FICO

Industry: Financial Services

 


Quote

“It is exciting to consider the possible opportunities to increase profitability and implement process improvements as we expand Pramata throughout the organization.”

- Tom Carretta, Vice President Legal and Associate General Counsel


Executive Summary

While FICO was successfully helping clients make well-informed decisions, its own internal business decisions—regarding revenue recognition, entitlement management, sales support and SLA processes—were hindered by a lack of consistent, complete visibility into relevant complex contract details. Attempts to manage large volume of documents and data had led to a variety of disparate systems, including multiple file shares and spreadsheets. With Pramata, FICO’s team can now accurately extract contract data, assure high data quality and proactively provide their teams with clean, complete data and proactive insights that for use on a daily basis. Streamlined core business processes (quarter close, support, etc.)

     ✓  Enabled account management to identify $2.5M in revenue opportunities in first year

     ✓  Significantly improved revenue recognition processes

     ✓  Enhanced legal department effectiveness

     ✓  Accelerated post-merger acquisition

     ✓  Improved decision-making across departments

 

Challenges

  • Revenue recognition, legal, sales support and SLA processes slowed without timely access to key contract details

  • Multiple file shares and spreadsheets led to a fragmented view of commercial relationships

  • Analytics and reporting across critical customer data was unavailable

  • Highly acquisitive environment left sales team with little visibility and guidance into commitments and opportunities within common customer base

 

Solution Benefits

  • Aligned external data sources (ERP, Account Management) with complex contracts data

  • Sped up post-merger integration of multiple acquired companies strengthened legal risk mitigation, business performance and sales productivity

  • Centralized and organized contract documents, and extracted < 18 million pieces of data

  • Provided secure data access to 500+ users across eight departments

 

 

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