MisticusMind's AI-powered Breakthrough: Defeating Contract Management Challenges
Growing organizations especially Software-as-a-service (SaaS) providers have thousands of customers with multiple departmentalized, global or country-specific and customized service level agreements (SLAs) for benefiting from their SaaS offerings.
These SaaS organizations have a dire need to manage thousands of contracts to serve their customers delivering various stringent SLAs. Most of these SaaS companies lack a centralized contract management system and store those customized contracts in PDFs and other formats in shared folders, which makes them inaccessible in the hour of need. As a result, Contract Management has become a monumental task for every SaaS organization.
Most of these SaaS companies lack a centralized contract management system and store those customized contracts in PDFs and other formats in shared folders, which makes them inaccessible in the hour of need.
The problem amplifies as the company scales and its client base grows with more customized SaaS contracts. The impacts of thousands of misplaced or unmanaged contracts can be huge. From missed renewal deadlines, lack of standardization, and risk of violating Service Level Agreements (SLAs), to cross-department communication issues, contract management challenges are costly and never-ending!
From missed renewal deadlines, lack of standardization, and risk of violating Service Level Agreements, to cross-department communication issues. Contract management challenges are costly and never-ending!
Without a systematic centralized approach, this fragile framework of contracts can quickly collapse, jeopardizing a company’s growth and reputation!
Let’s meet Jason and Joe, the founders of Skybox Technologies, managing crucial operational data including contracts information for various companies on their individualized cloud storage, and learn about their journey of overcoming Contract Management challenges.
However, the CSR team continued to work at their own pace, and by the time they could provide the solution, it was too late- the client had missed their meeting, feeling frustrated by the delayed response and lack of precise support.
Cloud Mirage: Skybox’s Tale of Data Disarray
Skybox Technologies was a mid-sized, promising SaaS company, based in Austin, Texas. The company was founded by Jason and Joe, a dynamic duo. Their vision was to transform the way companies managed their operational data. Skybox offered individualized cloud-based data storage for higher education and healthcare industries. But little did they know, their own company would soon face a crisis of scattered data chaos!
In the initial years, Skybox’s growth was exponential with small to mid-sized deals from various customers. They started to acquire many bigger deals from several companies in the healthcare sector.
Jason and Joe were thrilled to win several large deals, for example, Techmed, a big company in the medical technology field with USD $200M turnover. These big deals, worth millions, could easily elevate Skybox into the big leagues.
With these new big clients came complex contracts related data, customization, and legal compliance requirements. The Skybox founders were not only evolving their innovative product for cloud storage and cutting costs, but they were also busy selling and growing very fast, attracting bigger deals like Techmed.
As the focus was on selling and acquiring new big customers, they failed to pay much-needed attention to their SaaS sales contract management. These extremely important contracts were scattered in numerous PDFs across multiple email inboxes and individualized shared folders of different employees.
Jason and Joe, the founders were excited about the revenue growth by winning the bigger customers and thought everything was hunky-dory but not for long. Disaster struck with the Techmed’s contract. They missed fulfilling a critical SLA clause in their contract with TechMed, which specified cloud storage capacity and Geo-regional data security guarantees.
When TechMed suffered downtime and financial losses, they flagged the issue with urgency, but Skybox struggled to locate the original contract as it was buried under thousands of files in the sales account executive’s shared folder.
Skybox had another critical issue of not being able to correlate customer SLAs to their 3rd party vendor SLAs to see if the customer SLAs are still fulfilled properly. Frustrated, TechMed issued a legal notice citing a breach of agreement, threatening hefty penalties and the termination of their sales contract and partnership.
They missed fulfilling a critical SLA clause in their contract with TechMed, which specified cloud storage capacity and Geo-regional data security guarantees.
Jason and Joe tried to salvage the situation by apologizing and creating a swat resolution team, but it didn’t save the partnership with Techmed. Techmed made up its mind to break the contract and go ahead with another cloud storage provider. The incident not only resulted in financial loss but also significantly tarnished Skybox’s reputation.
Jason and Joe faced a huge loss. They even started to think whether they were ready for big clients! Determined to turn things around, they began searching for solutions to streamline their contract management process and rebuild their credibility with big clients.
The Breakthrough: AI-Powered Innovative Contract Management Solutions from MisticusMind
During their quest for solutions, Jason got to know about MisticusMind from one of his friends. MisticusMind demonstrated how scattered contracts, and the absence of a centralized system created data disarray. With MisticusMind centralized AI-powered contracts management Skybox could have easily avoided all the mess created and not losing Techmed as the big customer.
With MisticusMind centralized AI-powered contracts management Skybox could have easily avoided all the mess created and not losing Techmed as the big customer.
MisticusMind offers innovative solutions such as: Contract Genius.AI, Salesforce Connector, and Query GeniusAI.
- Contract Genius.AI: It extracts actionable data from customer and vendor contracts available in PDFs and converts them into usable formats like CSV and JSON. With effective modules, it identifies standard clauses, special conditions, and potential risks, converting them into usable formats cost-effectively.
- The Salesforce Connector offered by MisticusMind: It integrates important and sensitive data with the ERP, CRM, and CLM systems and keeps them available to CSR, billing, sales representatives, and Marketing teams.
- Query Genius.AI: It allows the sales representatives, billing, and legal departments to interact with contract data in human language. This feature allows them to place queries regarding specific terms and retrieve essential data instantly.
- Proactive Alerts and Recommendations: It provides timely notifications about contract-related deadlines and risks, helping companies stay ahead of potential issues.
- Deep Business Process Expertise: MisticusMind’s extensive knowledge of sales operations ensures precise identification and resolution of client pain points.
After implementing the MisticusMind products and their usage, Jason and Joe breathed a huge sigh of relief. Now they can concentrate on winning bigger deals and developing their product, while MisticusMind takes care of Skybox’s pool of contracts with customers and vendors.
Handle Contract Management Challenges like a pro.
Jason and Joe’s experience is a wake-up call for every SaaS company. The importance of MisticusMind, the AI-powered contract and query management solution is evident.
Jason and Joe’s experience is a wake-up call for every SaaS company. The importance of MisticusMind, the AI-powered Contract and Query management solution is evident.
- With products like Contract Genius.AI, Salesforce Connector, and Query Genius.AI, MisticusMind can centralize all the important data and extract insights boosting your revenue by 20%.
- MisticusMind proactively mitigates legal risks and makes contracts actionable within 2 weeks.
- To optimize cash collection and stop revenue leakage, companies must choose MisticusMind.
Don’t waste your time and effort by handling all those pools of contracts manually. Reach out to MisticusMind’s AI-powered contract management solution today!
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