Cred Avenue (Yubi), India’s fastest fintech unicorn, needed to close employee contracts at a pace that matched its meteoric growth. For this, they desired to scrap their manual process and deploy a digital solution to send out and manage contracts for 460+ employees in a week. This was key to ensuring zero bottlenecks on its way to becoming a startup valued at USD 1.3 billion in March 2022.
The company reached out to Ample to identify a solution that would resolve their immediate challenge while setting the tone for smarter contract documentation and management in the future. This would also be critical for building a well-managed stakeholder ecosystem – employees, partners, vendors, and customers – basis evolving business needs.
The Ample team spent time understanding the nature of contracts, the level of customization needed, data dependency on existing tools and platforms, and cross-team involvement. It also discussed challenges unique to the company that demanded digitization. Basis its findings, the Ample team recommended deploying DocuSign eSignature to transform the contract sharing process and experience.
A smart contract management solution
The electronic signature and agreement cloud, DocuSign eSignature, was deployed to address each of the client’s existing pain points regarding manual contract and document management. Being a lean team, the startup’s HR was able to create customized offer letters for different roles, hierarchies, and salary structures at a go. This enabled them to speed up the immediate contract sharing exercise as per the company’s requirement.
The solution’s features made it easier for the team to identify new fields for relevant data collection each time it needed a new contract template. This had a two-fold effect; it made contract creation quicker as well as more valuable for larger data analysis in the future.
Since the solution was cloud-based, it paved the path for streamlining contracts and processes across teams in a highly secure and collaborative manner. The deployment facilitated integration with other tools and platforms for comprehensive visibility; every contract could be tracked and linked to impact on larger projects and company goals.
Lastly, the solution ensured the team would not have to invest their time in building reports, conducting follow-ups, and resolving technical queries for users with varying systems, browsers, and technical expertise. This gave the team more bandwidth for other high-value urgent tasks related to the bulk contract exercise.
The Ample advantage
Swift collaborative discussions to arrive at an optimal solution for the unicorn’s immediate and long-term needs. Identification of relevant customization features to achieve key operational goals. Leveraging of long-standing relationship with product partner for urgent procurement of customized versions. Secure deployment and integration with existing tools and platforms owing to industry expertise. Evaluation of dormant business needs for seamless scale in the mid to near future. Effective solution training owing to a user-centric approach rather than a product-centric method
The solution’s deployment ensured the client could send out and receive signed contracts from 460+ employees in a smooth and timely manner. It automated internal and external follow-ups for various onboarding-related documents and contracts. This significantly increased the speed of closures, with most approvals and signatures closing within the same or the next day. This aided in creating a culture of prompt closures and helping the company attract top talent, critical to unlocking its unicorn status along with facilitating easier tracking of the signing of the critical business contracts and documents throughout the whole process.
The comprehensive impact of the solution – speed, convenience, cost-effectiveness, and data integration– had the client requesting consultation on other possible areas for implementation. Owing to the client’s nature of business, which requires continual onboarding of partners as well as end users, it is currently evaluating the solution for seamless documentation sharing with all such stakeholders.