Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), announced that Ferring Pharmaceuticals’ contract management process transformation has enabled its legal teams in Denmark, Switzerland, U.S., and other countries, to handle increasing volumes of agreements, reduce contract cycle times, improve compliance with company policies, and generate data for continuous improvement of the contracting process.
Since implementing the Icertis Contract Intelligence (ICI) platform across multiple regions in November 2020, as a key component of its new contract process, Ferring has realized:
- A standardized, automated contracting process across multiple sites, enabling self-service creation of more than 50 percent of agreements;
- 80 percent reduction in the most commonly used contract templates;
- 30 percent decrease in buy-side contract turnaround timeframes; and
- 70 percent increase in contracts executed via e-signature due to integration of ICI with an e-signature tool.
Contracts govern every dollar in and out of an enterprise, touching every department, system, and network. To compete and win, companies should achieve enterprise-wide transparency and agility by leveraging the critical business information in their contracts. Icertis transforms this information into structured data and connects it with sourcing, CRM, and ERP systems to deliver advanced insights, automation, and contract creation capabilities. With ICI, global research-driven, specialty biopharmaceutical group Ferring Pharmaceuticals, as well as other innovators, can ensure the intent of every contract is correctly memorialized and fully realized.
With the Icertis Contract Intelligence platform implemented across its major sites, Ferring has gained an enterprise-wide centralized source for its commercial agreements. The company’s users benefit from AI-assisted contract digitization that provides an easily accessible and searchable repository for future contracting reference, clearly defined and automated processes—including automated expiry and approval alerts that help prevent non-compliance—and end-to-end visibility over contract life cycles.
Read More: SalesTechStar Interview With Frank Dale, SVP of Product at Salesloft
“Through a combination of a major overhaul of our contracting processes while implementing Icertis Contract Intelligence, Ferring has realized substantial efficiencies, such as streamlining our existing, piecemeal library of more than 200 templates to 36, covering 22 primary contract types,” said Sheila Dusseau, Head of Global Legal Operations, Ferring Pharmaceuticals. “With ICI, users across regions and functions are creating contracts in our system, increasing agility and productivity, while also reducing risk.”
“Every ICI user, from an R&D lab manager to a marketing officer, can create a contract with guided workflows that ensure controls are in place. Having a single, self-service, automated contract management system eliminates ‘shadow processes’ behind the scenes and enables our lawyers to focus on matters that advance our mission of helping people build families and live better lives,” added Ms. Dusseau.
“Icertis is a leading part of the Legal Tech disruption that is now well-advanced,” said Curt McDaniel, Chief Legal Officer for Ferring. “Icertis, combined with other changes in the global legal services market, enables us to speed up our contracting process and minimize the involvement of our internal legal team, which allow us to focus our deep legal expertise where it is most needed. And the data Icertis provides helps us continuously improve our process.”
Many of the world’s top pharmaceutical and healthcare organizations use Icertis solutions to address their most pressing issues related to contract data. Read more here about how Icertis supports these industry-leading organizations.
Read More: Use ICM Software to Retain Top Sales Reps During an Economic Downturn
