Automobile Giant Streamlines Contracting with Volody
At a Glance
A leading automotive manufacturer successfully addressed approval delays & manual processes through the adoption of Volody’s AI CLM. Through standardized workflows, digital requisition forms, and collaborative drafting modules, the client was able to significantly streamline its operations & minimize errors.
The tool boosted visibility & with customized MIS reports an efficient contract management was maintained.
- Automobile, Manufacturing
Case Study Highlights
The following are the highlights of the case study:
About the Client
Statistics
Challenges
- Approval Confusion: The undefined process caused delays and confusion in obtaining necessary approvals.
- Signature Hassles: Reliance on physical signatures led to difficulties in accessing and retrieving contracts.
- Tracking Absence: No system for contract tracking resulted in potential missed deadlines for renewals and expirations.
- Error-Prone Reports: The manual creation of reports from dispersed data increased the risk of errors.
- Collaboration Friction: Incomplete information caused frequent exchanges between legal & business departments.
Solution Process
The client, after careful deliberation, partnered with Volody to tackle their contracting challenges. Volody adopted a strategic approach to tackle these issues. These were the steps taken by Volody to supercharge the client’s contracting process:
Implementation of a standardized workflow for each contract type, simplifying the approval & signature process.
Incorporation of contract requisition forms to gather all the information from the business team during contract initiation.
Legacy contracts were scanned & uploaded into a centralized repository with proper indexing.
Online collaborative drafting & negotiation, storing all versions & changes in a trackable manner.
Created customized MIS reports & dashboards based on user roles, along with preset reminders for contract expiry and termination.
Results
After integrating Volody’s AI CLM, the client witnessed notable improvements:
- Reduced Confusion: Streamlined approval process and clear signature rules reduced confusion & delays.
- Central Repository: Efficient digital contract storage and retrieval improved accessibility & efficiency.
- Transparency in Process: Effective tracking system minimized missed contract renewal and expiration dates.
- Customizable MIS Reports: Accurate reports are generated seamlessly, reducing errors and saving time.
- Seamless Collaboration: Enhanced collaboration & reduced friction between legal and business.
- Maintained Audit Trail: Improved contract version management and simplified tasks for the legal team.
Volody Products
Volody is a legal tech company specializing in providing software to help businesses digitize and automate their legal processes. Built by professionals with decades of experience, our products, such as Contract Lifecycle Management Software, Document Management Software, and Litigation Management Software, aim to reduce legal workload and eliminate low-value manual processes. With AI & ML at their core, Volody products are engineered to provide astute and agile solutions that adeptly meet the evolving requirements of the corporate world. That’s why global giants have chosen Volody as their legal tech provider.
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