Transforming contract lifecycle management (CLM) for a Forbes 500 FMCG major

Our client, who is a global FMCG major, wanted to decommission their legacy system used for Contract Lifecycle Management (CLM) and replace it with a custom contracting application. With this transition, the client would reduce the cycle time of contract management, improve the user experience, and increase first-time-right contracting. Their challenge was to manage the project end to end and oversee product management. This was to ensure that the buyer’s journey would be smooth and that the metrics for contract management would be improved.

The Thoucentric team had experience in managing multiple change management projects as well as in product management and laid out a comprehensive project plan to turn around this digital transformation project for the client.

• We played a crucial role in the product design by conducting requirement-gathering workshops with the end users while also incorporating industry best practices in the CLM space. We helped provide a technical proof of concept (POC) which was then deployed for a specific region as a pilot program.
• After the successful pilot implementation, we also led the initial deployment and change for the program across the globe in 15+ countries. This involved user training, user engagement strategies, on-site deployment support, post-change support handling, etc.
• We also developed detailed documentation that included a manual tool for the buyers and SOPs on admin-related processes for back-end users and training videos on the different modules within the tool. This ensured continuous learning support to new buyers, which in turn ensured that adoption rates stayed high.

By successfully digitizing the contracting process, which was a tediously manual process in the legacy system, our client was able to significantly improve process efficiencies and reduce errors. There was a 50% Reduction in TAT for contract processing. With intelligent system-driven validations, they also achieved 100% First Time Right (FTR) Contracting. Apart from operational benefits, the client was also able to unlock financial benefits such as 100% financial contract compliance and ~50% reduction in the person-hours due to the introduction of the new tool.