Capture Revenue, Lower Operating Cost and Optimize Client Service through Contract Analytics
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The Legal Department of Ecova identified opportunities to leverage the treasure trove of data contained in contracts to increase overall business performance. Learn how the Chief Legal Officer and Legal Operations at Ecova implemented Apttus CLM in an innovative way and established a CLM Center of Excellence blending internal staff and Sumati Apttus CLM Certified Developers to efficiently deploy Apttus CLM.
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Capture Revenue, Lower Operating Cost and Optimize Client Service through Contract Analytics
- 1. #AccelerateQTC Syed Qasim, Ecova Prashant Dubey, Sumati Capture Revenue, Lower Operating Costs & Optimize Client Service through Contract Analytics
- 2. • Introductions • The State of the (Ecova Contract Analytics) State • Opportunities • Challenges • 3 Foundational elements 1. Repeatable & Extensible: Apttus CLM 2. High Integrity Repository 3. Agile Development - Managed Services model • Results • The path forward Agenda
- 3. Senior Systems Analyst, Legal Operations Syed Qasim
- 4. President & CEO Prashant Dubey
- 6. Company info such as :“We are a global company that provides information, software, and services. Our customers are legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare professionals.”
- 7. State of the State: Ecova client contracts are complex
- 9. This created an opportunity…
- 10. Ecova Legal Identified Significant Opportunities to Leverage Contract Data Christine Uri Chief Legal Officer Ecova Legal: Shorten cycle time from negotiation to signature Billing: Increase revenue capture from existing contracts Client Management/ Delivery: Optimize client service & client retention
- 11. But… there were challenges…
- 13. Foundational Element 1: Apttus CLM
- 14. Market Leading CLM Platform Mobile Support Advanced Reporting & Analytics Financial Stability – CLM critical for Ecova business operations Developed Services Partner Ecosystem – Sumati for supporting integrity of repository content & CLM Managed Services WHY APTTUS?
- 15. Foundational Element 2: High Integrity Apttus CLM Repository
- 16. 350 metadata fields 2 million data elements > 95% accuracy
- 17. • Every Metadata field has a reason • Defined as Objective or Subjective • “Straight Through” or “Deduced” • Mapped to a business purpose • Mapped to an Ecova Stakeholder PROFITABILITY ANALYSIS PROACTIVE RENEWALS SLA’S FIELD 3 RENEWALSPRICING PERFORMANCE CLAUSES METADATA ECOVA STAKEHOLDER PURPOSE FINANCE CLIENT MANAGEMENT ON-BOARDING DRIVER SALES OPERATIONS DELIVERY FIELD 2
- 18. Foundational Element 3: Agile, Cost Effective Implementation Sumati Apttus CLM Managed Services
- 19. APTTUS CLM MANAGED SERVICES Fixed price per month based on roadmap Dedicated team of Apttus CLM certified Salesforce developers Follow the sun model – development in US night – validation US Day Agile model – rapid iterations ECOVA’S APTTUS CLM ROADMAP + SUMATI MANAGED SERVICES Continuous Improvement Roll Out Change Authorization Automation Roll Out TESSA Automation for Legal Red Lining Adoption – Legal and Sales Ops Build Rule Book and Term Library Metrics Baseline APTTUSCLMROADMAP Test Migration of Data Data Migration NDA Auto- Generation QA and Testing Data Quality Audit and Testing Build Out Architecture
- 20. Results
- 21. “Using Ink, I can respond to a client’s question about their contract in 10 minutes instead of a day. This significantly speeds up the negotiation process. It also increases client satisfaction by providing a value-add. We can provide copies of contracts to clients whose own legal teams cannot find them.” Paige Kindell Janson, Vice President, Sales and Client Management “Having centralized and contextually relevant access to client contracts in Salesforce (through Ink) is great! It makes our jobs easier as we facilitate the set up and onboarding of our clients. Beyond that, Legal is able to streamline updates to the system as business needs arise by capturing and providing additional data that is relevant to our teams.” Jennifer Neitzel Senior Manager, Client Onboarding, Client Fulfillment
- 22. The Path Forward
Editor's Notes
- [SQ] Introduction -
- Ecova blends data and technology, with people and insight, to drive powerful results for clients. Ecova is a wholly-owned subsidiary of ENGIE, a global energy player with 150,000 + employees & revenues of € 70 Billion
- Over 5.5 .million contract documents successfully reviewed and migrated using the Sumati ContEXT migration platform. Sumati Apttus CLM Managed services have helped our clients save over 70% on ongoing Apttus CLM maintenance, operational and user support costs.
