Before:
Wasted Time and Inaccurate Information Impacts Flowserve at a Scale
Flowserve found it challenging to manage their contract workflows across the company. With multiple departments, large quantities of contracts, and different needs for the contracts themselves, managing contracts through snail mail, email, spreadsheets, and phone calls was not working. With so many different sources of contracts, this created more work for the Flowserve team, more rework, and missed deadlines that cut into the bottom line.
“A lot of times, contracts would expire, and we’d just keep working off the same pricing. That caused us to lose out on opportunities to cover costs and enlarge our margins,” mentioned Flowserve Project Manager, Legal Operations Dundi Thompson.
Flowserve needed a better solution to automate their contracting processes to increase operational efficiency.
Solution:
A Powerful Technology Tool Lays the Foundation of Advanced Operational Efficiency
After collaborating to understand the bottlenecks Flowserve currently faced, we recommended they implement a full contract lifecycle management system using DocuSign CLM connected to Salesforce. With this integrated system, Flowserve now had one single source of truth for all their contracts that were easily searchable and customized with permission controls.
The system also provided enhanced security measures for the Flowserve team, protecting sensitive pricing information through permission profiles for specific users. These extra data security measures created peace of mind for the team knowing data and information was managed appropriately.
The implementation also proved a major success with Flowserve’s sales department. By integrating Flowserve’s CLM and CRM we provided a comprehensive outlook on the day-to-day status of sales contracts and their related projects and opportunities. Sales teams could see in real-time what stage of the contract lifecycle specific client contracts were currently in, ensuring sales knew exactly how and when to approach clients to close more deals. With enhanced accuracy within the contract lifecycle pipeline, sales representatives had the ability to generate contract agreements with just the click of a button and collaborate on contracts, all in one, central location.
Enhanced contract visibility helped Flowserve better understand contract performance, to drive better insights tailored to Flowserve’s specific contract demands. Legal teams had automated, customizable workflows for specific contracting processes, leading to improved efficiency. For example, when specific clauses within contracts are changed, the system would automatically alert the correct legal team members of the change and bring them to the exact location on the document.
Finally, we integrated Flowserve’s NDA process into DocuSign CLM, enabling legal teams to instantly send the agreements with a couple clicks. The NDAs are then stored in one location, where they are easily searchable.
As a result of these new capabilities, Flowserve can monitor the full contract process at a glance to aid sales teams, estimate turnaround time on legal reviews, enhance the accuracy of pipeline information, and use data analytics and visualizations to understand trends and improve business outcomes.