E-Commerce Giant Streamlines Contract Management with Volody
At a Glance
An established e-commerce retailer in beauty and fashion implemented Volody’s AI CLM software to address manual workflow challenges & contracting inefficiencies. Volody automated workflow & implemented E-signing.
The client experienced efficient approvals, version-controlled contracts, timely obligation management, and enhanced insights for informed decision-making.
- E-Commerce
Case Study Highlights
The following are the highlights of the case study:
About the Client
Statistics
Challenges
- Manual workflow management: Inefficient processes and delays due to manual handling.
- Undefined approval rules: No documented guidelines for obtaining approvals making the process error prone.
- Lack of central repository: 4000+ physical contracts scattered without proper labeling.
- Unclear signatory identification: No clear mechanism or steps to identify contract signatories.
- Poor renewal & expiry tracking: Absence of a system to track renewals and expirations.
- Missing MIS: Lack of a monitoring and reporting system leading to uninformed decision-making.
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:
Bottlenecks were documented, contracts were scanned and a central repository was established with proper indexing and identification.
Volody’s AI CLM created customizable workflows based on defined roles, categories, & approval matrix.
Digital signatures were introduced to streamline the signing process, eliminating the need for physical contract copies and reducing delays.
A facility was provided to store & link all supporting documents to the corresponding obligation to ensure that the obligation has been met.
Periodic MIS reports were auto-generated and sent to stakeholders, along with automated expiry and renewal reminders.
Results
After integrating Volody’s AI CLM, the client witnessed notable improvements:
- Streamlined Approval Process: Enhanced efficiency with smooth processes and minimized approval delays.
- Audit Trial Maintained: Achieved version control by consolidating all contracts in one accessible repository.
- Enhanced Visibility: Easy identification of right signatories for contracts, ensuring clarity in authorization.
- Seamless Obligation Management: Timely management of renewals, expiries, & obligations for effective contract oversight.
- Well-informed decision-making: This was possible due to auto-generated MIS reports, simplifying the negotiation process and facilitating smooth business transitions.
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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