State of Digital Contracting 2021
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Contracts are the most important technology ever invented for business, or at least they should be.
We couldn’t mention the highlights of State of Digital Contracting 2021 without giving a shoutout to Ironclad’s General Counsel and emcee, Chris Young, and giving you a link to our Spotify event playlist (It’s pretty 🔥, if we do say so ourselves.)
Keynote: The new standard of digital contracting
- Contracts are the most important business technology ever invented. Instead, they’re often seen simply as an administrative tool. (Or worse: A business blocker.)
- Digital contracts are an entirely new format for contracts—a digitally native standard format that will enable businesses to contract frictionlessly with each other
- Digital contracting is the new standard for business contracts, and it’s contracting for the entire business, powering every type of contract and created for every team that depends on contracts.
Ironclad Product Keynote
- Ironclad’s Workflow Designer enables any team that manages contracts to digitize their contracts and business process, allowing them to make changes and iterate on their own to remain agile and keep up with the rest of the business. Not only is it the only platform that creates the precise agreement for any deal that comes your way, but it manages the entire contracting process from beginning to end, including any necessary changes and revisions.
- We’re excited to announce two exciting upgrades to our system integrations. Our updated Salesforce integration will include key features for distributed contracting (like real-time sync, field locking, and multi-contract deals), while our new Coupa integration eliminates data re-entry and errors, checks contract terms against your system of record, and makes sure approvals never get skipped.
- Thanks to the fact that we’ve digitized contracts and enabled teams and systems across the org to work with them, we’ve also captured a ton of information about your agreements—and now we can provide you with this real-time data to continue improving your team’s processes.
To see how Ironclad’s new features can level-up your business, schedule time with a contract specialist here.
How digital contracting powers Lyft’s transportation for the COVID-19 vaccination program
- You may be familiar with the rideshare service Lyft, but you may not know that Lyft not only provides services to individual customers, but also to businesses. For example, Lyft Healthcare helps healthcare providers and government programs like Medicaid ensure their patients can get where they need to be, when they need to be there.
- When COVID-19 hit, Lyft Healthcare’s team worked tirelessly to help their customers with vaccinations, making sure every person—regardless of their financial situation or physical limitations—could get to their appointment. As you can imagine, that involved a lot of contracts, and their previous contracting system couldn’t keep up.
- Since making the switch to digital contracting with Ironclad in September 2020, the Lyft Healthcare team has executed almost a hundred contracts through the system, many of which are vaccination programs. Their sales team gets that time back to spend more time talking to customers, and they can do everything right from Salesforce, thanks to Ironclad’s integrations.
How L’Oréal used digital contracting as a collaboration platform in their pivot to online sales
- L’Oréal USA includes 35 different brands, which means they handle hundreds of deals (and contracts), all supporting their transition from a beauty company to the world’s first beauty tech company.
- Before COVID-19, L’Oréal was making 80% of its revenue from brick-and-mortar stores, which meant when they pandemic hit, they had to go through a digital transformation to quickly grow their online sales.
- From evaluating how existing vendors could help in new ways to onboarding new platforms, the volume of agreements went up 50%, causing them to rely on Ironclad, a tool they’d been using for three years, even more. Claiming Ironclad “went from a tool for lawyers to a full-on collaboration platform for everyone in the contracting process, from Sourcing to Finance to IT,” L’Oréal grew their online sales by over 60%, jumping five years in their e-commerce development plan within a matter of months.
How Anaplan’s sales team created a new standard of self-service contracting
- Anaplan, a global cloud-based planning software company, considers their price lists to be confidential, which requires a signed NDA before every quote goes out. As you can imagine, this created an overwhelming amount of contracts to process, and it created a risk of slowing down the sales cycle. But instead of hiring more people to manage their contracts, they invested in an infrastructure that would allow them to scale more efficiently.
- After a successful implementation of digital NDAs with Ironclad, Anaplan looked to see what other contract processes they could automate, ultimately landing on their Order Schedule, an order form that contains all the pricing and terms for what a customer is buying. Previously, all of their Order Schedule processing took place over email, meaning they spent a lot of time tracking down signatures, sending expired documents, and searching for lost documents.
- They knew changing the Order Schedule process was risky, so they gave their AEs a choice: Use Ironclad’s self-service product, or continue doing things the manual way. Within a month, 90% of reps were using Ironclad and using its intuitive workflows, rather than digging through their inboxes for contracts.
What’s your new standard?
State of Digital Contracting 2021 was all about new standards across the board—not just for contracting. So, we asked our featured speakers to share what their new standard is. Here’s what these innovative leaders said:
- “Increasing the value of the legal department by the legal department being less involved in the contracting process.”
– Sterling Miller, Three-time General Counsel
- “Mindset—Learning to unlearn. Being innovative and being transformative are daily attitudes and practices. They all start with a mindset.”
– Anna Lozynski, Executive GC turned change agent, advisor and influencer
- “To make sure that no matter what is going on in my life, I keep the right perspective and celebrate the micro-victories every day.”
– Leland Melvin, Engineer, Educator, former NASA astronaut, and NFL Wide Receiver
Watch State of Digital Contracting 2021 Now
Introducing: Ironclad + PactSafe
- We’re thrilled to make the exciting announcement that the Ironclad team is getting a little bit bigger: We’ve acquired PactSafe, the leader in clickwrap acceptance.
- While you may not be familiar with the name “clickwrap agreement,” you’ve definitely signed one, probably today—and they’re a significant part of the future of digital contracting.
- We’re adding the Clickwrap Transaction Platform (CTP) to our Digital Contracting Platform, making enterprise clickwrap available to all Ironclad customers.
- For more details on the Ironclad + PactSafe announcement, click here.
Thanks for joining us for the highlights of State of Digital Contracting. If you’re interested in learning more about digital contracting, sign up to talk to a contract specialist here.