant manner.