We recently hosted a webinar with our friends over at Procurement Foundry and DHI Group. In this discussion, we covered how DHI prioritizes both tactical and strategic initiatives in their procurement management. Thanks to the power of a new CLM (hint, hint), they are now saving time while improving cross functional governance.
Outdated CLMs vs. Terzo
By using Terzo as their central data hub, DHI can track everything in one place, rather than across multiple solutions. The ease of automating requests and process workflows from the requester through approvals and tasks has been key to improving efficiencies and managing contract governance across the organization.
Craig Smith, Senior Director of Procurement at DHI, recalled the previous state of their contract management system. “It was basically a document repository,” Smith said. “It had limited search capabilities; there was no AI grabbing data that I wanted to see.”
Smith went on to say he spent a lot of time researching solutions that would better fit DHI’s needs, meeting with six or seven providers in the CLM space. When he discovered Terzo, he was thoroughly impressed by both the request intake functionality and contract management element of the solution. Having two functionalities in one platform made the business case for switching to Terzo an easy one, Smith explained. “The user adoption has been fantastic.”
In addition to functionalities, the group also discussed the benefit of cost savings related to time savings. “‘Search and find’ is the biggest use case for [legal teams],” said Kevin Character, Senior Director of Customer Success at Terzo. As simple as it sounds, it’s a feature that’s seriously lacking in most CLMs on the market today — and it’s making their jobs more efficient than ever.
But beyond time and cost savings, illuminating insights on access and controls is a huge benefit that Terzo offers enterprise organizations. This, in turn, saves time and reduces risk across the organization.
Another key talking point was the value in speeding up the process from information to tangible action. Michael Cadieux, CEO at Procurement Foundry, expressed his views on the matter. “Information is, ‘Hey, everything’s in a closet somewhere.’ Data is ‘Okay, I now have it on a spreadsheet.’ Knowledge is, ‘Okay, I’ve got a workflow for 80% of my stuff that ends on Christmas Eve.’ And action plan is, ‘Holy crap, I’m going to staff up for November and December.’” The main takeaway? Leveraging a tool like Terzo helps organizations get to the functionality of being able to create actionable plans based on knowledge derived from the data that Terzo provides.
Missed the Live Stream? No Problem
If you weren’t able to tune into the live event on January 17, don’t worry — this one-hour session has been recorded for your convenience. We’ve embedded the video below so you can access this content and watch it on your own time.
“There’s a big problem between understanding what’s been committed to in a contract and what’s actually being spent over an invoice,” said Character.
Discover how you can mitigate that information gap, save hours of time, and so much more by checking out the video below.