Check out how a huge pharma giant digitized their contracting operations with Volody’s AI CLM tool!
At a Glance
A leading pharmaceutical chain implemented Volody’s AI CLM software to address manual workflow challenges & contracting inefficiencies. Volody’s centralized repository & automated obligation reminders facilitated efficient contract oversight.
The software’s comprehensive MIS reports empowered stakeholders with enhanced visibility & control, enabling informed decision-making & better operational efficiency.
- Pharmaceutical
Case Study Highlights
The following are the highlights of the case study:
About the Client
Statistics about the Client
Challenges
- Paperwork Burden: Property documents & legacy contracts managed manually, prone to errors & inefficiency.
- Escalation Headaches: Difficulty calculating rent escalations & managing lease obligations without proper systems.
- Cash Flow Chaos: Cash flow management & security deposit refund tracking delayed due to manual methods.
- Contract Negotiation Complexities: Handling negotiations & maintaining version control presents challenges.
- License Logistical Lapses: Managing various licenses for each store consumes considerable time & resources.
Solution Process
The client, after careful deliberation, partnered with Volody to tackle their contracting challenges. Volody adopted a strategic approach, initiating contracts both at the store & regional levels for optimal management. These were the steps taken by Volody to supercharge the client’s contracting process:
Keeping all the contracts like leases, property documents, vendor contracts, etc. in a single location, enabling easy access & tracking.
Volody’s AI automatically assigns obligations to the responsible stakeholder. It sends reminders for rent escalations, ensuring timely payments.
Store & regional MIS reports including details like existing rent, escalation, refunds, license expirations & renewals.
The system also tracked trademarks filed by the company and their status, along with details of law firms hired for trademark-related suits.
Email-based summary reports were sent to top management at regular intervals for contract & license renewals.
Results
After incorporating Volody’s AI CLM Software, the client observed the following enhancements:
- Streamlined contract generation: A customizable contract form enabling quick contract generation & boosted negotiations slashing the turnaround time.
- Contract Repository: The centralized repository saved resources and boosted accessibility.
- License Management: Tagging, reminders, & store-specific reports simplified license management.
- Seamless Collaboration: Streamlined processes fostered seamless collaboration & improved coordination.
- Trademark Management: Enhanced trademark management tracked details and legal representation seamlessly.
- Ease of use: The ability to handle diverse contracts flawlessly supported business operations.
