Optimizing Contract Efficiency with Aeries: A Case Study on Advanced Contract Management Solutions

In today’s rapidly evolving business landscape, organizations are constantly seeking ways to boost efficiency, maintain a competitive edge, and protect sensitive information. Incorporating the latest technology, automation, and robust security measures is crucial for developing tools and platforms that streamline processes, minimize manual interventions, and mitigate risks. Forward-thinking companies are increasingly investing in advanced solutions that leverage cutting-edge technology to automate workflows, enhance collaboration, and strengthen data protection. By embracing innovation, organizations achieve operational excellence and agility, ensuring they remain competitive and secure in a dynamic market environment.

The client is a global consulting firm specializing in Technology Services, Business Process Management, and Digital Transformation. It provides customized solutions that assist businesses, including Private Equity sponsors and their Portfolio companies, in optimizing and scaling their operations. Faced with the challenge of enhancing their HR team’s efficiency in contract management, the client sought a robust tool that could streamline their contract lifecycle management processes and support their expansive needs.

Client’s Challenge

1. Manual Contract Management Processes: The client’s manual process for managing new hire contracts, like NDAs, led to incomplete documents. Manual tracking and follow-up slowed down onboarding due to HR’s effort for completeness.

2. Inefficient Contract Lifecycle: Creating, approving, and signing contracts was slow, causing operational bottlenecks and delayed execution.

3. Decentralized Contract Management: Lack of a centralized system meant each department managed contracts independently, leading to inconsistencies, document retrieval issues, and compounded delays.

4. Need for Customization: Various departments required customized contract management solutions to meet their diverse needs, which the existing system could not provide.

6. Lack of Cross-Department Integration: Separate Excel sheets for contract management across departments prevented seamless information flow and integration needed for agility.
   
   
7. Advanced Feature Requirements: The client needed advanced security, tracking, and user customization features to protect sensitive information and adapt to different workflows.

Aeries’ Solution

Aeries Technology’s Research and Innovation (ARI) team developed Contract 360, an advanced contract management platform, to meet the evolving needs of critical departments like HR, Legal, Procurement, and Compliance. Contract 360 was an enhanced version of a previous tool, designed to streamline processes and address new organizational demands. This case study focuses on the substantial improvements the HR team experienced after implementing Contract 360, highlighting how the solution transformed their operational capabilities.

1. Process Optimization: Contract 360 re-engineered the contract management workflow, providing a structured and error-resistant framework, enhancing compliance, and reducing errors across HR and other departments.

2. Blockchain Integration: Implementing Blockchain technology ensured secure and tamper-proof contracts. Transitioning from personal email IDs to official Aeries IDs for contract access and signing fortified security and information safeguards.

3. Workflow Automation: Advanced automation streamlined contract creation, approval, and execution, integrating contract data across departments, and eliminating redundancies and bottlenecks.

4. Visibility and Collaboration: Real-time updates and communication channels enabled better visibility into contract statuses and enhanced stakeholder collaboration throughout the contract lifecycle.

5. Archival System: A robust archival system facilitated effective management and retrieval of old contracts directly through the platform, improving accessibility and efficiency over Excel-based reporting.
   
   
6. Streamlined Onboarding: Automated reminders and enhanced contract access ensured timely completion of compliance and contractual actions for new joiners, easing administrative burdens, and improving the onboarding experience.