Large U.S. Auto Insurance Company Upgrades to Zycus for Contract Management

PRINCETON, NJ- JANUARY 29, 2015 – Zycus, the leading source-to-pay procurement solutions provider, announced today that a large U.S.-based auto insurance company will soon begin an upgrade to its comprehensive Contract Management solution, fully utilizing both document repository (iRepository) and collaborative authoring (iAuthoring) modules.

The Midwest-based company was an early adopter of contract management software, but has now reached a state of operational maturity where its first-generation solution no longer supports strategic needs. According to the company’s Director of Procurement, important solution features factoring into the Zycus selection include:

• Functionality requiring fields to be completed correctlyIntuitive user interface
• Ability to easily and rapidly backfill contract data fields across hundreds or even thousands of contracts
• Easy export/import to and from common applications such as MS Excel and Word
• Abilities to easily reassign contract ownership as personnel change
• Full text search of all contract documents (versus titles only)
• Complete audit trail capabilities for guarding against fraud
• Ability to utilize secure electronic-signing technology
• Flexible cost model, making it cost effective to accommodate all possible types of solution users (for example, one-time/infrequent approvers versus frequent contract authors)
• Capabilities for procurement to holistically track all contract initiations, progress, statuses, expirations and so forth
• Potential for major acceleration of contracting process, utilizing templates with pre-approved terms and conditions and looping in general counsel only when nonstandard terms are being negotiated
• Potential to use on revenue side of business (in contracts with agents, resellers, service providers and so forth)
• Ability to partition the tool as needed (for example, by SBU or between buy/sell sides of the business) and to control access at various levels for proper security and risk management

“We started looking at eight possible providers for our contract management upgrade,” says the company’s procurement director. “We quickly narrowed that list to three for full presentations. Zycus did, by far, the best job of presenting its capabilities. That was a big deal for us, as the other participants were really lacking in this regard. We also felt the Zycus application was the most intuitive. You can figure out how to use it without very specific instructions.”

“We quickly narrowed that list to three for full presentations. Zycus did, by far, the best job of presenting its capabilities. That was a big deal for us, as the other participants were really lacking in this regard. We also felt the Zycus application was the most intuitive. You can figure out how to use it without very specific instructions.”

“More and more,” says Zycus CEO and founder Aatish Dedhia, “we are seeing mature enterprise procurement organizations trading up from first- to next-generation procurement solutions across the entire spectrum of procurement technology, including procure-to-pay (P2P), e-sourcing, supplier performance, information and contract management. We build our solutions from the ground up rather than acquiring, so we benefit greatly from talking to active procurement pros and understanding what they don’t like, what doesn’t work well in their first-gen solutions. As global economic recovery continues to accelerate, we believe the upgrade trend will persist and even intensify as procurement professionals seek leading-edge capabilities to support an expanding array of procurement value-delivery modes that extend far beyond cost savings.”