Case Study

How Key Solutions reduced risk with efficient contracting

Takeaways

  • Up to 90% shorter time to create contracts 
  • Up to 99% less time spent on managing and updating templates 
  • Monthly cost-savings equal to that of a full-time employee 
  • Always compliant contracts since everyone uses the latest versions — no more outdated templates
  • Ability to review and e-sign while a meeting is in session, saving weeks of delayed negotiations
Karvan Guldstierna
Karvan Guldstierna, Head of People of Key Solutions

 

Being a fast-paced sales agency and coming up with innovative growth solutions for your customers is a challenge. At the same time, finding ways to mitigate risk and have efficient contracting for all departments lifts the challenge to another level. By using Precisely, Key Solutions is reducing contract-related risks and has become a more modern and productive company in the process. 

 

 

image shows key solutions working on contracting
Background

Key Solutions is a Swedish sales agency focusing on helping companies increase their overall customer intake through activities such as blanketing growth strategies. This includes everything from business development to creative campaigns as well as engaging with customers. With their high-trust culture, they have been named one of Europe’s best workplaces by Great Place to Work® for seven consecutive years.

Karvan Guldstierna is the company’s Head of Sales, or rather “Head of People” as they call it. As Head of People, he is also responsible for all employees and the IT systems they use. 

Karvan is responsible for structuring the use of Precisely within the different departments of Key Solutions. In their case, HR, Sales and Management are the ones who draft agreements most often. 

image shows Legal creating contract controls
The challenge — creating efficient contracting processes and increasing control

Key Solutions’ contract process was fairly complex before implementing Precisely. Their workflows were similar to that of the Precisely platform but were lacking structure and control. Updating templates and distributing them was a challenge in itself and, as a result, the company was exposed to high risk whenever employees used the wrong templates.

To prepare contracts for signing, employees would fill out .pdf-templates. However, Management needed to update the templates from time to time and ensure that everyone was using the latest versions of the templates, which could often complicate things. Before Key Solutions were using electronic signatures, they were depending on the people managing the contracts to sign them. Thus, printing the contracts and physically handing them over. Producing a contract, including drafting, archiving and entering the contracts into different systems was a time-consuming process.

A need for efficient contracting

“Just making an edit to a template could take up to one hour. With Precisely, it takes us 30 seconds”, says Karvan. “Using Precisely has digitized the drafting process too. Today, it only takes a minute to draft an agreement. We can draft a tailor-made agreement from the template with just three clicks. It saves us a lot of time and energy and reduces the number of questions from our employees”, says Karvan. 

“Apart from assuring that contracts always have the right content, streamlining the drafting process has been a large improvement. I don’t have to spend time drafting agreements or even be involved anymore. And, since the system is so user-friendly, I just set up the contracting templates that will enable others to draft countless compliant agreements”, Karvan explains.

Key Solutions Office productive contracting

The cost of a contract

“You have to ask yourself ‘what is the cost of our contracts per hour spent?’” And what are the costs if something goes wrong?”, says Karvan, “Using the wrong template or having agreements end up in the wrong hands can cause large legal expenses”.

“The time we save by using Precisely easily equals what a full-time employee would cost each month, which is a major efficiency improvement”, Karvan continues. “The ability to guarantee that everyone is using the latest version of templates and the reduction of time spent on each contract has streamlined the entire contract management process”. 

image represents legal contracting solutions by showing computer
The Solution — a user-friendly platform that is trusted by legal and loved by the business 

 

During implementation of the platform, Key Solutions also did a legal review of all of their agreements. This, of course, means including compliance-checking all of their templates and automating them in Precisely. 

“Our challenge was to find the kind of efficiency that one could only hope for. In Precisely, we have found an efficient contracting platform that even exceeds our expectations. We got in touch via a referral and didn’t know what to expect at first. But once we started using the system… It is world-class!”, says Karvan.

image shows people at a table negotiating

Contracting benefits

One of the departments benefiting greatly from using Precisely’s automated templates is HR. Specifically in instances where employment contracts are similar and yet carry important differences. For example, with their sales representatives. For instance, the work equipment included in traveling salespeople’s employment agreements differs significantly from in-house salespeople.

In the past, Key Solutions had a single employment agreement template for both types of positions, which wasn’t differentiating whether the person was in-house or out in the field. As a result, this could lead to the agreements containing parts that didn’t apply to the employee in question, which could quickly become problematic if a contract contained erroneous non-compete or salary content.

Efficient reviewing and signing

Another great benefit is when NDA’s (Non-Disclosure Agreements) need signing during meetings. Key Solutions now provides the counterparty with the NDA for review and e-signing while a meeting is in session. 

“We used to have to interrupt the meeting to send the NDA for feedback and review by the counterparty’s legal department etc. It could take weeks before we could proceed with the negotiations”, says Karvan. “It’s easier for all parties now. The counterparty gets the agreement by email, can review and e-sign it in a smooth and neat way and the negotiations can go on without interruption”, says Karvan.

Key Group Awards
The Result - Supporting growth through modern contracting

 

Key Solutions can now mitigate risk by guaranteeing that everyone is using the latest version of the contracting templates. They are a company in constant growth, with new products and business areas continuously emerging. With Precisely, they have a contracting system that supports their growth.

“We’re a modern company at the forefront of digitization. We need a contract management platform that reflects that and that’s what Precisely is to us!”, says Karvan.