Contract management services including contract drafting, redlining, and negotiation

Client : A Fortune 500 healthcare company

Service Offered : Contract Management Services

Sector / Industry : Healthcare

Client
Objective

The client sought a partner to centralize the contract management process within the procure to pay function. This included process standardization, reduction in turnaround time, process automation, and risk management.

Client
Challenges
  • Decentralized processes across geographies and businesses
  • Usage of non-uniform legacy processes and systems, attributed to the client’s organic and inorganic growth
  • Non-standard contract templates and contract creation processes, causing significant deviations from legal prescribed standards
  • Long turnaround times in executing low to medium risk, high volume contracts
  • High cost of legal review/intervention in recurring contracts
  • Uneven contract volumes, leading to uncertainty in resource requirements
Client
The Solution
  • Developed a multi-geography solution for the North American and EMEA regions
  • Set up an offshore delivery center in India with skilled attorneys to support contracting as per the client’s time zone and jurisdiction
  • Helped standardize contract templates and develop negotiation playbooks across businesses
  • Created a process automation solution for error reduction in contract development
  • Liaised extensively with internal and external stakeholders to drive change management

Transition from person to process dependent model, with:

  • Standardization of process flows and follow-up cycles
  • Adaptable, trained contracting team.
solution
Impact

Nexdigm developed a multi-geography solution for the North American and EMEA regions while setting up an offshore delivery center.

We helped make the transition from a person dependent to process dependent model. We also achieved a 50% reduction in average end-to-end contracting cycle time, a 40% reduction in time spent by the in-house legal team and 25% time saving in preparing contracts.

We also created a process automation solution that minimized commercial and legal risk from non-standard contractual terms leading to better control and oversight of the entire process.

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