- [PD] over 60 services sold in bundled package customized to meet the needs of over 800+ commercial and industrial clients heavily negotiated client contracts contain varying combinations of services with differing price points, delivery requirements and legal terms, many originate from a handful of acquired companies with different templates. Each client has a master agreement, and the majority have multiple amendments, which add and subtract services, change pricing, extend terms, and modify legal provisions. [SQ] For example, we have contracts that are xx pages, with yy permutations of services with many pricing levels and price triggers and many service level agreements and performance clauses. Redlines pass back and forth over 10 times in a negotiation Each contract starts with a template but is extremely custom by completion.
- [PD] Ecova’s legal team found that the complexity and volume of client contracts created a knowledge barrier for internal teams, particularly client management, billing and delivery. If these barriers are removed, Ecova could not only shorten cycle time and increase cleint service, but also drive increased revenue. Ecova called this effort Project INK. [SQ]The INK team set out to address these issues by developing a Contract Lifecycle Management program (“CLM”) capable of providing business stakeholders access to contract intelligence quickly and easily. From the beginning, the Ink team’s stated goal was to leverage contract data to drive better business results by increasing revenue and improving client service.
- [PD] core contract documents that contained a treasure trove of information were difficult for business teams to efficiently access. none of the data contained in these valuable client contracts had been organized for extraction into reportable formats for Ecova’s business leaders. Ecova SME’s and support staff were already very busy and could not be tasked with organizing contracts and extracting metadata Data/contract integrity were of paramount importance so, temp staff could not be reliably used. Any process that was established needed to be repeatable and extensible to the rest of the organization (planning for success) [SQ] Talk about change management challenges Talk about how legal had credibility to focus on business issues but needed to be sensitive to how work is conducted in different departments such as billing, client services, on-boarding etc… Ecova is a collaborate and control environment not a command and control environment. Consensus takes longer and requires a soft-spoken empathetic approach.
- SQ does this slide by himself. PD can add color commentary as needed.
- [SQ] Contract documents stored centrally but no parent/child hierarchy Needed to organize these, make sure they were fully text searchable Named in a common naming convention Duplicates removed Missing documents reconciled [PD] It was critical to have a very disciplined process to select metadata fields
- [PD] Ecova took a best practices approach to metadata fields Metadata mapping critical but rarely executed in a disciplined manner Start with stakeholders Document their business purpose/goals Identify the buinsess/data drivers that get them to their goals Identify the metadata fields that enable the data drivers to be used for analysis Ecova did this for every one of their 350 metadata fields Benefit is that stakeholders owned their goals Their was a good argument to keep these evergreen because every one was being used The richness of analytics created a lot of confidence in the overall project.
- [SQ] need roadmap graphic as discussed
- Syed – need photos of Paige and Jennifer here
- [PD] The Ink team is planning to build on its success in 2017 by implementing the following additional features to provide a fully immersive CLM experience: Automated generation of template agreements, and Centralization of the negotiation and redlining process on Salesforce. [SQ] Through these additional features, Ecova will be able to generate metrics that can be used to further empower and improve the sales process and client buying experience as well as decrease contract cycle times –all of which enable even better client service. The Sumati Apttus CLM Managed Services relationship will evolve from a pure development scope to a blended user support and development scope to ensure optimal user adoption.