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www.mindcrest.com Strategic Considerations in Implementing an End-to-End Contract Lifecycle Management Solution This paper highlights considerations and best practices in effectively managing an end-to-end CLM initiative using three key levers: technology, processes and people. ` Vishal Anand, Senior Vice President Contracts Management August, 2016 STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION Contents INTRODUCTION: Drivers for CLM Implementation ................................................................... 2 SECTION 1: Technology with Competitive Advantage ............................................................... 2 To cloud or not? ..................................................................................................................... 3 Integration / APIs .................................................................................................................... 4 Standardization meets flexibility to drive automation............................................................... 4 SECTION 2: Case for Change Management Considerations, Process Improvements and Implementation Strategies ......................................................................................................... 6 Where to begin and what is the focus? ................................................................................... 7 How to plan an effective transition? ........................................................................................ 7 How to increase adoption? ..................................................................................................... 8 SECTION 3: Managed Services: An Antidote to Broken Service Functions .............................. 9 The dos .................................................................................................................................10 The don’ts .............................................................................................................................10 CONCLUSION ..........................................................................................................................10 August 2016 1 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION Strategic Considerations in Implementing an End-to-End Contract Lifecycle Management Solution INTRODUCTION: Drivers for CLM Implementation Contracts are a cornerstone of all business-to-business relationships. A typical Fortune 500 company has 25,000 to 45,000 active contracts, with pricing schedules, service-level agreements, and other related amendments. Contract Lifecycle Management (CLM) tools are the fundamental enabling technology for organizations to electronically manage contracts from creation to execution to post-contract analysis. CLM tools have transformed contract management from a practice of viewing contracts as stand-alone documents to viewing contracting as a process, one with underlying functions that are continuously being advanced by way of emerging technology and efficient legal services. CLM solutions are not a new concept – they have been around for years. In the past they were primarily used as central contract repositories that enabled general administration and organizational audits. Today CLM solutions are being used by organizations to do much more. Key factors that contribute to the current popularity of CLM solutions include: ● Increased regulatory and contractual compliance requirements ● Need for efficiency in drafting better contracts and monitoring transactional obligations to save costs ● Emerging mobile and cloud-based technologies bringing a new level of access ● Integration capabilities providing contractual data in a comprehensive, continuous and costeffective manner ● Support for real time and continued reporting Now that organizations have widely accepted and embraced the value of adopting CLM solutions, it is time to focus on how to effectively implement them. This paper aims to highlight considerations and best practices for effectively managing an end-to-end CLM initiative using three key levers: technology, processes and people. SECTION 1: Technology with Competitive Advantage Technology cannot transmute a contracting process by itself, but its effective implementation has proven to be a strong differentiator in the transactional world. With several competitive solutions in the market, it is necessary to undertake a thorough needs analysis and create a short list of tools that may be right for your organization. At its core, technology choices should be dictated by deep industry knowledge and processes that could be seamlessly (and repeatedly) configured in line with evolving business needs of your organization. Start by investigating the needs of your organization and engaging with key stakeholders (e.g. Legal, IT, Sales or Procurement) who will have inputs on existing systems and future needs. CLM solutions are not one-size-fits-all and feedback will vary based on an organization’s size, usage, current practices and industry trends. Take your time with this important step, and zero in on what you hope to achieve through this implementation. Discussed here are three key factors to consider during the technology selection process. August 2016 2 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION To cloud or not? Most legacy CLM tools were extensively adopted as an on-premise (“on-prem”) technology that lacked the speed and scale necessary to match the ever-changing needs of legal departments and their business counterparts. There are other conventional criticisms of the on-prem tools, including their high total cost of ownership and overdependence on IT. We find most comparative analysis