Contract and legal matter management are linked for effective legal oversight.
Hyster-Yale Group (HYG) is a global full-line truck lift manufacturer. Their legal department used a legacy system to manage a collection of manually administered contract templates including purchasing, sales, non-disclosure, distribution, licensing, intellectual property, and more. The legal department had to address the sheer volume and continued growth to operate more efficiently.
Symfact (a Scanmarket company) was able to centralize control and decentralize access to a global template library that is now instantly updated when a new version is created. HYG now has a user-focused contract request process and formalized contract negotiations with full version history for audit purposes. The single repository for all contracts offers automated task and workflow assignments with control of access rights to records, data and documents.
HYG can now associate multiple related contracts within a single matter and run reports on multiple metadata fields. Symfact delivered the tools and tracking mechanisms for the legal department to effectively manage these matters and visually see the relationships of sub-matters and existing contracts.