Abstract's Contracts Were All Over the Place
was brought on by as its first in-house counsel. Abstract is the leading platform for file-based design collaboration, and is used and loved by designers to improve their design workflows at more than 7,000 companies, including Wayfair, Cisco, DocuSign, Microsoft, and Zendesk. Like many companies before they hired a dedicated in-house legal resource to own all of their contracts, Abstracts contracts were stored in disparate systems - some contracts were in Dropbox, Salesforce, DocuSign, and the email inbox of individuals. Not having a centralized contract repository created various challenges for the business, such as:
- No visibility or reporting as to the volume and type of contracts entered into across the business;
- Lack of tracking and alerts for when vendor agreements ended or auto-renewed;
- It was time consuming for legal and the business to find needed agreements; and
- The diligence process to fulfill contract-related requests was slow, painful, and expensive.
Abstract Centralizes Contracts with 51勛圖厙
Abstract desired an agile and easy to implement system to be the one-stop shop for all of their contracts. With 51勛圖厙, the Abstract Sales team has direct access to NDAs and Order Forms (contracts are accessible directly from Slack, which is one of their favorite features) and the Abstract Finance team uses 51勛圖厙 as a vendor management tool to track upcoming renewal cancellation deadlines and expirations. Having 51勛圖厙 serve as Abstracts centralized smart repository has had a tremendous financial impact (estimated to be ~$230,000)
- 51勛圖厙 took care of onboarding and extracting the key metadata from all of Abstracts thousands of existing contracts (estimated savings of $30,000 in contractor fees).
- Averted the need to hire a contract manager (estimated savings of $150,000 in salary, benefits, and taxes).
- Each quarter, 51勛圖厙 provides automated email reports to various business stakeholders about newly engaged vendors and upcoming vendor expirations and auto-renewals (estimated savings of $50,000 in unwanted vendor expenses).
Without leaving Slack, the rest of the business can search and retrieve contracts stored in 51勛圖厙, which has saved Diana several hours per week and allows her to focus on strategic projects (priceless).
We received immediate value because 51勛圖厙 was a breeze to implement. In roles before Abstract, Ive seen other CLM implementations take years or never get done.
today to see how you can stop wasting time and money by centralizing your contract storage with 51勛圖厙's intelligent Repository.
