challenges faced by clients · 2020. 7. 30. · ibm-emptoris, coupa, and oracle-q ... supplier in...

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  • LEGAL SERVICES OVERVIEW - CONTRACT MANAGEMENT

    LSS CONTRACT MANAGEMENT SERVICES– KEY DRIVERS

    EXL provides industry-specific technology solutions to legal clients, while also providing legal support services

    Providing optimized solutions takinginto consideration:

    • Client metrics and guidelines

    • Client preferred positions

    • Business and legal nuances and preferences• Optimal cost models that o�ers the potential

    for savings

    • Saves more for the client than the expenses incurred

    • Creating virtual collaboration libraries and repositories for contract clause guides standard templates and negotiation playbooks for contracts

    • Analyze and understand actual business expectations and benefits

    • Transparent, real-time solutions that cut down turnaround time for contract executions

    EXL vision of risk assessment in management renders following benefits:

    • Minimizing business and legal risks

    • Ensuring maximum business and legal protection

    • Transferring and managing risks with other party’s concord

    • Proficient in multiple legal bill review platforms- Legal-X, CounselLink and Passport

    • Skilled in leveraging the latest contract management tools like SAP Ariba, IBM-Emptoris, Coupa, and Oracle-Q

    • EXL’s proprietary tool MedConnectionSM can be tailored as per client’s requirements

    Latest Technology and Infrastructure

    Risk Assessment and Management

    Comprehensive Approach

    Rapid Turnaround Time and Speed

    Best Practices

    Reduced Cost

    CHALLENGES FACED BY CLIENTS

    Reduce legal spend on a sustainable basis

    Reduction in contract execution cycle time

    No standardized and centralized processes to prioritize processing of a contract

    Need to improve timelines for contract executions

    No tracking of deliverables& obligations as per each contract

    Limited bandwidth to process significant volume

    of contracts in timely manner

    END-TO-END CONTRACT MANAGEMENTSERVICES FOR PROCUREMENT DEPARTMENT

    (in case of denial)

    • Contract abstraction (abstracting key terms)

    • Contract indexing and summarization

    • Contract deliverables and obligations (D&O)management

    • Supplier SLA reviews - action and remedy for anydeficiencies observed in contract

    • Analysis of scope or terms and conditions of contract

    • Contract compliance

    • Contract compliancemanagement

    • Reporting

    • Planning, authoring,development,implementation andcreation of contracts

    • Contract rule book creation

    • Routing contracts forsignatures, executionand finalization

    • Setting up and registering thesupplier in customer contractsmanagement portal

    • Supplier administration(information and status changes,insurance renewals- notificationand escalations)

    • Contract review, revision and redlining

    • Creating parent-child relationship

    • Coordinate actions with internal procurement,business, risk assessment and legal teams as needed

    • Contract negotiations with third parties

    • Obtaining approvals from internal business, legaldepartment and other stakeholders

    • Negotiation with vendor and business

    BENEFITS AS SEEN BY CLIENTS

    CONTRACTMANAGEMENT

    LIFECYCLE

    StandardTemplateCreation

    PlaybookCreation

    Authoring &Dra�ing

    Negotiation with

    Stakeholders

    ContractApprovalProcessSupplierOnboarding

    & P2P

    ContractExecution

    ContractAdministration

    Obligation & Risk

    Assessment

    ContractCompliance and

    Optimization

    Reporting

    High qualitylegal support

    Cut down onturnaround time

    Consistent and highquality work

    Transparent,real-time solution

    An extended arm to the client’s legal department

    Parent-child nested relationship

    Supplier pricing tracking

    Clients can track suppliers’ performance

    Contract compliance and timely renewal

    Deliverables and obligation management (D&O)

    Suppliers’ e�iciency analysis as per performance

    Significant reduction in legal spend, while

    reducing attorney case load

    Tracking of amounts payable to suppliers as per contractual

    obligations – ensuring surplus is not paid

    Validation of SLA compliance and supplier benchmarking/

    comparison (cost optimization and service credits and savings)

    EXLSERVICE.COM | ©2020 EXLSERVICE HOLDINGS, INC. ALL RIGHTS RESERVEDFor more information go to www.exlservice.com/legal-disclaimer

    Contact Us to Learn More

    Chris Tidball

    Chris.Tidball@exlservice.com +1.904.742.9031

    Vice President, Sales and Claims Transformation

    exlservice.com/insurance

    https://www.exlservice.com/insurance

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