The General Electric Global Operations team has been using Octiv since 2016 to save valuable time and increase productivity in their contracting process. As of January 2018, the Global Ops team recorded over 1,000 contracts executed using Octiv. Internally, using Octiv for digital contract management is saving GE an average of 1.2 hours of drafting time per agreement, resulting in a 70 percent reduction in overall cycle time.
The overwhelming success of Octiv in the Global Operations business unit—as well as other marked successes in their Power, Energy Connections and BHGE (formerly Oil & Gas) units—caused GE to take a closer look at the solution for more of its contracting needs. After a highly-competitive selection process, GE selected Octiv to serve as the contracting standard to deliver productivity company-wide, across all of their global businesses.
The decision was made, in part, to achieve GE’s goal to make a complete transition to digital-focused productivity products. Implementing the Octiv solution was a big step in this process—the speed and efficiency employees were seeing in the digital documents and contracts sparked a desire for more efficiency across the board. Why? Providing stellar customer service, a core value close to Octiv’s own business philosophy, was a big reason.
“This is about our customers,” said Nick Perugini, head of commercial digital technology at General Electric. “Octiv will give our customers and partners the digital experience they expect from GE, while ensuring accuracy and speed in our sales and legal document delivery.”
Octiv was credited with enhancing GE’s customer experience by providing real-time, online negotiation capabilities, email and text notifications and mobile-enabled electronic execution of agreements. Recent GE customer surveys are speaking to this with a 95 percent positive response to the digital and mobile contracting process.
Over the past few years, speed and accuracy are just two of the benefits GE has come to expect out of the Octiv platform, both internally and customer-facing. Since implementation, Octiv has supported GE’s digital transformation by delivering increased efficiencies and time savings in commercial workstreams. This has led to an increase in the velocity of sales, a decrease in operating costs and an at-scale simplification of operational processes. By the numbers, the Octiv solution has:
- reduced legal agreement cycle times by 70 percent, saving on average 80 minutes per document
- reduced time to create and deliver proposals, quotes and SOWs by 90 percent
- deliver value through increased time savings, translating to increased quote volumes of up to 17 percent per quarter
According to Octiv CEO David Kerr, this partnership has been a transformative experience for both organizations. The collaborative efforts between Octiv and GE to create a standardized digital document and contract solution have paved the way to a greater understanding of what drives contracting and sales efficiency across an entire organization. It’s an exciting and revolutionary time for sales teams, as more organizations shift to an all-digital landscape, and this expanded partnership between Octiv and GE is just one segment of this world wide story.