Revamping Contract Lifecycle Management with IoT: A Case Study of IMPULS-LEASING Slovakia
Technology Category
- Analytics & Modeling - Process Analytics
- Functional Applications - Product Lifecycle Management Systems (PLM)
Applicable Industries
- Automotive
- Equipment & Machinery
Applicable Functions
- Procurement
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Smart Contracts
About The Customer
IMPULS-LEASING Slovakia s.r.o. is a vehicle and equipment leasing company that serves a diverse customer base comprising individual citizens, large landowners, and multinational corporations. The company offers leasing options for a single car, a fleet of agricultural vehicles, construction machinery, or specialist medical equipment. All these services require a contract, and the company manages around 10,000 active contracts for current clients at any given time. The company is governed by strict national, EU, and financial industry legislation, making it essential for the business to demonstrate that its processes are clear, well-documented, and consistent.
The Challenge
IMPULS-LEASING Slovakia, a vehicle and equipment leasing company, was grappling with an outdated and slow contract lifecycle process. The company had to manage around 10,000 active contracts for current clients at any given time and typically created or amended over 2,000 contracts every year. The company's previous document and process management solution was many years old, difficult to maintain, and no longer supported by the vendor. This legacy software lacked the functionality and flexibility that IMPULS-LEASING Slovakia needed to deliver future business improvements. The company was also governed by strict national, EU, and financial industry legislation, making it essential for the business to demonstrate that its processes were clear, well-documented, and consistent. During audits, it had to provide evidence that all financial checks on customers had been undertaken and that all new contracts had been approved correctly.
The Solution
IMPULS-LEASING Slovakia adopted Nintex K2 Five to manage its entire contract lifecycle, including completing financial checks on customers and activating newly approved contracts. Over 70 employees across almost all business departments use these automated processes every time they want to amend, approve, or check a detail in a contract. With K2 Five, employees work more efficiently as they can see what tasks they need to complete and can find information quickly using digital forms. Managers can see the status of all contract approvals at a glance and accelerate the approval process to deliver an efficient and professional service for customers. K2 Five also helps IMPULS-LEASING Slovakia comply with national and international financial industry and business regulations. Employees can use a workflow to carry out customized searches across all of the 1.5 million contracts and related documents that exist within the business, helping the company comply with General Data Protection Regulations (GDPR).
Operational Impact
Quantitative Benefit
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