Bioventus Streamlined Contract Management
Bioventus struggled with manual contract processes that led to errors, missed cost recovery, and limited program visibility, impacting compliance and the global order-to-cash cycle. To resolve this, they partnered with Auritas to implement Vistex for contract, pricing, rebate, and chargeback management integrated with SAP S/4. In a phased 5-month rollout, Auritas automated and standardized processes, enabling better governance, reduced manual effort, improved tracking, and enhanced global visibility.
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Standard & digital
Digitalized contracts with templates, reduced manual tasks.
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Streamlined workflows
Enabled seamless management with robust workflow controls.
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Improved compliance
Governance with approval workflows, change tracking, and policy enforcement.
About Bioventus
Established in 2012, Bioventus Inc. (Nasdaq: BVS) is a global leader of innovations for active healing. Through a combination of internal product development, product/business acquisition, and distribution agreements, it will bring to market products that engage and enhance the body’s natural healing processes. Headquartered in Durham, NC, the company has more than 1,200 employees worldwide.
About Bioventus
Established in 2012, Bioventus Inc. (Nasdaq: BVS) is a global leader of innovations for active healing. Through a combination of internal product development, product/business acquisition, and distribution agreements, it will bring to market products that engage and enhance the body’s natural healing processes. Headquartered in Durham, NC, the company has more than 1,200 employees worldwide.
The Challenge
Bioventus was facing challenges managing complex agreements through unstructured or even manual processes, leading to incomplete and inaccuracy documents and reports, and often resulting in missed opportunities to recover costs.
Without access to data on pricing, discounts, rebates, there was no visibility into program performance. Additionally, compliance with legal requirements and cost recovery policies were in jeopardy.
These issues affecting the order-to-cash process around the globe led to Bioventus looking for ways to optimize or replace their current customer contract and pricing management solutions on their SAP S/4HANA platform.
The Solution
To address these challenges, Bioventus partners with Auritas to implement solutions for two key areas of functionality in the Order to Cash process cycle:
• Customer Contracts and Pricing Management
• Rebates and Chargebacks Management
Auritas drafted a plan to replace Bioventus existing customer contract and pricing management solution with Vistex contract and pricing management and integrate SAP S/4 Sales and Distribution (order to cash process) with Vistex rebates and chargeback management.
The Vistex solution installed as an add-on to SAP S/4 would automate and govern Bioventus’s future contract life cycle management process and rebate and chargeback process.
The global implementation was divided into four phases, in addition to deployment and support, with a duration of 5 months.
Objectives:
• Implement SAP Incentive Administration by Vistex for S/4 HANA as a unified rebate management system to centralize, streamline and automate rebate processing and claims management.
• Implement SAP Payback and Chargebacks by Vistex for S/4 HANA.
• Implement SAP Data Maintenance by Vistex, pricing option for S/4 HANA.
Results & Benefits
The solution led to significant results: