CloudEagle Helped A Customer Eliminate Spreadsheets With Centralized Contract Management

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Customer 

Our customer is a global hiring platform that helps businesses find and hire the right talents for their teams. The platform opens the doors for businesses to hire across the globe without any limitations or compliance issues, which makes it a one-of-a-kind hiring solution. 

The exciting aspect of our customer is the services it provides post-hiring. Yes, this platform offers country-specific legal and HR guidance to comply with global hiring guidelines. Also, it’ll assist businesses in providing localized benefits relevant to the employee.

Industry: Human Resources/ Financial services

Use Case: Contract management 

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Problem

Our customer was finding it difficult to keep track of contract renewals and notice periods. The team used decentralized methods like shared folders, employee inboxes, and spreadsheets to store their SaaS contracts. 

• Contracts often got lost in these decentralized storages. And the finance team had to chase behind employees to retrieve the documents, which was time-consuming and tedious. 

This practice resulted in a series of problems for our customers' IT and finance departments.

• The team was missing out on renewals as spreadsheets weren’t sufficient to keep the team updated on renewals or send constant renewal reminders. 

• It was time consuming for the team to keep track of contracts and manually update contract terms in spreadsheets and safekeeping them.  

Immediate action was required to address the significant challenge of managing our customer's SaaS contracts and renewals, which were complicated by their decentralized approach to contract management.

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Solution

Our customer soon realized that using a SaaS contract management system would be beneficial for securely storing their SaaS contracts and ensuring timely contract renewals.

CloudEagle fit their needs as it was the only platform comprising contract management capabilities, automated renewal workflows, and SaaS management features. 

During onboarding, our platform integrated with their internal systems. 

• CloudEagle automatically retrieved all the contracts that were present in the invoices and organized them in a single dashboard. This was possible because of the finance system integrations and direct API integrations. 

But our customers primarily used shared folders and spreadsheets to track and manage their SaaS contracts. 

• Using the' Excel data upload' features, we helped our customer manually upload all the spreadsheets and documents to the CloudEagle platform.
  
• CloudEagle extracted all the metadata, like contract value, renewal date, billing frequency, etc, from the documents and organized them in one central location.
  
• Our platform created renewal calendars for each vendor and their applications based on the extracted contract metadata.   

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Result 

Centralized contract management: The customer got rid of spreadsheets and shared folders and uses CloudEagle as their centralized database for tracking and managing SaaS contracts and invoices. 

The team got a bird’s eye view of all the contracts and invoices, making it easier for the team to retrieve the contracts whenever needed for audits and renewals. 

Contract renewals: Based on the renewal calendar, our platform initiated renewal workflows 90 days in advance and sent constant renewal alerts to the customer. It escalated among various stakeholders until the contract was renewed. 

Now, the customer is relieved that they can stay ahead of renewals and prevent needless expenses. 

Metadata extraction: The customer’s team saved time and increased their productivity as they didn’t have to update contract details manually. CloudEagle automatically extracts the necessary information from the contracts and updates them accordingly. 

Now the team is more focused on performing strategic tasks because CloudEagle streamlined contract management for them. 

Do you want to get rid of spreadsheets and centralize your SaaS contracts?