A prominent US Fortune 500 Mortgage company experienced substantial growth from 2019 to 2021. However, during this period, they lacked a formalized contract process for filing, organizing, and approval, which became a pressing issue as their contracts multiplied with the company's expansion.
The absence of an efficient system made contract management increasingly cumbersome, leading the team to spend 15 hours per week searching for and chasing contracts.
Contract Management Challenges
The Fortune 500 company told us:
- We were executing contracts that had not been properly vetted. And we didn't have any idea of what our risk was in those contracts.
- We knew we had a lot of contracts throughout the company, that we had no idea where they were, we knew they were living on people's hard drives.”
We knew that we were missing 60% of the contracts.”- We knew we were missing renewals."
An internal audit flagged the lack of a streamlined process. In response, the legal team - grappling with increasing regulatory demands - took on the responsibility of addressing these issues within the constraints of an already stretched team.
While using Servicenow, the team realized that the way they were organizing contracts prevented them from quickly responding to the business's needs.
They needed a central repository that partners, the legal team and the vendor management team could access. It needed to be flexible, customizable, and user-friendly - aligning with the internal culture.
They needed a new system.
Why Gatekeeper?
Customizability was paramount. A one-size-fits-all solution wouldn't provide flexibility for different business areas with separate review workflows. They also needed a single source of truth.
Gatekeeper emerged as the solution capable of "flexing" to meet the team's specific requirements. Gatekeeper established itself as a trusted partner, consolidating contract management into one reliable platform that was intuitive and user-friendly."
The team now houses all their contracts in one accessible place, saving 15 hours per week searching for contract details and responding to requests.
That time is now spent consolidating and negotiating their contracts for cost savings.
In response to recent changes in market dynamics, Gatekeeper played a pivotal role in helping the company consolidate costs.
Through Gatekeeper, they identified purchasing licenses from both a reseller and directly from the software provider - realizing they had too many licenses.
“The team was super responsive, and what I liked about Gatekeeper was that they met us where we were. Nothing was too much trouble. They were a very patient and kind team.”
If you're looking to streamline your contract management processes, get in touch with our experts today.
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