Challenge #1: Lack Of A Central Contract Repository
Before Revnue, Black Diamond’s contracts were either on paper or buried in emails, making it difficult to locate them and extract the required information. Since the entire process was manual, they often lost time and could not leverage valuable contract data. This often led to overspending and lost opportunities.
Additionally, they had no visibility into how many contracts were active at any point of time, how many had expired, what were the terms of those contracts, who were the suppliers, and other useful information that they needed on a day-to-day basis.
Revnue helped them digitize their contracts and store them in a central, cloud-based Smart Repository. AI-based algorithms facilitated quick extraction of contract metadata with very little manual effort. Transition was smooth as uploading contracts was very simple in Revnue. Within a period of one week, they were able to digitize more than a thousand contracts. In fact, they went a step further and uploaded their old contracts too. Once digitized, tracking became extremely simple, and Revnue’s interactive dashboards helped them access almost any contract-related information in seconds.