Driving Standardization Across a Complex Organization
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The document discusses TruView CLM, a cloud-based contract management solution designed for the media industry, which addresses inefficiencies in contract negotiations and administration. It highlights challenges faced by production companies in managing complex contracts and promotes TruView CLM's analytics and user-friendly features to improve visibility and negotiation capabilities. Additionally, it details Hearst's efforts to standardize contract processes, enhance operational efficiency, and streamline workflows through Apttus CLM, resulting in faster deal closures and better business coordination.
Driving Standardization Across a Complex Organization
- 1. #AccelerateQTC Raghu Seetharam, Birlasoft May 3, 2017 TruView CLM: A Contract Management Solution for the Media Industry
- 3. TruView CLM is a cloud based solution that provides a guided deal point entry, advanced contract management capabilities along with real time analytics for quick turn around and deal closure. 7
- 4. Everybody Needs a Contract All those involved in a film, producers, directors, cast and crew, transportation, catering, even the tigers – need a contract and that’s a lot of contracts! Movie Industry production according to MI, December 5th, 2017 Source: http://www.movieinsider.com/production-status Source: http://www.the-numbers.com/market/distributors By Production Status By Distributorship Market Share for Each Distributor 1995-2016
- 5. Contract Management Overview – Problem Definition Sellers, Writers, Production Companies conceptualize project & discuss with creatives Project Conceptualization DRM Is approved and assigned to BA Negotiator Various deal components – casting fees, terms, title releases, options are all setup Deal is finalized &reviewed with internal, legal & external parties to a fully executed copy Payments ,Options and Contractual Analytics DRM Approved & Assigned The Existing Process Has Challenges Around Negotiations, Visibility and Complexity of Contracts Formal request through system to initiate project deal process Business Affairs Negotiators will start negotiating the terms with the sellers Negotiations Contract Administration Deal Management Deal Request Memo Deal Structuring Inability to negotiate with talent Complex talent and license contracts Lack of standardization of talent fees Inability to track payments, options and rights No industry solution to address problems 8
- 6. Our Solution – TruView CLM Analytics on TruView CLM allows measuring of threshold, average, range of talent fees and initiate exceptions triggered auto approvals Normalization of talent fees TruView CLM allows for drafters to create contracts using a user-friendly wizard and reuse clauses, options and other legal constructs. Simplified contract creation Solution provides 360 view of deals including all data points of past shows allowing to negotiate better. Greater negotiating power Crucial details of the contracts are often buried deep inside them. TruView CLM allows it to be extracted seamlessly and tracked automatically Increased visibility into details TruView CLM is an industry solution – in use by two of the big M&E brands Best industry solution Powered by Fullforce and Apttus, An Industry Solution Giving Greater Visibility Into Deals and Data For Simplified Contract Creation 11 Powered by ….
- 7. #AccelerateQTC Denielle G. deWynter Harold Wiseman 4 May 2017 Innovating to Lead: Driving Standardization Across Hearst Business Media (a division of Hearst)
- 8. CO-CHIEF FINANCIAL OFFICER Denielle G. deWynter TECHNICAL BUSINESS ANALYST Harold Wiseman
- 9. Hearst is one of the world’s largest diversified media, information & services companies • 360 global businesses • 20,000 employees • 130 countries About Hearst
- 10. About Hearst Business Media 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017B $21.6M $2.1B Canadian Established2 Established
- 11. METHODOLOGY Interviews (50+ participants) FTE and volumetric data collection Internal & external benchmark Process documentation Workshop Business Growth challenged the Quote-to-Cash processes AREAS OF FOCUS Quote-to-Cash for HBM definition Improvement opportunities Alternative support models Action plan OUTPUTS Current State Assessment Benchmark Analysis FTE Analysis Roadmap of Prioritized Initiatives QUOTE CONTRACT REVENUEOPPORTUNITY ERPQUOTE CONTRACT REVENUEOPPORTUNITY ERP
- 12. METHODOLOGY Manual contract creation Critical terms dependent on human review Protracted redlining and signature cycles Sub-optimal version control Before Apttus CLM – Our Challenges AREAS OF FOCUS No standard request process to collect contract information Redundant data entry Inefficient coordination between sales and finance OUTPUTS No searchable repository and milestone notification Manual compliance tracking Limited reporting Revenue leakage PRE-CONTRACT AUTHOR & NEGOTIATE STORE & COMPLY
- 13. 1. Become easier to do business with 2. Be repeatable and scalable 3. Provide transparency to the end-to-end contract process with measurable metrics 4. Reduce internal friction (automation and simplification) 5. Support the future growth of our business HBM Contract Management Project Objectives Optimize management effectiveness & reduce business risk
- 14. After Apttus CLM - Our Benefits STANDARDIZATION One platform & repository; integrated with Salesforce ACCESSIBILITY Completeness of contract portfolio, obligations & benefits online VISIBILITY Search ability on expiring contracts, specific customers, non-standard clauses APPROVAL WORKFLOW & TRACKING Streamlines process & tracking of approvals BUSINESS PARTNERING Improves coordination between sales & finance & with customers SELF SERVICE Reduces cycle time FASTER REVENUE Reduces cycle times & leads to quicker deal closures
- 15. Results MCG signed a record 96 new/upsell contracts in December 2016 20 30 40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 Average 2016 Number of Fully Executed Contracts by Month
- 16. “I think Apttus has added great value to MCG! Average turn-around time has gone from 1-2 business days to a few hours.” MCG Finance “Overall a great system that will bring much value, especially when more users get familiar with it.” MCG Sales “I am able to view documents, approve redlines, and pricing all from my phone. That is definitely a huge win for me.” MCG Head of Sales Testimonials