on this issue tend to focus around cost and scale, and miss out on other key features that are pertinent to this equation. Outlined below are some key factors you should look into when making a decision on the platform. In relation to unique customizations of CLM for plug-ins and contracting workflows, on-prem deployments maintain a slight advantage. It is important to know that cloud services also offer many choices and configurable options that could potentially work for your ON-PREM vs CLOUD organization; however, the choices are often limited with Customizable vs Configurable what you can do if the bulk of your contracts are based on third Hardware & Software Monthly Subscription & vs party forms or multiple versions Purchases Contracts of standard contracts. In such Large Capital Investment vs Operational Expense cases, it may be prudent to deploy an on-prem solution that could be specifically configured Longer development cycle vs Speedy deployment for multiple variations in Systems and IT support Less internal IT support documents. vs performed internally required Many believe that costs for onCompliance verification Compliance verification prem systems are computed by vs provided by vendors done internally the number of new assets (trust, but verify) (hardware/software) to be purchased and cost of their replacements, while cloud technologies investments are looked at as monthly subscription costs adjusted to reflect actual usage and are often categorized as ‘operational expenses’. Although these operational expenses for cloud implementation come with valuable tax benefits, a recent rule-change by the Financial Accounting Standards Board (FASB) may make it harder to capitalize and reclaim the cloud set-up and implementation costs. One thing to keep in mind is that while on-prem solutions may represent large capital investments, cloud-based solutions may also entail long-term subscription contracts – any analysis regarding your form of implementation should consider these variables in pricing in light of your organization’s near and long-term needs. One of the key benefits to cloud providers is resource pooling. By combining pools of configurable computing resources (e.g., storage, applications, networks, services, etc.), cloud systems can be rapidly deployed with minimal management effort. This, in turn, reduces your dependency on internal IT support, which may be an important incentive for your organization. With regards to security and data-protection, most regulated industry verticals (particularly healthcare and financial services) tend to prefer on-prem deployment that meet in-house policies. While there may not be clear evidence of tighter security for onprem solutions, regulators tend to follow the maxim ‘if you run it, you have only yourselves to worry about’. Progressive users understand that their level of risk mostly relates to the behavior and culture of their employees. Cloud services have teams devoted to compliance, with defined security standards, processes for backing up and deleting data, and controls that often more readily maintain compliance. However, given your unique security concerns and changes in regulations, including upcoming Data Protection regulations August 2016 3 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION in the EU, ensure you include the right to review the procedures and facilities of your cloud providers as part of your contract. Trust, but verify, the cloud systems. Illustrated above is the vendor reported data related to licensing and delivery methods for key CLM providers under the ‘Market Guide for Contract Lifecycle Management’ by Gartner group in 2015. Integration / APIs Another significant influence on your CLM decision will be the tool’s ability to integrate with CRM, ERP, intranet and other applications to ensure continuity of data. The key issue when looking at integration capabilities is to consider the scope and foreseeable usage of your CLM system. Investigate the business need to provide a continuous flow of data or exchange to and from sales, legal, and other divisions before shopping for integrated capabilities. Getting a handle on supporting APIs will also help plan future application usage. Customarily, MS Office, single sign-on, e-signature and salesforce integration are some common integrated applications to look for. The design of these integrated features and approval workflows will vary across CLM providers, and it is advisable to investigate their limitations up front, based on your core needs. Standardization meets flexibility to drive automation An organization’s decision to promote standardization and implement contract automation typically starts by steering a cost-benefit analysis. Many times such initiatives are led by management consultants with little experience in a legal or transactional environment, whose business case focuses on the organization’s total number and type of contracts, the overall cost, the existing systems, and eventually includes numbers to show ROI justification for a document assembly integration into CLM. Unfortunately, often there is minimum effort spent to understand practical needs, such as August 2016 4 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION ● ● ● customizations required for different types of contracts to comply with upcoming regulations or compliance remits processes and contract types that may not be ripe for automation in light of M&A events or other time-sensitive regulatory initiatives the need for ‘real-time’ data reports in relation to business and compliance capital requirements Automating standardized processes can reduce effort and save time, which in turn introduce some intriguing options for creating more employee capacity in