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"Taking the Smart Track: A Leading North American Railroad Transformed Its Contracts Into Assets in the Cloud"
This Class I railroad saw contract lifecycle management as a way to run their business, looking for an enterprise-wide solution to automate and intelligently manage the complete contract process
Railroads across countries and continents cannot go one day without engaging in some stage of the contract management lifecycle. From managing real estate leases to complying with regulatory contracts or procuring equipment, departments like legal, finance and commercial, procurement, and sales and marketing use contracts on a daily basis, contracts which translate into millions of dollars.
This large railroad operating in North America faced challenges in managing contracts through manual, paper-based processes. The railroad struggled with a dragged-out cycle during the contracting process, mounting time and resources, difficulty locating historic contracts, and an inability to review contract performance and get in-depth insights into contracts to empower decision-making around contract renewals, price negotiations, profitability, or risk potential.
CloudMoyo Rail Contract Management (CRCM) was the best-fit solution to solve for these challenges. The railroad partnered with CloudMoyo to write a new story for digital contract management leveraging the Microsoft Azure-based SaaS platform. CRCM enables the management of contracts at scale leveraging proactive insights, analytics, and AI capabilities.
In this case study, you'll found out how this partnership enabled the digital transformation of contractual relationships, covering the full range of contract setups to approvals, negotiations, and other aspects and empowering departments to agilely manage contracts across the enterprise.
Some of the business benefits include:
- Accelerated commerce
- Optimized commercial relationships
- Mitigated business risks
- Increased revenue protection
- Reduced cycle time
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