Digital Contracts AI from Acquired Companies
A leading B2B software company experienced rapid growth through multiple acquisitions. While this expansion bolstered its customer base and market reach, it came with significant challenges, particularly in managing the contracts of acquired companies. During the fast-paced integration process, many contracts were not fully migrated into the new systems.
As a result, the software company (digital contracts AI) faced difficulties in managing these contracts, leading to confusion over renewal terms, price adjustment opportunities, and upsell potential. The absence of this crucial information hampered their commercial management efforts, leaving many business opportunities untapped.
Challenges of digital contracts AI
The company’s primary challenge was a lack of visibility into the terms of the contracts from the acquired companies. Without easy access to key contract details, the company struggled to determine which customers were due for renewal, when they could raise prices, and where upsell opportunities might exist.
Managing these contracts became a time-consuming manual process, with staff spending countless hours searching for and analyzing documents.
Additionally, the company feared missing critical revenue opportunities due to outdated and incomplete information, as well as inefficiencies caused by manual contract reviews.
Benefit of digital contracts AI
Recognizing the need for a more efficient and automated solution, the company turned to TechTorch’s Digital Contracts AI Accelerator. By leveraging this powerful tool, the company was able to digitize and analyze all their contracts—many of which were stored in unstructured formats such as PDFs.
The AI engine used by the accelerator quickly and accurately extracted essential details from these contracts, including renewal dates, pricing terms, and other commercial parameters.
This information was then seamlessly integrated into the company’s CRM, CPQ, and billing systems, creating a comprehensive view of their acquired customers’ contracts.
Results of digital contracts AI
The implementation of the Digital Contracts AI Accelerator provided immediate benefits. First and foremost, the company saved thousands of dollars in labor costs that would have been spent on manual contract reviews.
More importantly, the now-complete contract data allowed the sales and commercial teams to better manage customer relationships. With accurate renewal dates and pricing terms at their fingertips, they were able to identify upsell opportunities, renegotiate contracts where necessary, and plan for price adjustments.
The end result was improved financial performance and a stronger ability to grow the business by focusing on the newly acquired customers.
Conclusion
The implementation of TechTorch’s Digital Contracts AI Accelerator was transformative for the B2B software company. By digitizing and integrating contract data into their systems, the company overcame the visibility and operational challenges stemming from its rapid expansion.
This solution not only streamlined contract management, reducing manual efforts and associated costs, but also empowered the company to proactively manage renewals, pricing adjustments, and upsell opportunities.
Ultimately, this improved financial performance and enabled the sales team to deepen customer relationships, supporting sustained growth and a stronger market position.
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