Transformation & Consulting
Generating Contract Management Transformation Impact
Managing multiple contract types with varied spend can be time and cost-intensive. With growth, and an increase in suppliers, the need to ensure contract compliance—from creation of agreements, to requisitioning and PO creation, through to invoicing and payments—grows further. The frequency with which obligations must be actively monitored and managed (monthly, quarterly, annually, etc) is yet another complicating variable.
To address the challenge, Genpact’s process-improvement experts are using Lean Six Sigma expertise to help companies set up the right compliance metrics to minimize contract leakage and risk exposure. We focus on managing contracts through a simplified yet effective process and by leveraging tools/technologies.
It starts with leaning out the process, setting up the right metrics, defining compliance and leveraging technology to ensure compliance. From there, we set about providing rigorous performance analysis, streamlining labor-intensive processes, repairing fragmented procedures and disintegrated technology platforms, and confronting ineffective compliance-monitoring and management.
With Genpact’s help, a US$1.5 billion-plus wireless communications carrier found multiple instances of contract non-compliance. Lean analysis identified process improvements that could minimize leakage to the tune of US$10 million through tighter controls and metrics.