Blockbuster Time Savings For DreamWorks with OnBase Contract Management
Earlier this week, we told you that motion picture production company DreamWorks was able to strip away more than a third of its contract management business cycle time using HP and Hyland Software’s OnBase enterprise content management (ECM) solution. Today we want to tell you how it was able to do that and, more importantly, why it’s so important for companies of every size to consider doing the same.
Let’s start with the how.
How ECM saved DreamWorks contract management process
Prior to HP and Hyland, DreamWorks’ Marketing and Consumer Products division was mired in manually intensive contract management process. Each month, teams of employees attempted to review and approve more than 200 contracts through that process.
The process stifled productivity and consumed resources, from staff time to office space across the company. Hammering out contract details and processing versions through approval sometimes took three months or longer.
By implementing OnBase and OnBase’s integration with Autonomy Intelligent Data Operating Layer (IDOL) server to improve the contract review and approval process, with HP’s MFP technology used as the capture mechanism, DreamWorks was able to digitize workflows and eliminate bottlenecks in its contract management cycle.
But why is speeding up the contract management process so important?
Why an efficient contract management process is vital to your business
A smooth, efficient and fast contract management process can reduce a company’s administrative costs, provide better accountability and compliance, improve financial forecasting and, in many cases, ensure happier customers.
For a company like DreamWorks, which manages dozens of brand images licensed to hundreds of companies for myriad uses (who doesn’t want an Penguins of Madagascar T-shirt?), both the development of contracts and the management of those contracts becomes vital to protecting the company’s image, the use of its intellectual property and the revenue it realizes from the licensing of its product.
With the new digitized contract management process, for example, DreamWorks is able to quickly see if a licensee is making late payments and can then use that information to negotiate new contract terms.
More importantly, contract management is a skill set both managers and executives must learn. It’s no longer relegated to the law department. Businesses will often task employees with managing vendors and licensees, expecting the employ to stay up-to-date on contract terms. A digitized contract management solution allows those employees to gain access to the information they need, when they need it, so that they are empowered to both enforce and adhere to contract terms. In turn, this reduces risk for the company and ensures compliance with negotiated terms.
Plus, we must remember that a contract is not a sign it, seal it and forget about it process. Contracts have a lifecycle that must be nurtured, from contract creation through renewal. A smart ECM solution like that utilized by DreamWorks allows for more than just simplified storage and retrieval. It allows for full contract lifecycle management.