NI - Navigating Contracts with Ease - A CLM Success Story
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Overview
NI (formerly National Instruments Corporation) is a renowned American multinational company specializing in automated test equipment and virtual instrumentation software. The company was facing significant challenges in their CLM processes that caused delays, errors and inefficiencies in the process.
Business Challenge
To overcome these obstacles and drive transformative changes, they decided to implement a CLM solution, with the help of Mainspring. The inefficiencies in their process created several challenges:
- Slow responsiveness to customer needs, causing delays in negotiations, approvals, and execution, leading to missed opportunties,
- Time-consuming internal contract summaries and status tracking due to manual data gathering and disorganized workflows, and
- Inability to proactively manage contract obligations and measure performance, causing missed insights and compliance risks
Solution Delivered
To address these challenges, NI partnered with Mainspring, to implement a new Contract Lifecycle Management (CLM) tool. The key components of the solution included:
- Automation and Workflow: The CLM software streamlined the contract creation, approval, and workflows processes, reducing the need for manual intervention
- A Centralized Repository: All contracts were stored in a secure, centralized repository, making it easy to access, search and retrieve contract data
- Tracking and Alerts: The system was configured to monitor regulator changes, internal policies, contractual obligations and other key contract milestones throughout the contract lifecycle
- Analytics and Reporting: The CLM solution provided robust analytics and reporting tools, enabling NI to gain valuable insights into contract performance
Impact and User Adoption
With Mainspring’s help, the implementation impacted 1,400 users at NI. To facilitate user adoption, Mainspring provided end-user functional training materials, which served as the foundation for NI’s training initiatives. Mainspring conducted training sessions for both power users and standard users, recording the sessions for future training and onboarding purposes.
By implementing CLM with the support of Mainspring, NI successfully streamlined its contracts management process, driving efficiency, enhancing visibility, and improving overall productivity. The partnership with Mainspring proved to be invaluable, and NI looks forward to further collaboration and advancements in their contracts management journey.
By implementing CLM with the support of Mainspring, NI successfully streamlined its contracts management process, driving efficiency, enhancing visibility, and improving overall productivity. The partnership with Mainspring proved to be invaluable, and NI looks forward to further collaboration and advancements in their contracts management journey.
Key Highlights
The implementation of a new CLM tool brought significant benefits to NI, addressing their business challenges and driving positive outcomes, including:
Streamlined Processes
Significantly improving efficiency by automating contract creation, approval, and workflows.
Enhanced Visibility and Productivity
Enabling NI to proactively manage contract obligations and gain valuable insights into contract performance.
Improved Bottom Line
By reducing redundancy and streamlining contract processes, contributing to cost savings and revenue optimization.