Case Study · Contract Lifecycle Management
Redesigning the sign-and-execute process for contracts at a customer experience software company
HQ in California, USA
Contract Automation for Transformative Results
With expanding markets and offerings, Genesys was interested in managing their contracts more efficiently.
Genesys was previously using tools that were unable to meet their contract management needs. The complex operation was hampering their ability to be as efficient and effective as possible and created several issues in the contract process. Lacking features that would enable a more fluid process, including better data analysis, streamlined uploading and increased visibility, Genesys was ready to move on to a more robust solution. The contract lifecycle before and after signatures is often ignored by many companies − with processes typically managed using spreadsheets and emails and contracts often being manually archived to a shared drive.
The contract lifecycle before and after signatures is often ignored by many companies − with processes typically managed using spreadsheets and emails and contracts often being manually archived to a shared drive.
These manual and analogue processes embody inherent flaws for any business and can slow the speed at which agreements are executed. They also increase risk and create frustration, not only for potential
customers, but also for internal employees. These negative impacts can be even greater for complex contracts.
To help develop a new solution, Genesys selected Morae as their partner for the implementation of DocuSign CLM and DocuSign Insights. Using a ‘project checklist’ to analyze the processes for most contract situations, Morae worked closely with the Genesys Legal Operations and IT teams to identify and create an understanding of what contract templates were needed, where the volume of work currently was, what technology could be used to create a simpler, more robust process and provide the best return on investment.
Ultimately, DocuSign CLM and DocuSign Insights were selected as the right technology to enable the business to improve and expedite their sales and contracting processes. DocuSign CLM is designed to automate and streamline the contract lifecycle, and DocuSign Insights is an AI tool specifically designed to drive smarter business decisions while uncovering risks and hidden opportunities using contract analytics.
The implementation process began with integrating the current CRM system being used by Genesys, which the company was using to request and archive contracts. The integration would allow the sales team to directly access the CRM for each opportunity, as well as have access to contracts already in the system. The new process allowed sales users to access the new tool from the same point of initiation as they did with the previous process, submitting contracts to legal in a way that felt familiar. The new process was successfully rolled out to Genesys Account Executives following comprehensive training and support for the new system.
The CLM solution has increased the speed at which contracts are signed and the level of service the company is able offer their customers: contracts such as NDAs are now being signed in under thirty minutes from the time that they are requested, and the company is now able to track the speed at which internal teams are able to respond to customer requests.
With the integration with the company’s CRM system, it is now much easier to access the right information relating to each contract and sales account. One of the initial realisations for Genesys was the need to separate out the processes for each contract type, as the company previously was working with only one process in place for all contracts. The separation of workflows for specific contract types allows reporting to be carried out in a much more meaningful way. Genesys is able to identify bottlenecks for each contract type, internally and externally throughout the process.
In addition to making the contracting system more efficient, Morae also migrated over 2,000 legacy contracts into DocuSign CLM.
This gave the entire organization visibility over all executed contracts for the first time and gave users the ability to search through these contracts using the AI capabilities of DocuSign Insight, which was another important first for the company. Genesys can now track new analytic measurements such as the ratio of contracts where the sales team do not need require help from legal or other teams. Genesys can now also monitor how the sales team are using the new software and can advise on where improvements can be made to their individual processes.
Contract Lifecycle Management
Leveraging technology to reduce cost, shorten cycle times, and improve quality and stakeholder satisfaction
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