A contract management solution
that checks all the boxes
The demands of legal departments have multiplied in the past few years and in order to keep up, organizations need to be on the forefront of legal technology. The right tech and the right tools are crucial to moving the business forward. With Precisely, Eton found a way to save time and increase productivity with their entire contract management lifecycle in just one platform.
Eton Shirts, founded in 1928, is a Swedish company famous for their quality in designing and manufacturing high-end mens’ shirts, scarves, ties and other accessories. Their headquarters are based in Gånghester, a small town just outside of Borås, and over the years, Eton has developed into a global brand with offices in Stockholm, London, Düsseldorf, Atlanta, New York and more. Eton’s products are sold in more than 1,500 stores in over 50 countries.
Eton is a company that strives to do things in the best possible way, and that applies to not only their products and services, but also to innovative thinking and finding the best solutions within the company.
David Köröndi is the Head of Legal for Eton, which puts him in charge of everything from corporate governance to risk, insurances, contracts and compliance issues. He works closely with both HR and Legal. During the course of his work, he also deals with legal jurisdictions around the world.
The Challenge - The ability to quickly track and find documents
According to David, when he started at Eton, everything was still very much in the pen and paper stage. There was a Legal Ops function that dealt with coordinating external legal and finance issues. The archiving tool basically amounted to a “digital drawer”, a place to simply dump contracts after they were signed. But the process was tedious with drafting, printing, sending the contract back and forth, signing, scanning and logging it. When he came on board, he knew an efficient and automated system was needed to make the contracting process work.
It wasn’t long until Eton expanded even more and they had the need to sign over a thousand contracts in a very short amount of time. David explains, “With this situation, we certainly didn’t have time to scan and archive this many copies, so we sat down and looked at contract management options that would fit our needs.”
“We originally went with another contract management system, as Precisely was just developing at the time,” says David. “The system worked fine for a while, but was mainly focused on drafting contracts, rather than archiving.”
After some time, Precisely’s developments had advanced greatly. We needed a platform that not only was a drafting tool, but an archiving tool as well. Precisely fit those criteria.”
“It’s been a smooth ride. I would say the service is excellent. We’re very happy with the constant development and improvements, which are key as both our company and the way we do business grows and changes. We’re very happy.”
The Solution - The entire contract lifecycle in one platform
“Precisely has a very nice archiving function with smart searching and grouping. It’s more intuitive.” David adds, “In terms of drafting contracts, it was equal to the platform we were using, but when it came to archiving and looking at the bigger picture – the entire contracting lifecycle – Precisely was just the best option.”
The platform also needed to be easy to navigate for the 40-50 people who would be using it. David says, “It’s difficult to find an intuitive contracting tool that also has a very solid archiving system, not to mention that it’s easy to adapt.”
“Of course, when you’re choosing a system, the product is just part of what you evaluate. The other part is the team behind it and the service provided. And Precisely’s service has been amazing. Everyone using the platform agrees that the onboarding process was easy. Even those who are not as digitally savvy could follow along.”
Since switching to Precisely, Legal finally has an end-to-end contract management system where finding and tracking documents is simple, a huge timesaver for David and his team.