Redwood City, CA October 2, 2002 Eastman Chemical Co. has turned to an enterprise contract management solution in a bid to gain better visibility into its contracts across business functions.
Eastman, headquartered in Kingsport, Tenn., is a multinational corporation with over 15,800 employees working in more than 30 countries. The company had revenues of $5.4 billion in 2001.
The chemical company is set to use a solution from provider Nextance for the management of its contracts and related commitments. Nextance will provide Eastman an enterprise contract management system that enables visibility into the contracts, terms and commitments across the enterprise. The solution also offers compliance-monitoring and -management features.
"We run a complex global business," explained David Cotey, assistant general counsel of Eastman. "As a result, we manage thousands of contracts across our business functions. We need to be able to access our agreements and have visibility into them at any time."
Eastman is certainly in good company as it moves toward contract management automation. Technology consultancy Gartner has predicted that 60 percent of Global 2000 companies will make serious investments to improve contract management processes by the first half of 2003.
For more information on contract management automation, see the article "Digging Out from the Contract Clutter" in the January 2002 issue of iSource Business.