Contract Management Transformation for a Leading Wealth Management Business

Overview

The client was managing a critical part of its procurement operations through a siloed legacy system that lacked automation and workflow capabilities and was no longer suited to the complexity of the business.

The organisation wanted to modernise contract management by introducing digital workflows, improving integration with wider business processes and creating a more efficient, consistent approach to managing contracts.

KA2 was engaged to assess the requirements and implement a solution that would improve contract visibility, data quality and operational efficiency.

The Challenge

The Group CTO engaged KA2 to explore how the organisation could make better use of its existing technology capabilities to support Supply Chain Services and contract management.

The key requirement was to give users easier access to contract information and improve visibility across supporting business processes.

The Head of Procurement also needed to track global contract performance, monitor key dates and renewal deadlines, and introduce consistent data standards to reduce duplication and errors.

The existing approach limited transparency and made it harder to manage contracts consistently across the business. The organisation needed a centralised solution that could support different contract types, improve accountability and provide a stronger foundation for operational resilience.

The Solution

Working in partnership with the Group CTO and Supply Chain Services team, KA2 identified a suitable contract management solution that met the core requirements while offering opportunities for wider improvement.

KA2 implemented standard functionality to establish a central contract repository and management capability, then identified further enhancements and a roadmap for improving the wider operating model.

The work focused on:

• Integrating business and technology services, processes and workflows
• Introducing business-led contract ownership
• Correcting missing, inaccurate and irrelevant data
• Retiring redundant services
• Automating manual activities to reduce communication gaps and missed deadlines
• Establishing a stronger foundation for operational resilience

KA2 worked alongside the organisation’s existing support partner to deliver the solution, including testing and release.

Our approach prioritised standard functionality and minimal customisation. We also worked with the France-based Supply Chain Services stakeholders to review existing processes and adopt more effective digital workflows.

The Delivery

Using the KA2 Smarter Framework and an agile delivery approach, the team implemented the contract management solution in under five weeks, including the migration and cleansing of contract data from the legacy system.

The new solution standardised and automated contract management lifecycles across different contract types and currencies. It introduced role-based access controls for sensitive information, supported business stakeholder ownership and connected centralised contract data with other processes, including incident management.

The implementation provided a consistent approach to managing contracts while improving access to information, supporting more efficient workflows and creating a foundation for further integration.

The project also received a five-star customer satisfaction rating from the key Supply Chain Services stakeholder.

The Benefits

The new contract management capability replaced a siloed legacy approach with a more integrated, automated and scalable solution.

Key benefits included:

• More efficient contract management: Digital workflows support contract reviews, amendments and approvals, helping stakeholders manage contracts more efficiently and improve approval timelines.
• Improved data quality and cost efficiency: Standardised contract types, forms and data requirements help reduce duplication, improve data integrity and support more efficient contract administration.
• Better reporting and visibility: Improved management information provides greater visibility of contract values, expiry dates and renewal activity.
• Stronger process integration: Connections with IT service management processes improve the incident, change and release lifecycles.
• Support for operational resilience: A centralised view of supplier, asset and service contracts helps the organisation understand the contracts underpinning its business services.
• Improved regulatory responsiveness: Centralised contract information makes it easier to maintain records and manage changes as requirements evolve.

By establishing a central source of contract information and embedding more efficient workflows, KA2 helped the organisation strengthen contract management, improve transparency and support its wider operational resilience objectives.