As technology companies continue to experience rapid growth and expansion, you’ll need to have the proper tools and processes in place to manage the challenges that accompany that growth. Managing corporate contracts only gets more difficult as you introduce more customers, employees, vendors, service providers, and other professional partners into the equation. Small teams responsible for a handful of relatively low-risk agreements might not have a clear need for dedicated contract management software, but what happens when your company has 30, or 300, or 3,000 contracts on file, all with varying terms and end dates? What happens if your business expands and now your legal team is spread across multiple states or countries? For most companies, there comes a point in time when the existing manual processes in place stop working.
When you reach a certain size, you simply have too much to lose to leave your contract management to chance. This is where contract management software, like ContractWorks, makes all the difference. ContractWorks gives you the ability to store all of your corporate agreements in one central, secure online repository that serves as the single source of truth for your organization’s most important legal documents. With ContractWorks, the days of searching through file cabinets and stacks of papers to find a particular clause in a specific contract are over.
Here are some of the ways technology companies can benefit from contract management software, and the results customers in the technology space have seen after implementing ContractWorks to manage their growing contract databases.
Simple Finance Technology Corp. Appreciates Simplicity
Tech companies are agile, move quickly, and need to find software solutions that allow them to work even more efficiently. One of the problems with most contract management software is that there are simply too many features that don’t get used. That might not seem like a bad thing, but unnecessary features end up driving the cost of the software up and make it harder to find the features you do need, which can cause delays and get in the way of contract management efficiency.
ContractWorks has focused its efforts on providing a system that is easy to implement and navigate, so legal teams actually use it and can more quickly realize the value in the software. With the fast-paced environment found in most tech companies, you don’t have the luxury of gradually learning a new tool over a period of weeks or months. Features like drag and drop files and folders, bulk contract upload, and AI auto-tagging give you everything you need to get started right away so you can take action on your agreements faster.
One technology company that chose to work with ContractWorks, partially based on the simplicity of the system, is Simple Finance Technology Corp., an online bank based in Portland, Oregon. Instead of physical branches, they instead offer a robust online banking system accessible through Simple.com and mobile apps, combining the security of traditional financial institutions with the convenience of modern technology.
As Simple’s popularity grew, they began taking on many more agreements, and realized that they needed a solution that could help them organize, store, and quickly locate contracts and other agreements with critical milestone dates. After vetting other contract management solutions, the team determined that ContractWorks was the best fit for their business because it required very little training, offered an intuitive interface, and came at a price that the competition could not beat.
Highlights and Results
Thanks to the ability to add unlimited users to ContractWorks, monitoring contracts no longer falls on one individual, increasing overall company efficiency.
After losing money due to poorly executed methods of contract monitoring, Simple is now saving money by setting custom alerts around contract end dates, auto renewals, and inactive contracts.
"ContractWorks allows us to run custom reports with flexible alert time frames, which has saved us money due to no longer missing renewal dates or opportunities. This combined with time savings, has paid for itself, many times over.”
- Devin Poe, Purchasing Specialist
LogicMonitor Found an Intuitive Solution to Get Organized
Another potential challenge for tech companies experiencing rapid growth is that a team that may have started as a few people in one building is now exponentially larger and spread across the globe. When you have offices around the world and thousands of contracts to track and manage, any inefficiencies you dealt with as a smaller company are amplified and can quickly escalate from minor issues to critical areas of concern.
One company that understands these challenges is LogicMonitor, a SaaS-based performance monitoring platform for modern IT infrastructure. With locations spread throughout North America, the United Kingdom, China, and Singapore, and over 10,000 unique contracts, LogicMonitor needed a solution that would allow them to completely digitize their business’s contracts in a simple and organized fashion.
ContractWorks offers an intuitive contract repository that allows LogicMonitor to track critical dates and details connected to everything from their human resources files and operational paperwork to vendor, licensing, and non-disclosure agreements all from one central location. They wanted a solution that was easy to use and affordable, that also had the security features necessary to protect their corporate data, and they found what they were looking for in ContractWorks. The software’s intuitive design and the ability to create custom reports and email alerts for specific key stakeholders also convinced the team that ContractWorks was the right partner to help accomplish their objectives.
Highlights and Results
While they once struggled to locate individual contracts, LogicMonitor can now manage more than 10,000 contracts with ease, and quickly search through their repository to find the specific clause or contract they need, which saves them valuable time.
The LogicMonitor team can now tag and report on key document milestones to provide insight to key stakeholders, something that is essential for a company that specializes in monitoring performance.
"ContractWorks brings simplicity to the sometimes daunting task of file organization and management. The product is intuitive, and customer support has been an excellent resource."
- Megan Pompa, Executive Assistant