strategic positions. ‘Document Assembly’ technology is one such feature that has gained popularity as an automation tool. In its simplest form, document assembly technologies are similar to a tax-filing software, with a series of questions and branching logic that produce a contract template based on user responses. Almost all such automation tools incorporate capabilities for exchange and collaboration across multiple authors, between lawyer and client, and lawyer to lawyer, accelerating the communication and negotiation process. Proponents of such technology claim that automation of the contract renewal process or template generation using such tools can yield productivity improvement of 13-20% over and above process reengineering. All too often, large organizations looking for standardization and cost-savings aim for automation of multiple contract types and workflows using document assembly tools only to end up with low adoption rates and a plain vanilla central repository for standard templates. The overwhelming source of frustration for end users often stems from the inconvenience and lack of flexibility to customize the tool based on their needs. For example, the up-front time spent in completing lengthy questionnaires on document assembly tools without intricate customizations often produces inaccurate or incomplete contracts that are escalated to lawyers for further review. These additional reviews from legal often transpire into full-fledged analyses of business needs and legal requirements, eventually offsetting the savings in time and costs. The ‘lack of flexibility’ stems from the inaccurate study of the complexity of contracts and the challenge to make the questionnaires brief yet comprehensive. Organizations often underestimate the complexity of their legal agreements in relation to automation features of such tools – even ‘simple’ contracts with conditional logic and diverse variants can break pre-set business rules on these tools. To avoid such situations, consider using subject matter experts with proficiency in designing legal clause content for automation and proficiency in markup conventions to analyze the complexity of your contract portfolio. This will help the decision-making process on document assembly integration. Here is a descriptive list of additional capabilities for supporting critical functions that should be evaluated in terms of their flexibility: ● ● ● ● ● customized search, reporting and analytics capability to optimize the value from live contracts auditing support and obligations management for internal controls via automated alerts types of contracts covered and effort required to add new contracts on the system integrated contract data that is digitized and searchable using combinations of metadata real-time customizations in intake form/ request questionnaires used for contract authoring or redlining August 2016 5 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION KEY TAKEAWAYS START by interacting with stakeholders internally to establish current capabilities and needs prior to engaging with vendors. DECIDE on near-term goals to get quick wins and on implementation based on core needs. ASK for references and get an understanding of the size and intricacies of your business in relation to other customers the vendor supports. Often references are more representative of the vendor’s professional services than its solution; it is important to know what functions of the reference’s solution was out of the box and what elements were customized. LOOK for integration capabilities in the CLM tool. Identify other strategic systems/ features used in your organization that must be integrated to gain efficiencies in data flow and integrity. INVESTIGATE if your organization would benefit from the intricate features offered by a large vendor’s solution or if a more flexible technology from a niche provider would better meet your requirements. CONSIDER hiring a subject matter expert with system proficiency to help in the decision-making process. KEEP AN EYE ON THE FUTURE. New versions and upgraded applications are entering this market with blazing speed. Tools will continue to mature as your business and needs evolve. SECTION 2: Case for Change Management Considerations, Process Improvements and Implementation Strategies Implementing or consolidating a CLM initiative is an important change for employees involved in any aspect of the contracting process. A streamlined contract process will eventually make tasks easier and more productive for your employees, but the progression to a centralized CLM adoption will nonetheless require skillful change management by those responsible for implementation. According to a CIO.com article, “Roughly 20 percent to 30 percent of employees are change gluttons— often ambitious, they see change as a path to happiness and success...another 20 percent to 30 percent cannot view change as anything other than a threat to their jobs (and they may be right) and will resist at all costs. Finally, about 50 percent to 70 percent are skeptics—they may see some logic in the case for change but aren’t convinced it will benefit them personally.” Establishing a mandate to a new CLM without inputs on system or workflow design from key end-users or employees leads to uncertainty and often results in more resistance to the change process. Diagnosing the sources of resistance is the first step towards effective adoption – engage with employees and give them the opportunity to come to their own conclusion about the benefits of the contract management software, and they will see the process as a welcome change. Below is an outline in form of Q&As to showcase change management methodologies to engage partners and increase adoption. August 