- Up to 80% shorter time to execute (process from initiation to e-signature request) simple contracts
- Up to 75% shorter time to execute more complex contracts
- Anyone, with or without a legal background, is able to generate and execute a legally compliant agreement
- Centralized, automated templates ensure that everyone is using up-to-date versions
- Successful internal case for legal tech, raising awareness for the importance of automating legal operations
Allowing business departments to be self-serving while remaining within Legal’s pre-approved guidelines isn’t easy without sophisticated tech solutions. Especially when managing a constantly increasing volume of contract-related tasks.
NA-KD works with Precisely to automate their contract processes and reduce the time to signature request by up to 80%.
NA-KD is a Swedish company launched in early 2016 with the goal of challenging the offline retail giants by working as an online, virtual and direct-to-consumer brand.
Now one of Europe’s 20 fastest growing companies, NA-KD is breaking new records every month. They pride themselves in stellar customer service and their persistent engagement in consistently launching new collections to stay on top of – and set – today’s fashion trends across the globe.
In his role as General Counsel at NA-KD, Damien Boutigny’s primary role is to support business needs and innovations in order to facilitate growth. His responsibilities are to help all NA-KD’s projects to go through by considering long-term impact on business strategy and shareholder value.
These tasks are largely carried out through contract management efforts from reviewing and drafting to negotiating with; and managing suppliers.
“Precisely shows our business partners that we are a truly digital company and customer-focused brand.”
The challenge — streamlining the contract process for rapid growth
Like for most newly created companies, processes were mainly manual early-on. NA-KD were experiencing various challenges, such as lack of transparency or inefficient contract approval process and needed a solution to better allocate time and resources.
“Our legal department was swamped with requests for new drafts, tracking, signatures, and more. The required tools for successfully tracking renewals weren’t in place and templates were scattered throughout the organization”, Damien explains.
“Our legal department was swamped with requests for new drafts, tracking, signatures, and more.”
With a constantly increasing volume of contract management-related tasks, NA-KD needed to find an automated way of streamlining the entire contract process. They needed a provider that solved their contract needs as well as gave the legal department and upper management a better overview of the operations.
What was NA-KD looking for in a contract management and automation platform?
To support growth, you need to streamline and automate as many processes as possible, including legal operations and contract management. When NA-KD was looking at contract management providers, saving time on contract generation was the main goal.
They were looking for something completely digital — a single flexible platform. Flexibility and usability were crucial as they needed a platform that worked for Legal as well as other departments such as HR and Marketing to help them scale their processes.
Most of NA-KD’s agreements are generated by people without a legal background, so the solution had to be simple and easy to use.
The legal department found it essential to find a platform that could improve compliance management, enable reporting and give a good overview of the organization’s contracts. They needed a platform where everything was stored in one place, easy to retrieve and where they could stay on top of renewals.
The solution — a flexible platform that made sense for each department throughout the entire company
With Precisely, NA-KD have reached a simpler way of managing and automating contracts as well as increasing speed and reducing friction when closing deals.
“The time to generate a contract is depending on the complexity of the agreement. But where previously it would take 10 minutes to set up a simple NDA, with Precisely it takes less than two minutes — from generating the agreement to sending it for e-signing.
Precisely had a real impact on closing deals with our influencers. The whole agreement generation process has been reduced from between 20 and 30 minutes to 5 to 10 minutes”, says Damien.
The feedback Damien received from the other teams was that the Precisely platform is quick, easy to use, and that they are now able to sign their agreements and close deals faster.
Precisely’s questionnaire-based drafting tool and UX/UI is a key enabler for NA-KD’s entire organization. It allows the business departments to self-serve and automate contract drafting, while still keeping them within the legal department’s pre-approved guidelines.
“We now have no scanning, no printing, no lost binders and an easy to use platform that allows our teams to focus on what really matters. Saving time on generating contracts had a huge impact on our ability to manage new businesses and to sign new influencers”, Damien explains.
“The various workflows we have set up improve our visibility into what our teams are sending out. It increases our teams’ productivity in closing deals, and helps the organization to reduce and mitigate risks by always using up-to-date templates, approval processes and so on.
The archiving system gives a possibility to quickly examine and check our contracts. The entire contract management process is improved since the entire team can easily submit and upload any type of document under the supervision of Legal and Management”, he continues.
Gradual deployment, quick results
NA-KD gradually deployed the tools throughout the organization, starting with the purchasing team since they work with a lot of suppliers. At that time, NA-KD needed to send out new Terms and Conditions for all of their suppliers to sign and were able to do so within a very short time frame using Precisely.
“The results were seen early as we were able to easily scale up the signing and tracking process for more than 90 partners. As for our influencer team, they now create 5-6 new collaboration agreements per week in a breeze. We can now support the contract volume that correlates to the growth rate of the company.
We skip the repetitive process of drafting the same contract over and over by using pre-approved templates that are accessible at any time. Our contracts are now generated in minutes”, Damien says.
He further explains that one of the main successes for him personally is that it’s now easier to pitch new legal tech for e.g. protecting IP rights. Precisely has been a great internal case for the use of legal tech.
“Starting to work with your solution has done an excellent job in raising awareness internally for the importance of automating legal operations. Legal departments must definitely embrace new technologies for gaining efficiency and increasing transparency. Having the right technology is key to support growth.”