Oyster HR faced challenges with decentralized contract storage, leading to lost contracts and missed renewals. Spreadsheets proved inefficient for tracking and managing contract terms, demanding immediate action for centralized contract management and renewal tracking.
CloudEagle Helped Oyster HR Eliminate Spreadsheets With Centralized Contract Management
CloudEagle helped us get rid of spreadsheets and switch to a centralized platform for contract and renewal management. With CloudEagle's workflows, we stay proactive on renewals, and it helped us save time on contract migrations and metadata extraction.
- Mike de la Victoria, Sr. Manager - IT & Security, Oyster
CloudEagle provided Oyster HR with a comprehensive solution for SaaS contract management. Through integrations with internal systems, it organized contracts from invoices and spreadsheets, extracted metadata, and created renewal calendars, streamlining contract management for efficient and timely renewals.
Oyster HR streamlined SaaS contract and invoice management using CloudEagle, eliminating spreadsheets. With timely renewal alerts, they have gained efficiency, saved time, and enhanced productivity, enabling a strategic focus for their team while staying ahead of renewals.
- Decentralized contract management led to missed renewals.
- CloudEagle improved contract management by centralizing contracts and invoices.
- Eliminated spreadsheets, automated renewals and freed up time for strategic tasks.
Oyster HR's team were facing difficulties 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.
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.
Centralized contract management: Oyster HR 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, reducing 50% of time spend on renewals and prevent needless expenses.
Metadata extraction: Oyster HR'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, saving 473 hours per year annually spent on metadata extraction.
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?
Oyster HR 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.