Oyster HR faced challenges with decentralized contract storage, leading to lost contracts and missed renewals. Spreadsheets proved inefficient for tracking and managing contract terms, demanding immediate action for centralized contract management and renewal tracking.
CloudEagle Helped Oyster HR Eliminate Spreadsheets With Centralized Contract Management
CloudEagle helped us get rid of spreadsheets and switch to a centralized platform for contract and renewal management. With CloudEagle's workflows, we stay proactive on renewals, and it helped us save time on contract migrations and metadata extraction.
- Mike de la Victoria, Sr. Manager - IT & Security, Oyster
50%
Time reduction on renewals
$104K+
Lifetime savings realized
1473 hrs/yr
Saved on metadata extraction
Challenge
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Solution
CloudEagle provided Oyster HR with a comprehensive solution for SaaS contract management. Through integrations with internal systems, it organized contracts from invoices and spreadsheets, extracted metadata, and created renewal calendars, streamlining contract management for efficient and timely renewals.
Result
Oyster HR streamlined SaaS contract and invoice management using CloudEagle, eliminating spreadsheets. With timely renewal alerts, they have gained efficiency, saved time, and enhanced productivity, enabling a strategic focus for their team while staying ahead of renewals.
Key Highlights:
Decentralized contract management resulted in missed renewals, but CloudEagle centralized contracts and invoices, eliminating spreadsheets, and automating renewals for Oyster HR.
Challenge
Our team encountered difficulties in managing contract renewals and notice periods effectively. We relied on decentralized methods such as shared folders, employee inboxes, and spreadsheets to store our SaaS contracts, often leading to lost contracts.
This decentralized storage approach required the finance team to chase after employees to retrieve documents, resulting in time-consuming and tedious processes. Consequently, our customers' IT and finance departments faced several challenges, including missing renewals and insufficient updates on contract statuses.
Keeping track of contracts and manually updating their terms in spreadsheets proved cumbersome and time-consuming. It became clear that immediate action was necessary to address the significant challenge of managing our customers' SaaS contracts and renewals, exacerbated by our decentralized approach to contract management.
Solution
“Thanks to CloudEagle, we've streamlined our contract management processes, ensuring that renewals are never missed and terms are always up-to-date. Their centralized approach has transformed how we handle SaaS contracts, saving us valuable time and resources."
- Mike de la Victoria, Sr. Manager - IT & Security, Oyster
Efficient SaaS contract management
Our customer soon realized that using a SaaS contract management system would be beneficial for securely storing their SaaS contracts and ensuring timely contract renewals. CloudEagle fit their needs as it was the only platform comprising contract management capabilities, automated renewal workflows, and SaaS management features.
Easy and quick onboarding and integration
During onboarding, our platform integrated with their internal systems. CloudEagle automatically retrieved all the contracts that were present in the invoices and organized them in a single dashboard. This was possible because of the finance system integrations and direct API integrations.
Metadata extraction and renewal workflows
Our customers primarily used shared folders and spreadsheets to track and manage their SaaS contracts. With our 'Excel data upload' feature, we effortlessly migrated all spreadsheets and documents to the CloudEagle platform. CloudEagle then extracted crucial metadata such as contract value and renewal dates, organizing everything centrally.
Impact
Centralized contract management
Oyster HR got rid of spreadsheets and shared folders and uses CloudEagle as its centralized database for tracking and managing SaaS contracts and invoices. The team gained a bird’s eye view of all contracts and invoices, making it easier to retrieve contracts for audits and renewals when needed. This streamlined process saved 2,030 hours in contract management.
Renewed contracts on time
Based on the renewal calendar, our platform initiated renewal workflows 90 days in advance and sent constant renewal alerts to the customer, enabling them to renew their contracts on time—no more auto-renewals. This automation reduced the time spent on renewals annually by 1,500 hours.
Increased savings and productivity
Oyster HR's team saved time and increased their productivity by not having to update contract details manually. CloudEagle automatically extracts the necessary information from the contracts and updates them accordingly, saving 1473 hours per year on metadata extraction annually. This proactive approach helped them realize savings of $1,237,910.
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