Optimizing a Contracts Portfolio

CHALLENGE

A multi-national equipment manufacturer and services Company had accumulated numerous suppliers and did not have sufficient contract language to cover rigorous customer requirements, government regulations and its code of conduct leaving them wide open to risk and disputes.

SOLUTION

Our personnel used a methodical and organized strategy as follows: thoroughly reviewed largest and most stringent customer agreements, identified gaps, developed improved supplier templates, established an enhanced vendor management questionnaire, obtained buy-in for new process and implemented change by including key personnel in the development of the new streamlined ways of working. Existing suppliers were brought into compliance through a streamlined contract process.

RESULT

This project resulted in minimized risk exposure, ability to quickly locate documents and significant margin improvement by avoiding costs associated with slow-turn-around times, fines, disputes and insurance premiums.