Adlib Helps Big Four Firm Map Contract Analytics Landscape
February 9, 2021
1 minute read
There’s nothing better than peace of mind, especially when you’re a busy CFO at one of the largest professional services networks in the world. With so much to worry about to manage a successful global firm, this CFO needed someone else to worry about managing the risk associated with unstructured data, non-standard contracts, and client data.
After noticing their firm was exceeding a comfortable threshold of risk, he asked, “How can we track changes in our engagement letters effectively?” and Adlib provided the answer.
The company needed robust Contract Analytics to understand what their contract landscape looked like, where they deviated from a standard template, and to determine how and where employees used customer data.
Like most firms, this company offers a standard contract that each partner firm uses. The partner firms may alter the contract based on the client needs or legal review, though, and their corporate team had no way of determining which contracts had alterations, what exclusions existed, and whether or not that opened up the firm to additional liability.
Most of the time, once both parties sign the contract, it goes into a repository—and that’s the last they see of it. Reviewing contracts manually takes hundreds of hours, and is hardly a perfect, error-free process. This Big Four firm needed a better way to conduct contract analysis and gain visibility into their complete contract landscape. That’s why they turned to Adlib.
With Adlib’s Contract Analytics platform, they can now set guidelines for partners on the correct templates to use, what non-standard clauses to avoid, and how to make the contract process simpler for everyone involved—so they can focus on delivering on the deal rather than hammering out tiny details.
Learn how this Big Four firm used Adlib’s Content Intelligence platform to standardize their contracts, limit liability, and reduce risk. Get the case study for the full story.