Contract Repository Reduces Sales Friction & Value Leakage for Chemours
Chemours is one of the world’s largest performance chemical manufacturers and distributors, providing solutions for various verticals, including automotive, manufacturing, construction, energy, and telecommunications.
Company Overview
Chemours was founded in July 2015 as a spin-off from DuPont. It has grown into a $6.3 billion company with over 6,400 employees in 120 countries, making contracting processes and operations complex. Its most notable brands today include Opteon and Teflon.
Challenge
Chemours contracts were manually created and reviewed, with stakeholders having to collaborate throughout the process over SharePoint. Without a centralized contract repository, the company often struggled to keep contract templates updated and enable stakeholders to utilize the correct document versions. Additionally, procurement could not correlate contracted terms with invoices and supplier performance data.
This led to significant value leakage on the buy-side and ultimately slowed down the entire sales cycle, putting pressure on and creating low morale within the sales team.
With a complex global contracting process, Chemours required a CLM platform that would:
- Deliver a complete, enterprise-wide, end-to-end contracting solutions
- Support every contracting phase, from authoring to post-signature performance management
- Encompass buy-side and sell-side functions
- Include seamless integrations into Salesforce and SAP
“The lack of compliance and the lack of being able to find some of our contract material was a big concern from an audit perspective. So creating a central repository was the key, but then really looking at it in terms of efficiency, standardization, workflow, automation, and being able to unlock the value of the multitude of information in our contracts through dashboarding and reporting.”
Solution
The need for a unified, efficient contract management system was clear, driving Chemours to seek a comprehensive digital transformation to centralize and streamline their contract management.
After an extensive RFP process, Chemours began a relationship with Sirion and quickly migrated over 5,000 contracts and 146 templates in eight languages to a centralized repository. This included consolidating both legacy and active contracts and legal artifacts from across its IT silos.
After establishing a digital repository, Sirion:
- Set up integrations with Salesforce to provide the sales team direct access to contracting capabilities within the Salesforce environment. This enabled them to automatically initiate contract draft requests pre-populated with customer data.
- Established a custom dashboard for Chemours, giving them advanced reporting capabilities and visibility to proactively ensure compliance with regulatory standards such as Sarbanes-Oxley and IFRS.
- Gave Chemours access to its invoice validation module, where the procurement team could instantly match billing information against performance management data and contracted terms.
“We looked at our contracts as key assets to our business and a risk mitigation tool, and so we wanted to create a program with tools, technology, people, processes, all of those things. So Sirion was the big component to that.”
Impact
Sirion was integrated with both buy- and sell-side systems to create a single source of truth for all contracting artifacts. The impact of this integration led Chemours to:
- Decrease Value Leakage – Procurement uncovered value leakage by validating invoices against performance management data.
- Close Deals Faster – The Sirion-Salesforce integration reduced process friction and enabled the sales team to initiate contracting from within their own workflow.
- Ensure Compliance – Visibility into regulatory obligations enabled accuracy and increased compliance with regulatory reporting requirements.
- Improve Relationships – A single source of truth and Sirion’s AI-led extraction capabilities provided deep visibility into third-party relationships.
“It does take a little bit of time, but it becomes a standard process that is much quicker. I'm understanding the new templates and how you can quickly put in alternatives and have AI send them to the right reviewer. We can now easily find our existing contracts. We are seeing the benefits and have started some big contract negotiations and gotten some great feedback.
Additional Resources
What is Contract Lifecycle Management? Looking Inside CLM
What Is Contract Value Leakage And How To Prevent It
11 Contract Management Best Practices to Drive Business Value
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