Automated Contract Analytics Saves Financial Losses
Discover how a large financial services firm discovered £518K in hidden costs using contract analytics.
Discover how a large financial services firm discovered £518K in hidden costs using contract analytics.
END-TO-END VISIBILITY
A U.K.-based large FTSE-listed financial services company with an annual turnover of £735M, over2,000 employees and a client base of over 1.8M active clients. Despite implementing a leading Contract Lifecycle Management (CLM) system for managing contracts, they faced the challenge of inconsistent, inaccurate and incomplete data being captured across their diverse contract portfolio.
Key challenges included:
Lack of a trustworthy system that could provide a single source of truth for all contracts
Limited visibility into key contractual clauses leading to missed out supplier negotiation opportunities
Increased compliance risks due to inconsistent and incomplete data available
Financial implications arising from unnoticed Cost of Living Adjustments (COLA) clauses at auto-renewals
Higher cost and longer turn times in contract extraction and analysis
END-TO-END VISIBILITY
After witnessing the positive results from Spendkey's spend analytics, the customer collaborated with Spendkey for contract analytics assistance.
Spendkey's Contract Analytics module streamlined the contract management process across the organisation, unifying and creating a clean, structured repository of contracts, providing greater visibility and searchability.
Extraction of 23 key metadata fields from contracts
Mapping of supplier spend data against contract value.
Provided real-time alerts on compliance and contractual obligations
DESIGNED TO DELIVER
Spendkey’s Contract Analyser Solution helped the customer to:
Consolidated all contracts into one intuitive platform providing a single source of truth with greater visibility and search
Stay ahead with real-time alerts on compliance and contractual obligations
Auto extraction of all key terms and metrics for better, cost-effective negotiations
Eliminate financial losses from unnoticed Cost of Living Adjustment (COLA) on auto renewals
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END-TO-END VISIBILITY
Spendkey’s Contract Analysis solution streamlined the contract management function with its automated contract extraction and analysis capability providing 100% accuracy while reducing manual efforts dramatically. The solution empowered the customer to spot potential compliance issues, financial risks or any unfavourable contractual terms. In addition, alerts provided by the solution for renewals, expirations and spending irregularities empowered the business to take pro-active decision and actions in time.
Find out how your organisation can:
Reduce turn times and improve accuracy in contract management
Eliminate financial implications of autorenewals and regulatory non compliance issues
Achieve 100% contract visibility and timely autorenewals
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