Through better visibility into Contracts’ exposure areas and milestones, we helped our client with risk remediation and identification sooner in turn avoiding penalties. Through our Managed Services which is specifically designed for Contract Lifecycle Management (Legal-tech), we assisted them by setting processes and systems to streamline contract tracking and gain crucial insights at the right time.
The client we solved for is India’s one of the largest capsule manufacturers (Pharma Industry). Further, they have operations across hundred countries with their core manufacturing located in India.
Challenge/ Problem Statement
“For us reviewing contract risk has always been a time-consuming and challenging process. Manually assessing risk factors has extended our timelines and increased the risk due to inadvertent human oversights.”
Overcoming Key Hurdles
- Reducing Regulatory and Legal Risks including a breach of contract
- Overcoming non-uniformity and inaccuracy in the legal language used across contracts
- Having a process to enable us to be on top of compliance required for internal policies, contractual thresholds, government regulations, and industry standards
- Avoiding penalties and increased capital add-on charges due to missed key deadlines/obligations, insufficient warranties, or claims.
Solution and Use Cases Developed
Solution: We built processes and systems that would enable our client to make the most of contract tracking allowing them to anticipate milestones and key dates, including contract renewals, with integrated automated alerts.
- We supported the management team to effectively monitor and improve its systems for early identification of risks to maximize profits and minimize losses through our Managed Services and Advisory.
- By consolidating contracts in more than 100 countries into a single repository, we ensured better visibility of contracts organization-wide.
- Early identification and remediation of contract variations and risks by 80%
- Central Repository provided better access and control which resulted in reducing search and retrieval time for agreements by 90% per resource
- Clear visibility on key parameters/exposure areas
- Fast access to business-centric information and a significant reduction in missed milestones.