2016 6 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION Where to begin and what is the focus? Start by forming a taskforce that works with stakeholders to define the scope, identify types and volume of contracts, locate current repositories and metadata to be captured for future automation, reporting and workflow design. Analyze legacy contracts An analysis of legacy contracts is critical and may inform the overall design approach and future needs. Be sure to engage subject matter experts for each division to identify the complexity in their contracts, pain points with existing processes and seek their overall feedback at an early stage. Be mindful of the fact that most SMEs with such institutional knowledge have a heavy workload, and use their time wisely. Engaging the right audience early will also lay the foundation for higher adoption rates in the future as departmental SMEs morph into cheerleading change evangelicals. Design your implementation plan Your implementation plan should cater to high-revenue contracts and processes with significant volumes that are well understood. Exceptional cases outside the norms and with low frequency is a distraction, and adds to delayed and painful customizations. Place exceptions under a later phase and focus on the core workflows that are well-understood. This will lead to an effective launch. How to plan an effective transition? An effective transition plan lays the foundation for quicker stabilization, and strongly improves the possibility of long-term success of your CLM strategy. Keeping the transition on track – in terms of timelines, costs and scope requires detailed planning and effective communication at the outset. These six steps will help you plan for the transition to your new CLM solution. 1. Define process scope and migration methodology up-front; implement a phased-approach tied to availability of critical users. Specifically, the contractual data migration process must be carried out in conjunction with user onboarding the system. Add legacy contracts to the system and bring the relevant users at the start to perform data validation at an early stage. 2. Allocate responsibilities between internal resources and the provider to avoid misunderstandings and identify the right mix of skill-sets on both sides to cover different aspects of the transition. Outline a well-defined timeline with back-up plans for any delay. 3. Appoint a change management lead to engage with existing staff or the incumbent provider early in the process. Reluctance and negative perceptions about new providers and future services influence opinion of nay-sayers across the organization and must be avoided. 4. Post-award discussions with suppliers should aim to establish a relationship framework by focusing on issues like governance model, adequate coverage, and skill-sets of transition team. Avoid singular focus on pricing, recovery and liability in award negotiations. Engagements established with primary focus on cost and risk-allocation results in situations where neither side trusts the other, and each is unwilling to impart information or show flexibility. 5. When deciding on the transition team, ensure there is a complete knowledge-transfer from the supplier’s pre-award team to the post-award team leading the transition. 6. Study internal circumstances and requirements in order to decide upon the transition strategy, i.e. whether to implement the system in a big bang (users move to the system at once on a given date), in form of a phased rollout (users move to new system in series of steps), or in form of parallel adoption (users learn about the new system while working on old and both systems run at the same time). There are pros and cons for each transition strategy and your organization’s needs should dictate the implementation. Some organizations may even decide on a combination of strategies, August 2016 7 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION like a mini big bang along with phased rollouts (i.e. big bang the key features, then add in the peripheral functionalities later). How to increase adoption? As discussed above, a vast majority of CLM implementations end up as a basic contract repository with limited analytics and authoring capabilities. Employees initially complain about the system not being ‘userfriendly’, and may eventually get frustrated by the incompleteness and inaccuracies of the functionalities and underlying data on CLM. Whatever the reason may be, a significant portion of applications don't meet user expectations in a number of areas and are rarely used in line with the implementation plans. Discussed below are strategic recommendations to help avoid such issues, and help increase adoption across different stages of CLM implementation. Implement feedback The implementation process for CLMs tend to be relatively straightforward. However, no two systems, even within the same industry mirror each other in their design or functionality. The underlying nuances, existing practices and compliance needs force organizations to customize their systems to a great degree. Teams guiding the implementation process are therefore wellserved by leaving some ‘vacancies’ in their action plans. Given the unique needs for customizations, feedback from end-users in such forums yield valuable insights, and could be added to the implementation plan. This kind of support and overall involvement gives the employees a chance to decide at least some of the functionalities on their own, and eventually promote adoption of the system as a user-friendly tool. Communicate across the organization As the project enters the implementation stage, it is important to share key developments across the organization on a periodic