Toyota
Introduction
Toyota Connected Europe (Toyota) is part of the multinational Toyota Group, and is dedicated to transforming mobility through the development of dedicated technology solutions that allow individuals to enjoy connected vehicles and mobility in a safe and compliant environment.
Toyota faced a familiar problem: balancing their contract review and negotiation workload with more strategic initiatives that demanded the legal team’s attention. Toyota chose to leverage TLB's services in order to get back to the strategic work that would drive business growth.
In doing so, Toyota experienced a 30% increase in contract process efficiency and was able to get back to the initiatives that really mattered to the business.
Step 1: Discovery
To begin with, we kicked off with a Discovery session where we explored Toyota’s contract landscape, risk appetite, preferred contract positions, general contract management processes and their legal ops landscape and processes to identify opportunities for optimisation we would later report on.
Step 2: Setup
Playbooks
Following our discovery session, we tailored our TLB Standard Playbook to suit Toyota’s preferred positions, complete with fallback positions, risk threshold matrix and approvals matrix.
We also tailored and shared our ‘red flag’ report for Toyota, which is designed to help Legal and Procurement quickly and easily identify risks and dealbreaker issues in lower-risk contracts and seamlessly onward share with the business for them to mitigate those risks.
Legal Ops Diagnostic Report
We also delivered our Legal Ops Diagnostics Report setting out our recommendations as to how Toyota could optimise their processes technology to meaningfully improve their speed to contract, including implementing a legal front door to centralise business requests.
Step 3: Delivery
Contract Management
We began delivering from day 1, turning contracts around within our 1-3 day SLA. The red flag reports in particular delivered huge value to Toyota, as they were able to clearly articulate risks and how to mitigate them to the business in relation to their high volume, low risk contracts.
Legal Process Optimisation
Toyota also implemented our recommendations to improve their intake and storage processes, having a meaningful impact on their speed to engage with the business and to contract more broadly.
Reporting
We provided Toyota with complete visibility over what they sent us with our weekly WIP reports and also provided meaningful insights into their contract landscape through monthly reports. Separately, we provided recommendations on how to further improve their contract operations through our Quarterly Optimisation Reports.
The Outcome
With TLB's help, Toyota's legal team has been able to improve their contract review process efficiency by 30%. This has enabled the legal team to focus more on strategic initiatives, ultimately driving business growth and improved company performance.