Framework provides greater control and visibility of supplier agreements for IFDS.
A central repository giving greater control and visibility of supplier agreements, a reliable and proactive method of tracking date based contractual commitments and immediate access to the contract detail; is what the team at International Financial Data Services (IFDS) wanted.
If there was a solution out there that could meet these demands it would mean the IFDS Premises team would be able to make sure that they were managing their contracts more efficiently and getting the best value from their suppliers.
…increasing visibility and control…
With multiple offices located around the globe, IFDS realised that in order to increase the visibility and control over their contracts and agreements, they needed to implement a centralised contract management system.
Rob Holmes, Head of Property and Commercial at IFDS picks up the story. “We needed a solution to watch over our contractual commitments, something that was easy to use, was rich in functionality, and yet flexible enough to meet our changing requirements”. After searching through the market for available solutions, it soon became clear to IFDS that Framework, developed by Selenity, was the best fit.
…intuitive, user friendly and flexible…
Rob continues “Framework met all our functional requirements, and we were particularly impressed with the intuitive and user-friendly interface, which is very important when wanting to ensure the information in the system is kept up to date”.
The flexible and scalable nature of the software also meant the system was delivered configured to the way IFDS work, capturing all information that is specific to their business.
…better management and compliance…
“When reviewing Framework we saw that it could provide a central repository for all agreements, providing better control, management and compliance of our supplier agreements; and would ensure that we didn’t miss any renewal or auto-renewal dates” states Rob.
…proactively alerting the team…
Commenting on the automatic contract management features Rob points out that “Frameworks email notifications of date-based activities automatically contacts “contract owners” directly and reminds them of key dates and activities such as sending a cancellation notification or starting the contract review process.”
…improving procedures and corporate awareness …
Framework will help keep the legal and contracts departments within IFDS regularly updated with critical information. The ability to store and track different variations of each contract as well as any associated notes and documents also ensures the most up to date information on contract changes is available to the contract team.
Rob continues, “Framework has helped us to implement a control procedure to ensure that we are aware of all contractual activities and can involve our legal team for sign-off and approval of all new contracts and contract renewals.”
…increasing efficiency and productivity…
The quick search facilities in Framework have significantly reduced the paper-chasing and telephone calls within IFDS to track down information and answer simple contract related questions.
They use Framework to track if risk checks have been carried out on the suppliers they have contracts with, and can easily see whether Escrow and Non Disclosure Agreement’s (NDA) are in place, attaching them in Framework for quick access.
Also, they can easily find out where the hard copies of original contracts are located, access any associated electronic documents such as tenders and immediately see who last completed a review of the contract. “Having immediate access to all this information has increased our efficiency and productivity” states Rob.
Additionally, Framework users at IFDS have found the reporting wizard invaluable, providing regular, automated reports on contract details broken down by contract owner, department, and sites where the contracted goods and services are utilised.
It is clear that IFDS has enjoyed many advantages since the software was deployed. Rob summarises:
“We feel that we have more control now for all of our supplier contracts & agreements. We can instantly look at contract data and the information/notes against each contract when we approach renewal dates to review costs, Service Level Agreements and terms & conditions.”
…excellent support with a quick and effective implementation…
Rob comments on the service from Selenity “The project team who dealt with the initial set up of Framework were very professional, knowledgeable and were a great support for IFDS throughout the straightforward implementation process, providing exceptional training and continuing this level of support through the on-going use of the software”.
With hundreds of contracts already stored within the system, this number will continue to grow as Framework is deployed globally across the business. As well as their UK operation, the system is currently being implemented into their Canadian office and is scheduled to reach other global locations during 2009.