LeadSquared Streamlines Contract Lifecycle Management with HyperStart

Introduction 

LeadSquared is a leading B2B SaaS company that automates lead capture, marketing, sales CRM, reporting, and analytics. They faced significant challenges managing high volumes of contracts and order forms.  

Thousands of contracts and order forms pass through the organization. On the client side, there are Master Service Agreements (MSAs) and addenda. On the vendor side, there are Non-Disclosure Agreements (NDAs) and MSAs. The need for an efficient Contract Lifecycle Management (CLM) solution became paramount. 

Challenges Faced

1. Limited Resources and High Workload: Four legal counsels and one General Counsel meant a monthly workload of 180–250 contracts. This accounted for 30% of their time. With 500 + stakeholders from sales, the legal professional-to-stakeholder ratio was 1:100. When requests came in from finance and HR, this ratio got more disproportionate.
2. Need for Customization and Control: They needed granular control over approval workflows and document templates. This was crucial for compliance and mitigating risks.
3. Integration with Existing Systems: Their tech stack comprises an Order-to-Cash (O2C) module, SAP ERP, and other internal platforms. Seamless integration with each of these systems was also essential.
4. Leveraging Emerging Technologies: They sought a solution that harnesses cutting-edge AI and NLP technology for contract review and analysis.

Solution Implementation

LeadSquared evaluated over five vendors against a comprehensive list of 22+ parameters. And here’s why HyperStart was a no-brainer choice. 

You get an MSA from a big client which will go into some 20-30-40 pages. The usual time for the legal counsel to manually review it and revert would be between 4 and 6 hours. Using Hyperstart, we can get a first-cut review with highlights of around 20 critical items in less than one minute.

OM PRAKASH PANDEY

Head of Legal at LeadSquared

1. Custom Workflows: HyperStart set up personalized workflows for different types of contracts with granular controls.
2. Frictionless Integration: We also set up integrations with all existing systems for streamlined contract automation.
3. Advanced AI and NLP: We slashed contract review time by 75%, generating first-pass contracts in less than a second.
4. Collaborative Implementation: We also worked closely with the LeadSquared team straight from the start. We were ready to adapt, address specific requirements, and go the extra mile.
5. User-Friendly Interface: The intuitive user interface facilitated rapid adoption across the organization. There was minimal training, thanks to the design and custom training videos.

Impact and Results

The implementation of HyperStart CLM has yielded significant benefits for LeadSquared’s contracting.

Enhanced Efficiency & Productivity:

Using HyperStart’s AI review, we get a first cut review in less than 1 minute, reducing the contract review time from 4-6 hours to just 2 hours.

OM PRAKASH PANDEY

Head of Legal at LeadSquared

Streamlined Contract Workflows: Custom workflows and seamless integration minimized errors and manual interventions. LeadSquared streamlined its contracting processes for greater control and efficiency

Improved Compliance and Risk Mitigation: Controls over approval workflows and document templates helped mitigate risk and ensure compliance.

Rapid User Adoption: HyperStart’s intuitive interface and training videos enabled rapid adoption at LeadSquared. Users got a handle on the platform in 15 minutes. The training resources included byte-sized 2-3 minute videos for NDAs and MSAs. LeadSquared was impressed with the industry-leading setup time and adoption time.

Future Plans

LeadSquared and HyperVerge aim to explore more integrations and automation in the future. As we evolve and scale our offerings, this strategic partnership is bound to adapt and expand.

Conclusion

LeadSquared’s journey with HyperStart exemplifies the transformative power of a well-implemented CLM solution. Here’s to concluding in Om’s own words:

If you look at it at an annual cost basis, you’ll find that the CLM is paying for itself. Every hour that you save, maybe you can do a higher-order task or you can actually go back home and spend better time with your family.

OM PRAKASH PANDEY

Head of Legal at LeadSquared