Vistra - Unlocking Strategic Insights and Mitigating Risk
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Overview
Vistra, a major electricity and power company, faced challenges with legacy agreements and vendor data. Mainspring successfully migrated their legacy data and standardized vendor information, resulting in enhanced negotiation capabilities, optimized vendor relationships, and proactive risk management. This led to improved efficiency and business performance.
Business Challenges
As Vistra transitioned from their previous CLM system to a new CLM, they faced significant challenges in gaining visibility into the contents of their legacy agreements. They also lacked a clean and unified source of truth for their vendor accounts and had difficulty identifying and filtering out old, expired agreements.
Solutions Delivered
Mainspring partnered with Vistra to migrate their legacy metadata and OCR’d agreements into Vistra’s new CLM system. Additionally, Mainspring created Vendor Master Data to ensure a clean and standardized source of truth.
The project comprised of three major components:
The project comprised of three major components:
- Creating a clean set of Master Data for all vendors, ensuring accurate and consistent vendor information.
- Extracting key metadata from legacy agreements across three separate departments, each requiring a unique ruleset for data extraction.
- Migrating 14,900 agreement records to the new CLM system, enabling better visibility and management of contracts.
Key Results
Through their collaboration with Mainspring and the successful implementation of a new CLM, Vistra has optimized their contracts and master data management processes, enabling them to make informed decisions, drive efficiency, and enhance their overall business performance.
By reviewing and extracting key data points from Vistra’s legacy agreements, the company achieved several significant outcomes:
By reviewing and extracting key data points from Vistra’s legacy agreements, the company achieved several significant outcomes:
Enhanced Negotiation Capabilities
Increased visibility and quick access to past terms, conditions and performance data enabled more informed negotiations and gave them leverage for more favorable terms in future contract discussions.
Optimized Vendor Relationships
A full view into vendor relationships and the ability to enhance communication, transparency, and compliance, lead to improved collaboration, reduced risks and better performance in vendor relationships.
Proactive Risk Management
Insight into historical contracts helped identify potential risks, monitor contract obligations, and ensure adherence to regulatory requirements, helping to mitigate risks, avoid penalties, and maintain compliance.