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Novelis transforms contract management program to improve compliance and catalyze digital transformation
Industry
Manufacturing
Key Results:
- Improved internal controls and compliance
- Improved confidence in revenue recognition process
- Accurate visibility into key contract terms, helping to increase negotiation leverage
- Improved payment terms for increased net working capital
- Centralized access and visibility across all contracts
“We started by centralizing contracts but quickly came to see the real power of this solution. Pramata helped us realize the end game when we were still at the beginning.”
Chris Courts
Vice President and Deputy General Counsel, Novelis
Executive Summary
Novelis, an $11 billion global manufacturing company, recognized a need for centralized contract access and greater visibility into key contract terms and obligations. The company’s legal leadership sought a solution that would eliminate silos of contract management—setting the stage not only for essential compliance and risk management initiatives, but also for ongoing strategic decision support.
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Improved internal controls and compliance
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Improved confidence in revenue recognition process
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Accurate visibility into key contract terms, helping to increase negotiation leverage
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Improved payment terms for increased net working capital
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Centralized access and visibility across all contracts
CHALLENGES
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Decentralized and non-standardized approach to customer and supplier contracts
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No central visibility into contractual obligations and pricing
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Contract silos negatively affected deal negotiations and created unmanaged potential risk
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Fragmented, inconsistent legal review of sales and procurement agreements
SOLUTION BENEFITS
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Centralized all supplier and customer contracts from all four global regions into a single contract repository
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Identified key contractual terms, obligations, and dates and extracted hundreds of pieces of data from each contract
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Normalized key legal and finance provisions and applied scoring algorithms to perform apples-to-apples risk analysis across the company’s relationships
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Improved legal and finance team collaboration ensures consistent, standardized terms for pricing, volume and liability
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Access to clean, accurate data strengthens internal controls and secures regional office compliance
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Increased negotiation leverage for commercial teams results in more profitable relationships
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Accelerated migration from GAAP to IFRS accounting principles, and laid long-term framework for revenue recognition compliance and flexibility
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