Genpact and iContracts Collaborate to Streamline Contract Management Operations

By CIOReview | Thursday, January 14, 2016
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BRIDGEWATER, NJ: Life sciences market, or in biotech industry, contract management involves a huge amount of spreadsheets, customer applications, and many scattered electronic directories that demands unnecessary expenditure and wastage of professionals’ time with inefficient processes. Due to this, they fail to achieve perfect accuracy, timeliness, and low cost operations.

To that end, Genpact, a provider of digitally powered business process management and services, has collaborated with iContracts, a provider of cloud based contract management solutions, to help pharmaceutical, biotech, and medical device companies in contract management operations.

Under the partnership, iContracts has integrated its contract management as a service (CMaaS) with Genpact’s Lean Digital approach that harness digital process-centric technologies with design thinking methods focused on the end customer and Lean principles focused on agility.

Contract management is the management of contracts made with customers, vendors, partners, or employees. It includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.

The joint solution helps organizations to streamline their contract management operations by transforming them with an innovative operating model that significantly diminish costs and enhance accuracy and speed.

It also offers a single supplier for all contract management issues that can help companies to restructure their processes and the business process outsourcing (BPO) environment delivers an economic way to access digital technologies, analytics, and a vast resource of professionals with deep process expertise and domain knowledge.

“By leveraging Genpact’s Lean Digital approach and expertise working with top tier life sciences companies with iContract’s leading cloud platform, clients can completely rearchitect their middle and back office contract management processes to align to their business outcomes. Our joint offering also eliminates the need to continuously invest in consultants, new technology, and expensive upgrades, or worry about process quality and discipline over time,” says B.K. Kalra, Senior VP and Business leader, Consumer Goods, Retail and Life Sciences, Genpact.