Medallion Midstream Executes Contracts 90% Faster by Digitally Transforming CLM with Contract Logix
SITUATION
As an Energy Company, They Needed to Find the Right Contract Lifecycle Management
Medallion Midstream, an Energy company, engages in the design, construction, maintenance and operation of natural gas and crude oil infrastructure, serving some of the nation’s leading oil and gas producers. They faced several challenges related to managing relationships with customers, suppliers, distributors, and other parties while ensuring compliance and minimizing risk. They needed to modernize their contract lifecycle management (CLM).
AT-A-GLANCE
Business Contract Challenges for Energy Companies
With a distributed workforce of Field, Business Development, Legal, and Finance teams across 25 different corporate entities, Medallion Midstream needed a better system to centrally manage the company’s contracts and contracting processes. The company’s existing manual approach was time-consuming, and it was difficult to maintain security based on the use of shared drives.
Solution with Contract Logix
How to Streamline Contract Processes and Utilize Data with Contract Logix
Medallion Midstream chose the Contract Logix platform because they wanted a cloud-based system with live reporting capabilities that could manage the entire contract lifecycle including self-service contract requests, authoring, version control, the flexibility to view contracts by any relationship, E-Signatures, and the ability to securely house an unlimited number of contracts.
RESULTS
Contract Logix has helped Medallion Midstream achieve significant and quantifiable returns on investment. Once implemented, Medallion Midstream was able to instantly locate answers to contract-related questions, execute MSAs 90% faster, and transform the creation of compliance and contract line-item tracking reports for financial teams from a days-long process to just three “clicks.”
The Contract Logix platform has allowed Medallion Midstream to configure role- and feature-based permissions to mitigate risk and enabled the Field to efficiently self-service appropriate parts of the contract process, freeing up Legal to focus on higher-value activities.
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