Nancy Jessen, SVP-Legal Business SolutionsBy considering contracts simply as a legal document that memorializes the deal structure organizations miss the opportunity to manage commercial contracts in a more disciplined, business-savvy manner. Adopting an Enterprise Contract Management (ECM) strategy that encompasses transactions from inception to final delivery creates process efficiencies, but more importantly helps protect revenue, minimizes costs and proactively manages business risk.
From a tactical standpoint the CIO sets the stage by tracking global contracts and the activities involved in the process. “From a strategic point, coordinating involved resources throughout the company and extracting relevant information to support better business decisions is never easy. It requires a vision and commitment from leadership.” affirms Nancy Jessen, SVP-Legal Business Solutions of UnitedLex. The Overland Park, Kansas-based company, UnitedLex is geared up to transform the de-centralized mechanisms many organizations currently deploy to manage contracting.
By conducting a functional assessment of the entire contracting process that includes resource utilization, spend, technology, processes, templates and policies, the UnitedLex team articulates a new strategy to address identified challenges. As a service provider in the legal industry, the UnitedLex’s ECM solutions span across the entire contract lifecycle from pre-contracting activities, through post-award Obligations Management in both sales and procurement functions. “We help organizations to revolutionize their contracting environment by initiating process re-engineering and introducing efficiency concepts such as shared services and the application of technology,” points out Nancy. “Equipped with a repository of benchmark data and contract templates, policies and processes that dwarfs any other consultancy, UnitedLex provides an end-to-end (“E2E”) contracting service to transform the contracting function by applying an advanced technology package and skilled resources to handle intake, review, drafting, negotiation and closure of whole categories of contracts. Clients are provided up to the minute reporting and data to drive improved business outcomes and more effective risk management.” With an accelerated implementation approach, UnitedLex can have clients live within 45 days of being retained.
The company’s contracting intelligence services enables their clients to make more informed business decisions by having easy access to relevant data. With more than 1,500 dashboard metrics produced for clients on a weekly basis, UnitedLex appreciates the importance of content as well as its presentation and timing.
UnitedLex’s ECM solutions span across the entire contract lifecycle from pre-contracting activities, through post-award Obligations Management.
UnitedLex leverages its expertise via its proprietary contracts platform to monitor the myriad of contracting obligations. The solution provides delivery certainty for clients with large contracts that encompass complex services and performance deliverables. The highly disciplined approach to obligation management allows clients to realize the full value of their contracts by mitigating risks and protecting revenue through real time insight and validated performance.
“Our client-dedicated teams support legal, delivery, procurement, finance, sales, and operations departments with contracts-related tasks, allowing them to focus on high complexity and high value work,” points out Nancy. For instance, a Fortune 200 company wanted to intelligently identify, prioritize, and monitor its contract and regulatory obligations. UnitedLex’s obligation management technology-enabled service combined automation and expertise to organize and segregate obligations by risk hierarchy and attributes. The company benefited assignment, alerts, and performance monitoring of high-risk obligations and compliance of stakeholders. These stakeholders are accountable for the delivery and structured oversight program to monitor compliance and assist with past due obligation closure. Also, the client gained a secure, dynamic, and searchable repository alongside compete visibility on contracts and regulations, obligations, terms and SLAs.
From work flow, contract creation, notifications, performance obligations, metadata extraction and risk assessment, the company’s 360 degree involvement in the entire contracting gamut, allows its client to benefit most from its services. UnitedLex’s has been providing contracting services since the day of its inception and recognizes the need to continually invest to drive the industry forward. “We understand the contracting process and want to enable clients to gain more business value from it,” concludes Nancy.