[Ghana] MODEC selects Icertis to reduce risk, improve compliance in vendor contracting
Icertis, the global provider of enterprise contract management in the cloud, has announced that MODEC, a specialist in floating production systems for the offshore oil and gas industry, has selected the Icertis Contract Management (ICM) platform to replace their manual contract management processes in Ghana with an enterprise-wide solution.
The ICM platform will power the digital transformation of MODEC's vendor contracting process as the company looks to excel in the capital-intensive oil and gas market.
"At MODEC, we are committed to delivering and safely operating high-quality, innovative platforms for the offshore industry," said William Main, Operations Cost and Contract Lead at MODEC Ghana Ltd., a MODEC Group company. "Icertis will enable us to better collaborate with our partners while reducing risk and improving regulatory compliance."
Vendor management in the oil and gas industry is highly-regulated and process-oriented. It's critical that third parties deliver products and services in compliance with contractual commitments and regulations to ensure operational excellence and financial performance.
MODEC selected Icertis because of the ICM platform's ability to monitor regulatory compliance across the globe, with region-based variations in workflow. The platform will serve as a single source of truth for MODEC's contracts, enabling them to proactively monitor and manage entitlements and obligations.
"MODEC tackles some of the hardest engineering challenges in the oil and gas industry, balancing client requirements, harsh environmental conditions, and global regulation," said Samir Bodas, CEO and Co-founder of Icertis. "We are thrilled to help them digitally transform their commercial foundation to solve the complex contracting challenges of the offshore industry."
In addition, MODEC will maximize collaboration and strengthen relationships with suppliers around the world using the ICM Collaboration Portal application, an easy-to-use, secure online environment that eliminates communication barriers between partners.
With the ICM Collaboration Portal app, one of a growing list of business applications built on the ICM platform, buyers are able to reduce contract negotiation time and speed awarding decisions while vendors have real-time visibility into the entire source-to-contract process.
The ICM platform, which is natively built on Microsoft Azure, will also integrate with Adobe Sign to speed contract execution. The selection by MODEC continues Icertis' rapid expansion in the engineering and energy sector.