Improving efficiency throughout the contract lifecycle

Challenge: 10,000 active financial contracts to manage

IMPULS-LEASING Slovakia wanted to build a new business process platform that would make it easier for employees to create, access, update and approve new and existing leasing contracts. In the decade since the Slovakian business began trading, it has amassed a staggering 1.5 million contracts and related documents. It manages around 10,000 active contracts for current clients at any one time and typically creates or amends over 2,000 contracts every year.

Like all leasing companies, IMPULS-LEASING Slovakia is governed by strict national, EU and financial industry legislation. It is therefore absolutely essential for the business to be able to demonstrate that its processes are clear, well-documented and consistent. Whenever audits take place, it has to be able to provide evidence that all financial checks on customers have been undertaken and that all new contracts have been approved in the correct way.

The company’s previous document and process management solution was many years old, difficult to maintain and no longer supported by the vendor. Critically, this legacy software did not offer the functionality and flexibility that IMPULS-LEASING Slovakia needed to deliver future business improvements. The company wanted to be able to implement new automated processes, over time, to help it operate more efficiently and deliver improved services for customers.

Solution: Improved efficiency and regulatory compliance

IMPULS-LEASING Slovakia now uses Nintex K2 Five to support its entire contract lifecycle, from when contracts are first drawn up for new customers, right through to when expired contracts are archived. 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 Nintex K2 Five, IMPLUS-LEASING 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 in order to deliver an efficient and professional service for customers.

In addition, Nintex K2 Five helps IMPULS-LEASING Slovakia to comply with national and international financial industry and business regulations. For example, 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, which helps IMPULS-LEASING Slovakia to comply with General Data Protection Regulations (GDPR). When the company is audited, it can use reporting and analytics to demonstrate its regulatory compliance by providing evidence of which financial checks were undertaken, who amended the contract and who approved the amendment.

IMPULS-LEASING Slovakia believes that its use of Nintex K2 Five gives it an advantage over its competitors. It now has a versatile process automation platform, integrated with other core business systems, which it can use to streamline many more business processes in the future. For instance, it plans to develop a sales portal to allow partners and customers to view contracts online. This new development, and others like it, will enable IMPULS-LEASING Slovakia to make additional time savings, improve its customer service and extend the value it gains from its investment in Nintex K2 Five.