Unified Contract Management with Sourcing on ServiceNow

Unified Contract Management with Sourcing on ServiceNow

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  Unified Contract Managementwith Sourcing on ServiceNow Delivering The Future of Work
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  2 REGION: North America AboutCustomer Johns Hopkins University (JHU), America’s first research university founded in 1876 and ranked 12 in World University Rankings 2021, is home to nine world-class academic divisions working together. INDUSTRY: Education EMPLOYEES: 26,000+
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  Click to edit titlestyle 3 Contract Management Challenges With 5000-6000 active contracts, it was easy to lose track of contract status, and frustrating for procurement teams, who were raring to go ahead with the agreement. With 5000-6000 active contracts, it was easy to lose track of contract status, and frustrating for procurement teams, who were raring to go ahead with the agreement.
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  4 Slow Contract Turnaroundtime Multiple email exchanges between stakeholders regarding contract requests, reviews, approvals, and signatures slowed down contract turnaround time
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  Ad-hoc Purchase Requisition Dueto slow contract turnaround time ad-hoc purchase requisition happened with no vendor contract in place
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  6 No Real-time Visibility Allcontract requests and approvals were tracked manually in spreadsheets. Thus, JHU had no real-time visibility on the status of contracts.
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  Aavenir Solution Ideal Solution
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  AI Capabilities ● JHUwas excited about the AI capabilities of Contractflow to auto-capture useful metadata from 3rd party contracts. ● The smart suggestion feature enhances self-service contracting and ensures that contract language complies with university policies and applicable laws.
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  Frictionless Contract ApprovalWorkflow Aavenir’s easy to use workflow interface enhanced collaboration between internal stakeholders and vendors while creating, reviewing, negotiating, and signing contracts.
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  Contract Analytics Using dashboardsand reports, JHU was able to track deliverables, monitor KPIs of contract processes, identify contracts in approval or sent for signing.
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  Enabling Self-service Contracts ●Using Contractflow, JHU was able to handle 30+ different types of contracts. ● They could set up a clause library and 20-50 contract templates to enable self-service contracting on ServiceNow within few days.
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  Unified Source-to-Contract Experience ●Extended ServiceNow capabilities to centralize sourcing requests and contract lifecycle. ● This also increased ROI by leveraging existing subject matter experts, IT support, security, and other resources from a ServiceNow perspective.
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  ● JHU isexpecting significant reduction in costs and by eliminating hundreds of rogue purchases per year ● By ensuring that contracts are in place, exposure to risks reduces, and also provides better negotiating power. Better Control of Purchasing Processes
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  Faster Contract Turnaround Itwould take weeks to review and negotiate contracts internally before Aavenir, and now it has been reduced to under 10 days with fewer emails exchanges.
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  Click to edit titlestyle “JHU needed an easy-to-use solution that could centralize contract management and integrate well with existing systems and procurement services portal on ServiceNow. Aavenir Contractflow met all our requirements, and It’s AI capabilities were true blessings. Moreover, automated reminders and notifications during each stage significantly reduce the contract turnaround time.” -Matthew Persic Director of Procurement Operations at Johns Hopkins University Customer Speaks
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  Explore Our ResourceLibrary Watch Webinar End-to-End Contract Lifecycle Management, using AI and Digital Workflow Test Drive Contractflow E-book - Contract Management Analytics Try Now Download Now
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  Delivering the ‘Futureof Work’ © Aavenir All rights reserved. www.aavenir.com linkedin.com/company/aavenirinfo [email protected] twitter.com/AavenirInfo