Today's modern businesses are almost entirely digitized.
From customer relationship management, to internal communications, HR, marketing and legal, most functions of today's fastest-growing businesses are digitized. Thousands of tools have come on the market in the last few years to automate and improve traditionally manual workflows.
One area that has lagged behind is contract management.
Contracts are, and always have been, the backbone of businesses. They're used across functions for a plethora of objectives like employment, sales, M&A and much, much more. Without contracts, most of what businesses do in their day-to-day would simply not be possible.
As businesses grow, so too does the complexity of manually managing an increasing amount of contracts.
Thankfully, modern solutions like Contractbook are now appearing to fully automate and digitize them.
The company takes a different spin on traditional contracts. Instead of having static documents, the product turns contracts into a new data format. This makes it easy then to keep track of your contracts and automate your workflows so that all your legal documents are always automatically up-to-date, centralized, and easy to keep track of.
In the words of Anders Spile, Contractbook's Director of Business Development:
What we do is we enable companies to transact their documents in a database format from the beginning – so you take the value all the way through the development of the legal documents, and actually automate it based on a new format for legal agreements.
Contractbook is growing at an impressive rate. At the same time, the Copenhagen-based company is in the process of expanding operations to new markets, including the US.
This poses many challenges, but one of their most pressing one was to efficiently scale the business while being able to keep a constant pulse on their growing customer base. They also needed a way to have the right data and information to keep testing new marketing initiatives.
We need to be able to test stuff. We need to be able to create a hypothesis, test it in the market, and actually see what comes back. The issue that we've been having is that we've been unable to track [our hypotheses].
- Anders Spile, Director of Business Development at Contractbook
Coming up with new ideas for creatives and messaging is easy. Tracking it properly and doubling down on the ideas that are ROI-positive is the difficult part – this is precisely what Contractbook was struggling when they approached Weld.
Weld took a two-pronged approach to solving Contractbook's data problem.
The first one was technical – Contractbook needed to have a robust and reliable foundation for their data that allowed them, on one hand, to get a deep understanding of their business and, on the other hand, to leverage their data further in their ops tools.
To do this, Contractbook got up and running on Weld's ETL product. This allowed them to centralize and unify all their customer data in their data warehouse. Once their data streams were live, they went a step further by leveraging Weld Activate. This enabled them to sync their data models to the tools their teams use everyday and automate many of their workflows – in other words, it helped them turn their data insights into action.
The second part of the solution was more on the strategic level. Many of the data problems Contractbook was experiencing were due to the fact that they lacked a clear and unified strategy around their metrics. Weld's team of data experts quickly lent a hand and helped the team at Contractbook to model some of their most important company metrics, and built custom reports and dashboards for the entire company.
Today, Contractbook is in a much better position to sustain their rapid growth. Thanks to Weld's platform, they get a single source of truth in their data warehouse and are able to activate their data in their favourite tools.
[Weld has helped us to] monitor what we do and continuously improve what we do... We really needed a partner like Weld.
Here are the main benefits Weld provides to Contractbook:
- A single source of truth where their data lives – their own data warehouse.
- The ability to operationalize their data models from the warehouse into the apps they use every day, allowing them to test their hypotheses much faster and double down on the ones that provide value.
- A technical and commercial sparring partner that always advises on best data practices and helps them get the most out of their customer data.