ISG helps a major food service retail company to adopt an intelligent contracting approach, improving its efficiency and ensuring regulatory compliance.
Opportunity
A leader in the fast-food services was in search of an advanced contract lifecycle management solution to assist with planned optimization initiatives, which included general contract management, enhanced reporting, and ease of collaboration with internal and external stakeholders. The company needed a solution to ease the operational overhead of its current contract management processes. The emphasis of the solution centered around enhanced artificial intelligence (AI) functionality and enhanced reporting capabilities. It realized it needed assistance with adopting a future-state solution that addressed required skills, tools, processes and governance. Because of this, the company engaged ISG.
Imagining IT Differently
ISG leveraged its patented intelligent contracting management platform and extensive supplier governance expertise to transform the company’s end-to-end supplier lifecycle operations.
ISG’s solution coupled the efficiencies of intelligent contracting lifecycle management with advanced system interfaces to ensure that all stakeholder groups are seamlessly engaged throughout the contract lifecycle. The system eliminated the challenge associated with orchestrating communication and collaboration between multiple stakeholder organizations.
ISG tailored the solution to align and support the company’s governance framework with information required for effective decision- making at each step in the supplier lifecycle.
Future Made Possible
- The company received improvements to its time-to-process for its new supplier engagements by over 40 percent, thus significantly reducing costs and business stakeholder frustration associated with onboarding new engagements.
- The intelligent contracting solution improved collaboration with the supplier and multiple company stakeholders, including legal, vendor management, data privacy information security, corporate compliance and business resilience.
- The solution also addressed risk reduction; the company is now able to ensure all contracts are compliant with company and regulatory risk standards for over a dozen risk domains.
- The company achieved a single source of truth for all supplier governance activities and key decision made throughout the life of each supplier relationship.