basis. This may be in the form of steering committee meetings, a concise e-mail to end-users or even conference calls. CLM implementations, regardless of scope, invariably get hit with unexpected setbacks but also achieve wins by resolving critical complications. Share the progress with relevant teams to help them stay abreast with the developments and solicit potential help in resolving issues that are causing setbacks. Executive sponsorship For large organizational implementations, it is prudent to attain ‘executive sponsorship’ from a senior leader with relevant experience and a clear understanding of the expectations. Incentivize the executives to lead data-driven transformation, and not ones solely based-on regulatory, compliance or other mandatory requirements. Specifically, support data-driven transformation by well-researched cost-benefit analysis, feasibility study with clear description of results, and successful case-studies of prior implementation. Executive-led and data-supported changes will help you shepherd the initiative and promote re-education on new practices. Training and effectively onboarding end-users A well-integrated CLM system will significantly impact work culture of several employees across the organization. It is crucial to allocate time and resources in customizing training materials that are specific to user-groups and helps them be more productive. Depending on the size of your organization, onboard users in phases; by sector, geography or function, giving primary importance to core groups. This phased approach enables systematic introduction of different user types and more specific feedback for future deployments. As discussed previously, SMEs identified during the optimization stage should be on-boarded in advance to serve as advocates of the system and provide peer feedback to their groups. August 2016 8 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION Organizations outsourcing training and onboarding support functions should monitor the process closely. Educate user groups on process changes and enhanced features in advance of implementation. Service providers managing training should report on frequency and content of changes for approval that are addressed under their KPIs. This allows the introduction of endusers to the system with the appropriate functionality enabled. It is important to keep training manuals up to date, in context of the ongoing changes to the system. Ongoing enhancements CLM technologies are typically implemented with selective features. This is often due to limited budget, timelines, lack of stakeholder buy-in or decision to purely focus on core functional requirements in earlier stages. Such implementations are limited in scope and leave significant room for enhancements as adoption increases. You should periodically audit the system and seek to add improvements that are value-add to your CLM solution. Enhancements should be proactively made in form of process improvements, changes to configuration or by adding new functionalities, which could increase user’s confidence in the solution. Leverage advanced CLM features for selective business needs By housing all contracts under a central repository, most organizations have solved the age-old trouble of completeness and accessibility to contractual data. However, very few progressive users add and leverage advanced CLM features that truly provide the value-add and strategic benefit the technology claims to offer. Quickly winning stakeholder confidence in the tool’s advanced analytics and other features to drive value is critical to ensuring long-term success and adoption. CLM tools are no panacea, and it is important for design teams to set realistic goals for the use of its analytics and other advanced features. Organizations should start by targeting one or two business or regulatory needs, and secure a pilot to showcase quick and tangible benefits of these features. There is a long list of success stories across industries on such usage and opportunities that could be used as a guiding factor: procurement divisions often look to discover cost-saving opportunities using benchmarking data and system alerts large-scale insurance companies use CLM analytics to review and validate submissions in order to understand portfolio exposure banks now use advances in CLM technology and OCR contracts to review and extract full text contractual data from digitized trading agreements that impact counterparty credit risk. Contract authoring based on templates, automated renewals, and customized reporting establishing benchmarks have replaced unwieldy spreadsheets and helped clear bottlenecks in large organizations. Find support across the company to identify a critical need and proficiently execute on it, and then evangelize across the organization to ramp-up. SECTION 3: Managed Services: An Antidote to Broken Service Functions In addition to robust processes and advanced technology, successful CLM programs rely heavily on efficient review, analysis and contract maintenance services. It is critical to plan and execute a CLM strategy in unison with all players at the table, i.e. the client, the technology supplier and the service providers. Organizations traditionally kept a fair mix of ‘build and buy’ approach when looking to procure contract services. But given the advancement in technology, the need for round-the-clock support and August 2016 9 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION scarcity of relevant expertise in-house, most institutions are now increasingly engaging with managed services providers to drive organizational effectiveness. Under a managed services model, the service provider assumes control of all or part of the execution components – the components may be in form of contractual data migration, Business-as-Usual (BAU) maintenance support, contract review and negotiation or training and onboarding end-users. Service providers should showcase investment and experience with emerging CLM technologies and an ability to help design and integrate review processes by way of case-studies and references. Organizations should use service providers as an extension of their organization, augmenting their capacity and capabilities instead of looking for talent internally. Since these services are core to the providers’ business, they are able to invest in talent management, efficiency-enhancing processes and technology, and spread the cost over many customers. It is undeniable that managed services can be a high risk, high impact proposition for organizations. For all the cost-effective benefits and efficiencies it offers, it can also be fraught with frustration and stakeholder dissatisfaction that may lead projects to fail outright or be abandoned midway. Listed below are the do’s and don'ts learnt over time through experiences with our clients. These basic but important tips could be implemented by organizations embarking on new projects, as well as those already executing an ongoing services engagement. The dos Clearly define the objectives with the managed services provider at the pre-award stage, and ensure they understand the goals for the implementation. Maintain constant interaction with their leads and promote continuous exchange of knowledge and best practices post-implementation. Engage with both contract services and technology partners simultaneously, and seek inputs from both on overall design. Take advantage of an integrated multi-shore strategy, focusing on delivery efficiencies the strategy provides. In addition to cost benefits, it also facilitates bringing the strategic-to-tactical staff ratio within acceptable levels by driving activity consolidation and increased spend under management. Ensure all activities, contract manuals and workflows are documented and transferable Be willing to transfer impacted employees, assets and contracts to supplier under necessary circumstances Pricing should be tied to service levels, volumes and business objectives. The don’ts X X X Don’t institutionalize an internal services team if you don’t have in-house resources and expertise to manage long-term. Don’t expect to outsource management; continually monitor and measure the services in partnership with the service provider. Clearly define governance and reverse escalation metrics, and have a senior executive in your organization lead the change management effort. Don’t outsource services functions that are broken; business requirements cannot be effectively communicated with a broken process. Process must be fixed before it can be outsourced or scaled. CONCLUSION Implementing an efficient end-to-end CLM solution requires that all three levers people, process and technology are leveraged in tandem. Success also calls for a strong program management office with subject matter experts and change evangelists that help bring these three components together. A service August 2016 10 www.mindcrest.com STRATEGIC CONSIDERATIONS IN IMPLEMENTING AN END-TO-END CLM SOLUTION provider with deep strategy-to-execution experience in all three areas can help organizations reach their goals with greater certainty while maximizing potential returns from technology. About the Author Vishal Anand is the Senior Vice President and Practice Head for Contract Management Solutions at Mindcrest. Vishal has nearly a dozen years of experience helping law firms and in-house departments achieve competitive advantage through integration of emerging technologies, subject matter expertise and implementation of managed services. Prior to Mindcrest, Vishal was a Director with Thomson Reuters’ Legal Managed Services business. During his time at Thomson Reuters, Vishal worked closely with Fortune 500 General Counsel, Law Department Managers and Legal COOs to develop strategic roadmaps for enhancing various areas of their legal operations, including contract lifecycle management, outside counsel management, e-discovery and document management. He has extensive experience in designing, implementing and measuring performance of end-to-end CLM solutions for financial services, healthcare and technology companies. Vishal’s work is grounded in an understanding of the change management required in a legal services environment to successfully implement new models with focus on operational efficiency and riskmanagement. Vishal holds an LL.B. from Government Law College, Mumbai and an LL.M. from Columbia Law School. He is admitted to the NY Bar. About Mindcrest Since its founding in 2001, Mindcrest has been committed to providing best-in-class legal services to our corporate and law firm clients. We have combined the best of technology with a specialized workforce and our proprietary processes to assist our clients in meeting their obligations. Our mission at Mindcrest is to be the trusted partner to our clients by providing innovative solutions and services that transform the legal services industry. Global corporations and law firms have relied on Mindcrest to provide advanced support in the areas of contracts lifecycle management, compliance, legal analytics and litigation support. Mindcrest is ISO 27001 certified. Mindcrest has been consistently recognized as a leader in legal process outsourcing by Frost and Sullivan, The Black Book of Outsourcing, International Association for Outsourcing Professionals, Chambers Global and India Business Law Journal. For more information, please visit www.mindcrest.com or call (312) 467-9744. August 2016 11 www.mindcrest.com