How Innovize Tech Streamlined Their Contracts

Introduction

Innovize Tech, a rapidly growing startup in the SaaS industry, faced challenges with managing their contracts as they scaled. This case study explores how they overcame these challenges using Legitt AI.

The Challenges Faced

  • Manual Contract Creation: The legal team spent hours drafting contracts manually, causing delays and errors.
  • Lack of Collaborative Tools: Negotiations involved long email threads and version control issues.
  • Missed Deadlines and Compliance Risks: Important dates were often missed, leading to compliance issues.
  • Slow Signing Process: Traditional methods of signing contracts were inefficient.
  • Disorganized Contract Storage: Contracts were stored in multiple locations, making retrieval difficult.

The Solution

Automated Contract Creation and Review

Legitt AI's automated system generated contracts quickly and reviewed them for errors, reducing drafting time by 70%.

Seamless Real-Time Collaboration

The platform provided a centralized space for real-time collaboration, speeding up negotiations and eliminating confusion.

Smart Compliance Monitoring and Deadline Tracking

Legitt AI tracked deadlines and obligations, ensuring compliance and reducing missed opportunities.

Faster Contract Execution with NFT Signatures

NFT-based signatures enabled secure and quick contract execution, improving turnaround time.

Centralized Contract Repository

A single repository for all contracts improved organization and retrieval efficiency.

Results

75% Faster Contract Turnaround Time
Reduced contract processing time from weeks to days.
Improved Collaboration and Efficiency
Enhanced stakeholder alignment and sped up negotiations.
Better Compliance and Risk Management
Automated reminders ensured timely compliance.
Enhanced Security with NFT Signatures
Increased trust with secure and tamper-proof signatures.
Streamlined Document Management
Centralized storage improved document retrieval and tracking.

Conclusion

By adopting Legitt AI, Innovize Tech transformed their contract management, achieving faster processing times, improved compliance, and better partner relationships.