Contract lifecycle management (CLM) is very important for businesses today. This is especially true in fast-moving and busy fields like finance. Good contract management helps companies follow rules, lower risks, and be more flexible. This supports the overall success of the business. HDFC Securities, a top financial company in India, faced challenges in managing their contracts well.
After teaming up with Volody, which offers AI-powered CLM solutions, HDFC Securities made its contract management simpler. This led to better teamwork, stronger security, and improved performance.
In this blog, we will look closely at HDFC Securities’ journey. We will see how Volody’s AI CLM software changed the way they manage contracts.
HDFC Securities
HDFC Securities is a well-known company in India’s financial services field. It is part of HDFC Bank, a name people trust for its new ideas and focus on customers. The company has many products and services. These include stock trading, help with investments, and planning finances. Because the financial sector changes often, HDFC Securities has to manage a lot of contracts in many different areas. This shows that they really need a better way to handle contracts.
However, even though HDFC Securities is a well-respected firm in finance, it faced big problems in managing contracts well. These problems made operations slower and created risks that could cause issues at work. This is where Volody’s AI CLM software stepped in.
Key Problems in Managing Contracts at HDFC Securities
Before HDFC Securities started using Volody’s AI CLM software, they had several problems managing contracts. These issues were both technical and related to how the organization worked. Here are the main challenges HDFC Securities faced:
1. Physical Signatures:
At that time, signing contracts needed physical signatures. This manual step caused long delays and created problems. Waiting for signatures from many people in different places meant that finishing contracts could take days or even weeks. This was especially true when there were many agreements to handle.
2. Manual Processes:
A big part of contract-related tasks, like generating, reviewing, and getting approval, was still done manually. This way of doing things not only raises the chance of making mistakes but also makes the time to finish longer. Workers had to do the same tasks over and over, like copying and pasting info, checking contract parts by hand, and making sure everything followed the rules. This method was not only slow but also open to human mistakes.
3. Decentralized Stakeholder Systems:
Different departments at HDFC Securities had their own systems to manage contracts. This caused problems, as information was broken up and hard to access between teams. Legal, finance, and operations worked alone, which made it harder to coordinate. This lack of teamwork caused delays and confusion.
4. Lack of Controlled Access:
Another big issue was the lack of control over contracts. Before, anyone in the organization could access the contracts. This increased the chance of people getting private data without permission. Because of the money involved in HDFC Securities’ business, keeping information safe and following rules were very important.
5. Centralized Data Requests:
Multiple departments depended on the legal team to get contract-related data. This led to delays in making decisions. The legal team was flooded with requests for contract data. They found it hard to answer each request on time. This made the problem even worse.
6. High Volume of Contracts:
With the large number of contracts HDFC Securities had to handle every day, it was getting harder to keep up. The contracts were increasing in quantity and detail, which made it tough to track obligations, deadlines, and rules by hand. This raised the chance of missing important deadlines. It also made reporting on contract statuses in real time more difficult.
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The Solution: Volody’s AI CLM Software
HDFC Securities saw that their current way of handling contracts was not enough for the rising number and complexity of contracts they faced. So, they decided to invest in a new contract management solution. After looking at several options, they picked Volody’s AI CLM software. This software uses AI to help automate and improve every step of managing contracts. Here’s how Volody’s AI CLM software solved the specific problems HDFC Securities had:
1. Standardized Workflow:
Volody’s AI CLM software created a standard way for contracts to be managed. It made drafting, reviewing, and approving contracts easier. By automating important steps and cutting out manual work, the software made sure contracts moved smoothly between departments. A single workflow also helped to remove holds and delays, allowing contracts to be processed faster.
The unified workflow allowed everyone involved, from legal teams to business units, to see each contract’s status clearly. This helped lower the chances of missed deadlines or ignored duties. Also, the automated workflow cut down on human mistakes. It made sure that contracts were handled correctly and on time.
2. Digital Signatures:
One of the biggest changes was the use of digital signatures. Volody’s AI CLM software added secure digital signature features. Now, authorized people can sign contracts online. This got rid of the need for physical signatures. These were often slow because of distance or mistakes.
Digital signatures made finishing contracts faster and safer. The software used secure digital signatures to keep each contract safe, which made it almost impossible to change the document after signing it. This better security helped to reduce the chance of fraud and made sure that all contracts were legal and safe.
