Customer Case Studies: General Counsel and Chief Financal Officer

DealSafe’s contract and partner management solutions support many customers who are either part of the CFO’s office, VP of Finance, General Counsel’s office, VP of Legal, Contracts Manager, or anyone who is tasked with corporate governance or internal controls of a companies risk and obligations management.

In these positions, you are typically in charge of tracking all obligations, assessing risk, tracking signature authority and trying to ensure you have a good grasp on all the agreements your company has made. Unfortunately, it’s very hard to actually receive all the contracts a company signs since there are so many different types of agreements, and many signature authorities within a company. Contract Authorization processes rarely help here – and you end up getting a small percentage of all contracts signed. This happens because people hate processes that don’t end up helping them.

For instance, you have a Director or a GM of a business unit sign a contract for a technology tool or license. They keep that contract and try to remember to maintain all the obligations, but you never see it on the Finance or Legal side because your contract management process or platform doesn’t provide any value back to them. They probably have their own setup to keep track of their contracts (or at least you hope they do). Usually, this is how it looks: A folder structure using something like a shared drive (e.g., Dropbox, Google Drive) plus a spreadsheet to track when their contracts expire. Now that is the best case scenario. Many times, there are other contracts that just sit in email, someone’s hard drive or a paper copy on someone’s desk. This disorganization then gets amplified when someone leaves the company, gets a new computer, runs out of storage space on your company’s email servers, etc. Those contracts are then lost forever, but you are still legally bound to those obligations.

The solution here, is to offer your colleagues a solution that helps them both manage their partnerships (so they actually add contracts and partnership details to this platform) and also provides you with the detailed overview to run risk assessments, and other internal controls or corporate governance reports.

That platform is DealSafe.

DealSafe helps you manage all of these terms seamlessly by automating reminders, tracking when tasks are due and completed, tracking contract owners, reassigning ownership when people leave the organization, and a comprehensive search, tagging and analytics functionality for easy access to the right contracts and the appropriate reporting. DealSafe will automatically take all important terms from a contract and extract them into a structured database for easy tracking and  analysis.

For a bit more detail, here is a sneak peak at how two of our customers use DealSafe.

Customer 1: CFO and Controller of a Technology Platform

Our lead customers are the CFO and Controller of a widely used technology platform. This company has operations around the world and it is very important for them to keep track of the many contracts that are being signed from their five worldwide offices. DealSafe is implemented in each office and with all their division leads. These leaders use DealSafe to store and manage all their partnerships from technology licenses, to leases, to employment agreements and many more.

This helps the division and office leaders manage their partnerships, all while allowing the centralized finance group to have access to a structured database of all contracts, and extracted terms. The finance team can then run specific reports on the contract terms they care most about for their financial reports as well as Board of Directors risk assessments.

Customer 2: Contracts manager and Associate General Counsel of a Multinational Company

Our lead client here leads business planning and is the lead contracts manager. This multinational corporation provides many services from security to consulting to their clients around the globe. With offices in seven different countries and multiple currencies to deal with, managing contracts is a big focus for this customer. While our lead client worked closely with DealSafe to explore all the features and functionality we provide, the main decision makers for the company were their CFO, COO and General Counsel. Each of these main decision makers had a different set of criteria they focused on.

The CFO wanted to track all their revenues coming from past and present contracts and understand how much revenue was at risk each year due to renewals or other contract clauses. The COO was focused on ensuring all of the partnerships were in good standing, each of them had an assigned owner and all deliverables were on track. The General Counsel was focused on tracking specific termination rights and liability clauses that were typically custom negotiated in order to assess any abnormal risk.

Through this detailed decision process, the customer selected DealSafe as their solution and we quickly started the onboarding process.

If you’re interested in learning more about DealSafe and how we can solve your contract and partner management needs, please reach out to us today via the below form.

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