Business Challenge
Improving contract management process for distributors. A leading European heavy industry company wanted to improve its distributor contract management and maximize savings by identifying distributors providing best prices.
Situation
Non-centralized distributor contract management structure
The heavy industry company had over 25 distributors for seven product divisions across multiple locations, which made vendor contract management immensely complex. The client wanted a solution which could simplify its contract management process with vendors and help in detecting issues, proactively managing renewals, and improving contract profitability.
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Solution/Approach
Contract data management with statistical modeling, cost analysis and predictive analytics
We mined all the historical and real-time contract data, and used statistical modeling, cost and spend analytics. We also made use of predictive analytics to analyze all contract information, improve contract management, predict upcoming renewals, and create consistent SLAs for contract management.
Impact
Reduced overall procurement spend and improved cost savings
The heavy industry company improved management of its contracts, gained visibility on common contracting issues, and received updates on expiring contracts and contract renewals. They were also able to identify the best partners, based on a standard set on contract management solutions provided by us, thus improving contract profitability.
