From 6 applications to 1:
Geekforgeeks simplifies its contract management
Oshin Sinha and her team at Geeksforgeeks have significantly improved their contract turnaround times by nearly 40% since adopting Zoho Contracts. As the company grew, it was increasingly signing more contracts each month, and Sinha, the manager of legal and compliance, realized that they needed a contract management software like Zoho Contracts to help reduce contract cycle times, plug revenue leakage, and improve the company’s contract management.
"We realized we had to take to automation to manage our contracts, given the volume of agreements we were getting into. We were already using several Zoho products in our organization and had a great experience with the products and the support. Hence, adopting Zoho Contracts for our contracting needs came naturally."
About the company
Geeksforgeeks is a computer science portal offering free tutorials, courses, and articles on computer science and programming. It frequently conducts coding competitions and hosts webinars by industry experts.
Primarily focused on making quality learning affordable, Geeksforgeeks also lists job postings and conducts Job-a-Thon, where they connect potential candidates with tech companies.
The challenges
Toggling between applications
Sinha and her team used six different applications: a word processor, email, e-signature, document management, spreadsheets, and a calendar to carry out their contracting process. Toggling between all of these applications to see one contract through its lifecycle increased cycle times and compliance risks. Additionally, there was no single source of truth.
Difficulty managing contracts
The company constantly signs different types of contracts with its vendors and partners, such as master service agreements (MSA), vendor agreements, and non-disclosure agreements (NDA). Amartya Sharan, the legal executive who is the primary contract manager for Geeksforgeeks, was overwhelmed by the volume of contracts he had to manage manually. The key challenge was to keep track of the post-execution stages of previously signed contracts while ensuring the smooth execution of contracts currently in the pipeline.
Missing renewal and expiry dates
When it comes to renewals, Geeksforgeeks faced missed opportunities. The finance team found it tough to keep track of vendor payments and renew their contracts on time. The company needed automation to keep track of renewals and expiry dates, given the magnitude of contracts they were dealing with.
"It is difficult to imagine our process without Zoho Contracts now. When I started, it was challenging for me to keep track of our contracts and their status manually. Now, with Zoho, it has become a breeze and I dread returning to the traditional approaches.”
The solution
A comprehensive contract management software
With Zoho Contracts, the team eliminated the need for multiple applications for contract management. Today, the team has a self-service model for authoring contracts. Contract negotiation with counterparties happens safely and securely within the Zoho Contracts environment, with controlled access to the software given to the counterparty using password-protected links. Similarly, Amartya sends contracts for signature directly from Zoho Contracts via the built-in e-signature feature powered by Zoho Sign, a secure, encrypted digital signature software.
Not only has Sinha’s team been able to save time and money by replacing six applications with one, they’ve also been able to streamline their contracting process with automation.
A central repository
With the central repository offered by Zoho Contracts, managing contracts has become a hassle-free task for Sinha’s team. It provides improved visibility into the company’s contracts. The advanced search and filter options improve accessibility to critical information as well. The team imported all of their previously signed contracts into the system, making it easy for them to track past contracts and their statuses.
Automated reminders
Geeksforgeeks plugged unwanted revenue leakage due to missed renewals. The automated email alerts and notifications triggered by the software when renewal or expiry dates are nearing ensures that the team takes prompt action and leverages those opportunities. The extensive obligations module allows the team to assign and track obligations. Obligation reports help the team get a high-level overview of all contractual obligations in the organization.
"The automated reminders and alerts are a blessing. This is one of the most significant benefits because we no longer miss out on renewals or expiries. Our prompt reach-outs to counterparties signal professionalism and positively impact our business relationships.”
The outcome
Geeksforgeeks has transformed their contract management process with Zoho Contracts. The tool has streamlined their processes and helps Sinha’s team save time that was previously spent on paperwork and direct it to more high-value tasks. It also makes the process of onboarding vendors and partners seamless. The team has been able to achieve better compliance and accountability because the software improved visibility and control through granular auditing and tracking.