The pain of complexity
A Legal Ops & Systems Administrator for a multinational corporation bringing in billions of dollars in revenue was faced with the perfect contract management storm: No centralized system, zero reporting and complex manual processes.
Her pain points included the following, which may sound all too familiar if you’re working in a similar capacity.
No centralized systems
Who needs a single source of truth? The answer is everyone!
For this company, a lack of centralized systems and processes meant inconsistent contract terms and provisions. This resulted in confusion across teams and introduced significant unnecessary risk into the company’s contract management processes. Without a central and visible contract repository, the company found it difficult to track contract lifecycles and ensure timely renewals and negotiations. These challenges translate directly into delayed and lost revenue and an inability to make strategic business decisions.
No reporting or analytics
What good is having your contracts in one place if you don’t know what’s in them?
Prior to getting Pramata, the company had no automated reporting or analytics functionality. No one could identify the number of contracts the legal team processed, how many were being assigned to a specific person, or where bottlenecks existed in their processes. Without access to insights from their entire collection of contracts, the company was blind to many valuable insights they could have been using to their advantage.
Manual processes
The dreaded email-based system and the endless cycle of follow-ups and escalations.
Like many legal teams, this company used their email inbox to do business with the rest of the organization. Not only does this cause an exponential increase in the number of emails, as people have to go back and forth multiple times, it leads to a black hole of information about where any contract sits in the process. That means more follow-up emails, more escalations copying someone’s manager on the email and more time spent just trying to stay above water. It was a losing battle, with the inbox reaching a backlog of over 5,000 new agreements to file at one point. All of this led to missed opportunities and negotiations which undoubtedly impacted the company’s revenue.
Hitting a breaking point
In addition to these specific pain points, the company had approximately 400,000 documents to manage, not counting new ones that were coming in all the time. They desperately needed a solution that would both wrangle all their legacy contracts and fix the manual and inefficient processes that kept the legal team trapped in this vicious cycle.
However, with a team of only five people at her disposal, the Legal Ops & System Administrator couldn’t afford the time or manpower associated with most contract management implementations. Luckily, she turned to Pramata: A powerful solution that provided immediate value to the entire organization.
The impact: Simplicity and success
Within the first two and a half months after starting their Pramata journey, this company has seen impressive results.
The Legal Operations & System Administrator acts as the primary resource working with Pramata to build out the system, and – with heavy lifting provided by Pramata – has:
- Cleaned and organized over 400,000 existing documents to just 80,000 contracts that need to live in their repository
- Created 28 request forms
- Created 57 auto-assignment rules
- Onboarded 61 users across eight different roles and seven different profiles to provide custom permissions
- Mapped five contract templates, with more coming each week
That is to say, with just one person and the help of Pramata’s team this company has been able to do in a couple of months what it couldn’t do in years. What this project didn’t require was help from the company’s IT team or other outside consultants, months and months of planning and preparation or any manual cleansing or organization efforts.
A warm reception from the business
To gauge the success of Pramata before its official launch, the team completed a beta test with the help of several attorneys and stakeholders from across the company.
The results were overwhelmingly positive. When asked how satisfied the respondents were with the experience, 64 percent answered “very satisfied,” while 36 percent answered “somewhat satisfied.” In addition, around 73 percent thought the system was “easy to use,” and the remaining 27 percent thought the system was “very easy to use.”
Radically simplify your contract management processes with Pramata
Results like these aren’t the exception: They’re the rule for Pramata customers.
Forget about manual processes, disorganized contracts, missed renewals, leaking revenue and unhappy employees (both on the legal team and not). See how Pramata can transform not just the way you manage contracts but the way you do business. Get a demo of Pramata!
