“Coming together is a beginning.; keeping together is progress; working together is success.” – Henry Ford
Global Property Company
Operating in a highly competitive market, he CEO had set a mandate for the business to move faster, increase productivity, reduce cost. Yet the problem was the contract approval process. It had multiple approvers, dependant on a complex governance framework, was paper based, cumbersome, slow and inconsistent. The delays in execution was costing the company millions of dollars.
The client created a custom workflow in less than a week on our Legal Gateway platform to manage the process. The workflow triaged contracts to the appropriate approver based on ‘triggers’ that align with their delegations, each approver can concurrently approve contracts or execute agreements via e-signatures on any device. The platform notifies the approver via email, monitors the process via dashboards, and tracks each activity to provide a detailed audit trail.
Accelerating the contract approval workflow has saved thousands of hours of administration for both Legal and the Business. Perhaps more critically, the workflow has gone from weeks down to days, allowing the business to execute strategy faster, reduce risk and increase profitability.