Contract Intelligence Objective
Replace homegrown contract management system with a scalable, enterprise-wide contract intelligence platform to gain speed and efficiency across the contracting process and surface contract data during hypergrowth.
Solution Highlights
- 100-day implementation achieved through “think big, start smart, scale fast” incremental approach
- Enterprise-wide deployment of NDA automation allows 96% of all NDAs now signed without legal involvement, saving legal resources for higher value tasks
- Enterprise-wide analytics on contract data improves risk management
Business Challenge
This American software company provides a cloud computing platform to help companies—including a vast majority of the Fortune 500—manage digital workflows for enterprise operations.
As a software company focused on digital workflows, they had built a custom contract management system to handle agreements representing the $6 billion in revenue going through the business annually. However, as they experienced 28% YoY growth, and with goals to grow to $20 billion (or more), the organization knew that plans for hypergrowth meant its in-house system would be unable to handle the volume of contracts needed to close that many deals.
“Our CEO has big plans,” says the company’s Senior Director of IT Applications, Legal, and GRC. “Our contracting has to keep up.”
The company struggled with manual contract processes, with seasoned corporate and commercial attorneys spending just as much time on multi-million dollar contracts as they were on NDAs.
The company also had limited enterprise visibility into contract risk. For example, “Termination for Convenience” clauses make it easy for customers to cancel contracts. The homegrown system could not surface how many contracts contained these clauses, and how much revenue they were associated with. Rather, to review a portfolio of contracts for specific language, they had to pay outside counsel to read through them.
Solution
To identify a better solution, the company put together a test of 104 potential use cases to evaluate product capabilities. Icertis was the only company able to satisfy all 104 use cases, which is why this software company selected Icertis as its enterprise-wide contract intelligence platform.
The company chose an incremental implementation and began by addressing their challenges with NDAs. With such a growing business, the company was issuing between 50 and 100 NDAs, including intellectual property NDAs, per day—all of which had to go through its legal team for approval.
With Icertis, the company was able to streamline NDA language and create an automated workflow that allowed NDAs to be executed without legal review if standard language was used. The NDA system, which featured nine integrations, was up and running within 100 days of the company signing with Icertis.
With this quick win under its belt, the company has taken on more complex projects, with 12 enterprise integrations and more than two dozen contract types, including the revenue-generating customer agreements that power its growth.
Benefits
With Icertis, this software provider has gained speed and efficiency across its contracting process.
The NDA solution has led to 96% of all NDAs being executed without legal intervention.
In addition, the organization can now also pull reports on the content of its contracts without the added expense of outside counsel.
