How a Pharma Giant Transformed Contracts with Volody AI CLM
At a Glance
A leading pharmaceutical chain implemented Volody’s AI CLM software to address manual workflow challenges & contracting inefficiencies. Volody’s centralized repository & automated obligation reminders facilitated efficient contract oversight.
The software’s comprehensive MIS reports empowered stakeholders with enhanced visibility & control, enabling informed decision-making & better operational efficiency.
- Pharmaceutical
Case Study Highlights
The following are the highlights of the case study:
About the Client
Statistics
Challenges
- Paperwork Burden: Property documents & legacy contracts managed manually, prone to errors & inefficiency.
- Escalation Headaches: Difficulty calculating rent escalations & managing lease obligations without proper systems.
- Cash Flow Chaos: Cash flow management & security deposit refund tracking delayed due to manual methods.
- Contract Negotiation Complexities: Handling negotiations & maintaining version control presents challenges.
- License Logistical Lapses: Managing various licenses for each store consumes considerable time & resources.
Solution Process
The client, after careful deliberation, partnered with Volody to tackle their contracting challenges. Volody adopted a strategic approach, initiating contracts both at the store & regional levels for optimal management. These were the steps taken by Volody to supercharge the client’s contracting process:
Keeping all the contracts like leases, property documents, vendor contracts, etc. in a single location, enabling easy access & tracking.
Volody’s AI automatically assigns obligations to the responsible stakeholder. It sends reminders for rent escalations, ensuring timely payments.
Store & regional MIS reports including details like existing rent, escalation, refunds, license expirations & renewals.
The system also tracked trademarks filed by the company and their status, along with details of law firms hired for trademark-related suits.
Email-based summary reports were sent to top management at regular intervals for contract & license renewals.
Results
After incorporating Volody’s AI CLM Software, the client observed the following enhancements:
- Streamlined contract generation: A customizable contract form enabling quick contract generation & boosted negotiations slashing the turnaround time.
- Contract Repository: The centralized repository saved resources and boosted accessibility.
- License Management: Tagging, reminders, & store-specific reports simplified license management.
- Seamless Collaboration: Streamlined processes fostered seamless collaboration & improved coordination.
- Trademark Management: Enhanced trademark management tracked details and legal representation seamlessly.
- Ease of use: The ability to handle diverse contracts flawlessly supported business operations.
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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