Once upon a time…
A new VP of Legal Operations joined a leading healthcare IT company, stepping into a newly created role. His first impression: The company’s contract processes needed help! He quickly identified the following pain points that he needed to address.
1. Poor contract templating
Without a real process, vendor contracts only had an email inbox for intake requests. Legal had to draft contracts using inadequate templates that were time-consuming to complete. And, even worse, they were managed inside the company’s Sharepoint. Any updates to a template were saved across templates, resulting in errors and confusion.
2. Constant contract backlogs
Low-value contracts, such as NDAs and amendments, were constantly backlogged as Legal focused its efforts on more lucrative new business. But, without their attention on the high volume of low-value contracts, other business teams felt ignored and frustrated as their own work stalled. Legal’s internal reputation was at an all time low.
3. Zero contract visibility
Without visibility into where each contract sat in the process, the sales team was constantly following up and checking in on their contracts’ statuses. These constant check-ins and escalations overwhelmed the legal team and kept them from efficiently performing their daily work.
4. Mismanaged renewals
The healthcare industry is particularly averse to auto-renewals, which makes renewals a big pain point for a healthcare IT company. While the legal team worked very hard to stay on top of renewals manually, like their customers wanted, they just couldn’t keep up. This meant millions of dollars in revenue were slipping through the cracks.
How the Pramata platform solved the problem
With these pain points and more, the VP of Legal Operations knew he was going to need technology and automation to solve the company’s major challenges revolving around contracts. That’s where Pramata came in.
Using the Pramata platform, the VP built a simple workflow designed to move vendor contracts from request to completion. With Pramata’s simple UI and no-code workflow builder, the VP went from testing to producing the first workflow in just three weeks.
Inspired by the success he experienced after the first workflow, the VP continued. Now, the company uses 11 top-level workflows and 18 different templates to streamline contract development and management.
Results that speak for themselves
Teams across the company were so hungry for a solution to their contract chaos that they all embraced Pramata with open arms. The results: No more pushback, no more check-ins, no more backlogs. The legal operations team, legal itself, sales and others quickly adopted the new way of doing things and saw immediate results.
The legal team witnessed status checks and escalations drop off significantly from the start, while backlogs on NDAs and low-dollar or no-dollar contracts vanished thanks to self-service capabilities Pramata offers the sales team. Now, legal team members are free to focus on more valuable work instead of spending hours searching for contracts and responding to status checks.
The legal team can also help the company realize revenue gains by keeping up with renewals, now that other time consuming work is off their plates for good. And other business units, like Sales, are free to request and generate contracts automatically without anyone from Legal needing to approve, leading to quicker sales cycles and happier customers.
Make contract management radically simple with Pramata
If your business is experiencing any of these pain points, you can achieve the same results by adding Pramata to your contract management tech stack. Pramata makes contract management – from requests to redlining to renewals (and much more) – radically simple.
See how, with a demo of Pramata today!
