FICO streamlines contract management to identify over $2.5M in revenue opportunities in the first year

Industry

Financial Services

Key Results:

  • Centralized all contracts and related data
  • Streamlined core business processes (quarter close, support, etc.)
  • Enabled account management to identify $2.5M in revenue opportunities in first year
  • Enhanced legal department effectiveness and scalability
  • Accelerated post-merger integration
  • Provided self-service access to contracts to improve decision-making across departments
“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 a large volume of contracts 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 they use on a daily basis.

  • Centralized all contracts and related data

  • Streamlined core business processes (quarter close, support, etc.)

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

  • Significantly streamlined revenue recognition processes

  • Enhanced legal department effectiveness and scalability

  • Accelerated post-merger integration

  • Provided self-service access to contracts to improve 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 contracts and commercial relationships

  • Analytics and reporting across critical contract data was unavailable

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

SOLUTION BENEFITS

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

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

  • Organized contracts using external account master data for improved access

  • Sped up post-merger integration of multiple acquired companies

  • Strengthened legal risk mitigation, business performance and sales productivity

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