Open Windows CONTRACTS empowers Cochlear to proactively manage their contracts
The ChallengeCochlear, the World leader in advanced hearing loss solutions uses Open Windows contract management automation solution to manage in excess of 2000 new confidentiality agreements and general contracts every year.
Previously at Cochlear, individual contract owners were responsible for, and managed all components of their contracts. Cochlear was also using a in-house built Contract Administration Tool (CAT) which turned out to be one dimensional, time consuming and very complicated to use. Ray Jarman, Cochlear’s Group General Counsel understood the risks related to contract management and took the initiative to implement one system to manage all the information.
The SolutionOpen Windows CONTRACTS module was introduced across all departments where contracts were being utilised.
- Intellectual Property
- Business Systems
Cochlear now has visibility over the entire business, greatly improving transparency;
- Visibility – greatly improving transparency
- Revenue – extracting greater revenues from sales contracts
- Accuracy – accuracy of reporting has greatly improved
- Streamlining – a reduction of data volume
- Contract cycles – shorter contracting cycles
- Administration – a reduction of administration burden and costs
- Contract Management – improved compliance and contractual rights