Portland, ME November 26, 2001 Pharmaceuticals company Forest Laboratories will use contract administration software from I-many in conjunction with an SAP/R3 enterprise resource system in a bid to more effectively manage financial and resource issues.
Forest Laboratories, a $1.2 billion company that manufactures and markets over-the-counter pharmaceutical products, will use I-many's Contract Administration & Reporting System/Integrated System (CARS/IS) to improve processes for managed care and Medicaid contracting.
I-many says that CARS/IS provides for the comprehensive management of contract related activities. A recent Goldman Sachs report stated contract management software can reduce the administrative costs associated with contract processing by 20 to 50 percent.
"Fortune 1000 companies are finding that order processing and supply chain management tools do not adequately address the key issues of contract price and profitability," said Terry Nicholson, chief operating officer at I-many. "In order to properly manage business processes, companies need to understand what price a customer is being charged and whether or not the relationship is profitable. Our solutions work in conjunction with other enterprise products to give executives the information they need to boost their bottom lines."
For more information on online contract management, see the article "Digging Out From the Contract Clutter" in the January 2002 issue of iSource Business.