Ranked 11th in the Fortune 500, McKesson Relies on Seal Software to Achieve a Centralized View of Contracts, Increase Efficiency, and Identify Risk and Opportunity
SAN FRANCISCO, Aug. 19, 2015 /PRNewswire/ -- Seal Software, the leading provider of Contract Discovery and Analytics solutions, today announced that McKesson has gone live on its platform to gain unprecedented visibility into its contracts and reveal key business insights. Ranked 11th among the Fortune 500 with more than $179 billion in annual revenue, McKesson has played a critical role in shaping the design and direction of modern health care since its founding in 1833. Today, McKesson relies on Seal Software across lines of business to achieve a clear view into thousands of contracts, make strides in process efficiency, and quickly identify contract obligations, risks, and opportunities.
Over the past 180 years, McKesson has improved how the business of health care runs by setting new standards for the industry's supply chain. The global company delivers vital pharmaceuticals and medicines, medical supplies, and information technology solutions that touch the lives of patients across the globe.
As the landscape of health care continues to evolve, the mountain of contracts keeping everything running has multiplied exponentially, posing a significant challenge for organizations like McKesson to have clear insight into their business transactions and relationships at all times.
Unlocking Actionable Insights from Countless Contracts
In need of a way to increase the efficiency and productivity of strategic business processes, McKesson sought a solution capable of improving contract visibility, spend analytics, sourcing pipeline, supplier management, compliance reporting, invoicing, and other functions.
McKesson selected Seal Software for its unmatched ability to automatically discover contracts wherever they are held throughout the enterprise; create a single, searchable repository of those contracts; and analyze their contents to unlock actionable insights from a vast amount of unstructured data.
"One of our primary objectives was to alleviate pain points caused by time-consuming manual processes," said Chad Johnson, Vice President of Procurement Services, McKesson. "Thanks to Seal Software, McKesson now has an easy, effective and self-service resource for automating the process of locating contracts and revealing what's inside of them – all on an ongoing basis."
"Equipped with this autonomy and knowledge," Johnson continued, "McKesson teams can make data-driven business decisions, proactively assess and mitigate risk, pinpoint cost savings, and capitalize on new growth opportunities. As a result, we've been able to realize a return on investment in short order."
Powering Richer Reporting and Performance Tracking
With Seal Software, McKesson can enforce contract compliance spanning different lines of business such as Enterprise Sourcing, Technology Sourcing (Vendor Management Office) and the Business Partnership Group. By feeding data from Seal Software into McKesson dashboards that track key performance indicators (KPIs), the solution powers richer reporting and visualization for procurement and spend, providing a more holistic health check of business vitality and profitability.
Having its contracts in one place with Seal Software – including migrated legacy contracts – means McKesson can fuel greater adoption of existing, complementary process-driven solutions like e-sourcing and contract lifecycle management (CLM) among its internal user base to maximize the investments.
"In terms of value, we are on track to double our productivity and triple our ROI with Seal Software," said Johnson. "What's more, the solution has opened up a fresh stream of strategic intelligence for McKesson to keep the underlying facts of the business top of mind."
"Across industries, information has become the number-one asset of our era," said Ulf Zetterberg, Founder and CEO, Seal Software. "We are humbled to be an integral part of McKesson's commitment to leveraging big data to advance the state of health care. It's a model example of how contracts are the lifeblood of business – mission-critical to the health and longevity of any organization."
A case study on the McKesson-Seal Software partnership can be found here.
About Seal Software
Seal Software, the leading provider of contract discovery, extraction and analytics solutions, enables companies around the world to effectively manage their contract portfolio by understanding exactly where their contracts are when needed and, more importantly, what is buried within them, in order to maximize revenue opportunities, mitigate risk and reduce expenses.
Seal Contract Discovery locates contractual documents within minutes wherever they reside within an organization and is rapidly deployable; extracting key contractual terms and clauses, rendering them for easy review, and populating corporate repositories, including, Customer Relationship Management (CRM), Contract Lifecycle Management (CLM), and Enterprise Resource Planning (ERP).
Seal Contract Analytics empowers clients to analyze contracts by discovering specific language and clause combinations that are most relevant to your business. The Seal platform is used within 8 out of 10 of the top Legal Process Outsourcing (LPO) providers, legal review and advisory firms, delivering increased visibility into time-critical opportunities and risks while alleviating contract review processes and technical challenges. For more information, visit Seal Software at: www.seal-software.com. Connect with Seal Software on Facebook, LinkedIn and Twitter.
SOURCE Seal Software