Benefits Accrued from Automated Contract Administration
In a groundbreaking move, a forward-thinking company has transformed its contract management process, thanks to the innovative approaches of its Contracts Operations Group. Facing an increasing workload that traditional outsourcing couldn't handle, the company turned to its own intelligent automation software bots.
The employee leading the Contracts Operations Group, who had grown from managing contracts to building bots as a citizen developer, became a beacon of innovation within the company. With a newfound knack for RPA (Robotic Process Automation), they liaised effectively with internal groups to build robust technology workflows, adding value to conversations and serving as a model for others.
The group's digital transformation moved them from mere contract processors to strategic partners within the company. They worked closely with the sales team, automating repetitive tasks such as document review, approval routing, and signature collection. The result? A streamlined contract lifecycle, reduced manual processing errors, and a significant increase in business starting from the third and fourth quarters of 2018.
Three customised bots were created to automate various aspects of contract management. One bot, affectionately named "Connie," updates the status of document requests within Salesforce and archives documents once signed. Another focuses on preparing Adobe Sign envelopes for signatures, while the third cleans up queues to ensure accurate reporting.
The introduction of these bots led to immediate positive feedback from sales and leadership, and the field as well. The use of RPA bots has boosted trust and reputation within the company, enabling the group to quickly respond to important conversations and close deals faster.
One of the bots is now being used as a model to help create customised bots for other internal groups. The employee's mindset of asking, "How can I automate this?" when faced with a new task, has become a driving force behind the company's digital transformation.
While RPA implementation offers numerous benefits, such as increased efficiency, error reduction, cost savings, improved compliance, scalability, enhanced employee productivity, and financial benefits, it also presents some challenges. These include initial investment, dependence on rule-based processes, risk of over-automation, maintenance needs, and security considerations.
Nevertheless, the success of the Contracts Operations Group serves as a testament to the power of RPA in streamlining business processes, boosting efficiency, and driving growth. As the company continues to embrace digital transformation, it's clear that RPA will play a pivotal role in shaping its future.
The group is also the first internal unit to incorporate the company's digital assistant, Automation Co-Pilot, into their workflow, marking another significant step in their digital journey. With continued innovation and a focus on retaining human oversight for complex tasks, the Contracts Operations Group is poised to continue leading the way in digital transformation within the company.
- The groundbreaking integration of Robotic Process Automation (RPA) technology into the company's contracts management process, initiated by the employee leading the Contracts Operations Group, has proven to bring significant financial benefits, as evidenced by a significant increase in business starting from the third and fourth quarters of 2018.
- The strategic partnership between the Contracts Operations Group and the sales team, facilitated by the implementation of RPA bots, has boosted technology integration within the business, such as document review, approval routing, and signature collection, thereby streamlining the industry's traditional contract lifecycle and fostering artificial-intelligence-driven business growth.
