Enhancing Contract Lifecycle Management for Leading Optronic Manufacturer
The automated procure-to-pay process improved efficiency, accuracy, and transparency, enabling the company to optimize procurement operations and maintain a competitive edge in the fluorochemical manufacturing industry.
The Customer
Customer is One of the leading manufacturers of optronics devices and personal/armour solutions for defense and security forces globally, with a presence in over 100 countries.
Business Challenge
As the company expanded its operations globally, managing a large volume of contracts became a challenge. The manual review of contracts, tracking renewal dates, and coordinating approvals across different time zones led to inefficiencies and missed deadlines.
The Solution
In association with LegalBuddy, DGTL introduced an automated contract management solution for the company. Key features included:
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Contract Summaries: The solution automated the extraction of key financial data, terms, and conditions from contracts, enabling quick generation of contract summaries for efficient invoicing and financial analysis.
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Automatic Reminders: Automated reminder system alerted stakeholders about upcoming contract renewals, expirations, and key milestones, ensuring proactive contract management and compliance.
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Smart Folders: Contracts were organized and categorized automatically based on type, date, parties involved, and key terms using LegalBuddy's smart folder feature. This streamlined contract retrieval and reference, improving accessibility and reducing search time.
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Customized Workflows: The solution allowed the company to create customized workflows for contract approval, review, and execution, ensuring standardized processes and efficient collaboration between legal, sales, and management teams.
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Integration with Existing Systems: DGTL seamlessly integrated with the company's existing SAP and other systems, providing a centralized platform for contract management and data sharing.
Results
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6X Faster Financial Identification: DGTL reduced the time to identify key financials in contracts from 30 minutes to just 5 minutes per contract, a six-fold improvement.
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50% Reduction in Execution Time: Contract execution time decreased from an average of 10 days to just 30 minutes, from draft to signature.
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Improved Compliance and Oversight: The company now efficiently tracks renewal dates and contract obligations, reducing the risk of missed deadlines and non-compliance.
Benefits of DGTL’s Contract Management Solution
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Time Savings: Significant time saved in contract review, extraction of key data, and execution, leading to enhanced productivity.
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Cost Reduction: Reduced legal costs associated with manual contract review and administration.
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Improved Accuracy: Automated processes minimized errors and improved accuracy in contract management.
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Enhanced Collaboration: Better coordination between legal, sales, and management teams due to streamlined processes.
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Scalability: The solution is scalable to accommodate the company's growing contract volumes and business needs
Conclusion
By implementing DGTL's contract management solution, the company transformed its legal processes, achieving faster contract execution, improved compliance, and significant time and cost savings. The partnership between DGTL and LegalBuddy empowered the company to efficiently manage its contracts and focus on core business operations, enhancing overall productivity and profitability.