Streamlined Vendor Sourcing and Contract Management

Challenges

  • Ineffective processes leading to errors, wasted time
  • Lack of visibility into existing contracts
  • No consistency in application of RFX process
  • Absence of metrics and statistics to measure effectiveness of vendors or team
  • Inexperienced in IT outsourcing transactions since they previously did everything in-house.

Solution

  • Established an offshore team experienced in IT outsourcing procurements and contracts as an extension of client’s onshore team
  • Created “operational” processes to bring consistency and understandability to some of the standard processes and practices.
  • Introduced templates, checklists and standard language for various work products
  • Suggested CLM technology be implemented to create visibility, accessibility of contractual information
  • Helped develop SLAs to measure vendor effectiveness.

Benefits

  • 100% increase in contract knowledge exchange through highly explanatory, contract brief presentations
  • Increased productivity and consistency of both the onshore and offshore team through creation and use of templates, checklists and processes
  • Decreased TCO by $560K per year through the introduction of offshore IT outsourcing specialists
  • Increased visibility and management of contracts through introduction of technology
  • Created ability to perform contract compliance through the introduction of an obligation management program.

Company profile: A Fortune 500 Healthcare Insurance Company.

IACCM Infographic