Client : Fortune 100 Healthcare Company
Service Offered : Program Management Support
Sector / Industry : Healthcare
A leading Fortune 100 Healthcare company specializing in pharmaceuticals and medical technologies underwent a divestiture initiative. The aim was to establish two distinct entities: one dedicated to consumer products and the other focused on pharmaceutical businesses.
In response to the challenges faced by the company, Nexdigm implemented a comprehensive solution to address each issue effectively:
- Nexdigm supported the management of over 5700 contracts spread across 6 category families and 4 regions (EMEA, NA, APAC, and LATAM), ensuring comprehensive coverage and oversight. We liaised closely with the contract collection team to prevent any contracts from being overlooked, ensuring that all contracts were accounted for and managed efficiently. The focus was placed on prioritizing category contracts based on the highest spend, mitigating the risk of disruption to business operations, and optimizing resource allocation.
- Nexdigm supported global category leads and regional team leaders in streamlining and developing a standardized process for contract management, ensuring consistency and clarity across regions. We formulated and developed a customized template on Smartsheet for the end-to-end tracker, facilitating easier information collection and process optimization for category leads. In order to do so, we gathered data from various sources, including internal systems and repositories, to validate the accuracy of the tracker. This comprehensive approach ensured that the information within the tracker was reliable and up-to-date.
Nexdigm’s solution improved the client’s contract closure rate substantially. By performing data validation for over 5700 contracts spread across 6 category families, the client achieved a remarkable 100% contract closure rate. This indicated that all contracts were successfully managed and finalized, reducing the risk of any outstanding or unresolved agreements. Additionally, we enhanced the efficiency of the contract management process. The creation of 2000+ Salesforce cases which captures the contract details for the sourcing team to execute contracts demonstrates a significant improvement in efficiency. This streamlined approach ensured that contracts were promptly addressed and finalized, leading to smoother operations and reduced bottlenecks in the contracting process.
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