3. Centralized Repository:
Volody’s AI CLM software gave HDFC Securities a central digital place to store all contracts. This place made it easy to save, find, and work together on contracts in different departments. Now, departments do not have to use different systems or depend on the legal team for contract info.
The central repository lets approved users find contracts, check their status, and view past contract data with just a few clicks. It removed the need to go through paper documents or several digital files. The software made it much quicker to search for contract information.
4. VPN-Based Access:
Given the delicate nature of the contracts and the need to keep them secure, Volody’s AI CLM set up a VPN system. This system provided safe, encrypted access. It made sure that only approved users could view contracts from a distance while keeping things private. By letting employees access contract information from any location, HDFC Securities created a more agile and flexible workplace. This was especially helpful for teams working from home or in different places.
The VPN helped keep important data safe. It had strong encryption methods to protect it from unauthorized access.
5. Obligation Tracking:
A main element of Volody’s AI CLM software was tracking obligations automatically. Contracts usually have many obligations, deadlines, and milestones that need to be fulfilled. Keeping track of these obligations by hand takes a lot of time. This is especially true when there are many contracts to handle.
Volody’s AI CLM software made it easy to track contracts. It ensured that deadlines were met and rules were followed. The software gave alerts and reminders for upcoming tasks. This helped teams manage important dates better. It also made audits easier because all tasks were recorded automatically.
6. Self-Service Analytics:
With Volody’s AI CLM software, departments got self-service tools for data. Now, instead of waiting for the legal team to make reports, employees can easily see contract data and create their own reports. This made things quicker and helped lessen the work for the legal team. They can now focus on more important tasks.
The self-service analytics feature helped HDFC Securities understand contract performance, trends, and compliance better. This way, the company could make more decisions based on data.
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Results: Changing How Contract Management Works at HDFC Securities
The use of Volody’s AI CLM software brought major improvements in contract management at HDFC Securities. Here are some key results gained:
1. 40% Faster Turnaround:
By automating tasks, using digital signatures, and storing contracts in one place, HDFC Securities moved 40% faster in contract work. This boost in speed helped the company finish deals quickly. It made their operations smoother and gave them an edge in the busy finance world.
2. Increased Collaboration:
The central contract storage and set workflows helped teams work better together. The legal, finance, and operations teams could join forces easily. They shared information and kept track of contracts at the same time. This better communication made the processes run smoother and reduced delays in contract approval.
3. Reduced Workload for the Legal Team:
With machines doing regular tasks and easy analytics helping other departments to get contract data, the legal team had much less work. This gave the legal team time to focus on more important activities, like negotiating deals or giving advice on legal issues.
4. Improved Accessibility:
The cloud-based access to contracts allowed users to get documents whenever they needed them. This made things easier for remote teams and workers in different places.
5. Compliance Readiness:
Volody’s AI CLM software has an automated tracking system. It keeps track of all rules, contracts, and deadlines in real-time. This helps make audits easier and better, as all important information is available and current.
6. Scalable System:
The CLM software was made to manage a large number of contracts. This will help HDFC Securities as it grows. If they face many contracts or move into new markets, Volody’s AI CLM solution can change to fit HDFC Securities’ needs.
Why Volody’s AI CLM?
Many reasons made Volody’s AI CLM software the best option for HDFC Securities:
Volody’s AI CLM solution was very adaptable. It could be adjusted to fit the specific needs of HDFC Securities, including changes to the workflow.
- Scalability: The software can manage big datasets well. It can also adjust to the increasing needs of a business.
- Superior Customer Support: Volody’s AI CLM gave strong support during the setup process. Volody made sure things went smoothly and helped the company use all the features of the software.
- Improved User Experience: The easy-to-use interface helped employees learn the new system fast and effectively.
The CLM solution was set up in just 12 weeks. This time included training & moving old data. This made everything quick and smooth.
Conclusion
Volody’s AI CLM software has changed things for HDFC Securities. It solved important problems for the company and gave them an AI-based solution. This helped HDFC Securities improve its contract management processes. The results are clear: faster completion times, better teamwork, less work, and stronger compliance.
For financial companies like HDFC Securities, contracts are very important for what they do. Having a good way to manage these contracts is no longer a choice; it’s a must. With Volody’s AI CLM, HDFC Securities can now create new ideas, make their operations better, and raise the bar in how they manage contracts.
If you want to make your organization’s contract management easier, Volody’s AI CLM software can help. Contact us today to find out how we can change your contract management software and improve the way you work.
