Contract Management Services Biotechnology Sector
Kensium BPO was selected by a large multinational corporation to provide contract management services for legacy and date forward agreements.
About our Client: Our client is a Fortune 100 corporation and recognized leader in the biotechnology and pharmaceutical industries. An innovator in their field, our client focuses on development of medicines that address diseases where patients have limited affordable options. Headquartered in northern California, they have offices in approximately 100 countries around the globe.
By the Numbers …..
- To date, over 280,000 contracts and agreements have been indexed, linked and activated in the client’s document repository with ongoing activity.
- ~3,900 man hours devoted over an intermittent 4 year period.
Challenge: Our client was struggling with an ever-growing backlog of contracts which had not been properly entered into their internal tracking database. As their business was growing exponentially with clients, vendors and suppliers being added daily, it was vital that a cohesive strategy be developed to allow stakeholders instant access to relevant contracts and agreements. Duplication and version control were also significant issues in the then current contract repository with multiple copies, unsigned drafts and unlinked addendums found throughout the collection. In addition, as a multinational corporation, foreign language documents made up a significant portion of the population with limited searchable information for tracking purposes.
Solution: The first step in the process would be correct identification and categorization of the collection. Key metadata fields were manually extracted by the contract management team both to provide multiple avenues for the client to search the database, and also for the purpose of linking related documents. Depending on the document type, up to 15 fields would be pulled from the body of the contracts to provide information regarding the parties to the agreement, effective and end dates as well as the status of the contract. These details were used by the Kensium team to locate and link addendums and change orders, remove unwanted copies and drafts and rename the files using the client specified nomenclature. For foreign language documents, the processing team leveraged our OCR and Machine Translation software to render the information in a usable format.
Results: Through a collaborative effort with the client, the Kensium team was able to significantly improve the efficiency of their contract filing system and establish a date forward strategy to maintain consistency in the future. All legacy contracts were now easily accessible in a searchable database and searchable within as well via the OCR text extraction performed. In addition to the upfront savings realized by utilizing offshore resources, our client continues to see significant value through the reduction of effort formerly spent on these once labor-intensive tasks.