Location – United States
Use Cases –
- Contract Request and Authoring
- Contract Negotiation and Review
- Contract Repository
- Custom Reporting
Customer’s legal team, a mix of in-house and outside counsels was managing the contract processes for different business lines. As a starting point, the team was revising contract templates, primarily MSA documents to streamline the contract authoring. But the challenges were beyond authoring, extending to the other stages of their contract’s lifecycle.
The company started evaluating a cloud-based contract lifecycle management solution that span the divide between legal and other business functions, but at the same time met their needs of security and ease of use.
Some of the challenges to be addressed were:
- Inability to place a contract request directly from Salesforce or any P2P platform.
- Poor compliance due to absence of workflows for contract reviews
- Longer contract creation cycle, for in-house as well as external contract templates
- Longer contract negotiations cycle
- No visibility into executed contracts
- No visibility into the status on the pending contracts
To know how Ultria helped to reduce time to signature, scale up adoption, improve compliance, streamlined contract initiation, improve visibility, mitigate risk and much more, download the case study.