Customizing Contract Renewal Applications with formsflow.ai

We have modeled this case to help you visualize a business application that can be built using formsflow.ai and the impact it can have on customer experience and business operations.

Company Overview

A US-based emerging tech company plans to expand internationally, focusing on key European regions. Implementing automation and workflow management in the Financial Department was crucial for optimizing both client and employee experiences during the expansion process.

Challenges Faced by the Company

The firm faced challenges with contract renewals, with significant delays in payment resolution due to manual file management and offline communications. Stakeholders often waited 15 to 20 days. In response, the company aimed to develop a custom contract management system suited to their needs since there were no industry-specific SaaS solutions available. However, they encountered integration challenges with existing software and form builders, worsening the situation.

The new solution should have several key capabilities:

• Advanced file organization features for task automation, minimizing manual work.
• Compatibility with existing software and form builders for seamless integration and data flow.
• Effective communication tools to enhance collaboration among stakeholders.
• Payment tracking and notification features to monitor payments and address issues promptly.
• Emphasis on simplicity and automation.

Solutions by formsflow.ai

formsflow.ai simplifies data entry with Form Adapters, ensuring accurate information. It also enhances compliance and data security through role-based authorization and PDF data preservation. Real-time data visualization empowers finance personnel for better decision-making and minimizes inaccuracies.

Developers appreciate formsflow.ai for customizing contract renewal forms and streamlining workflows. It promotes adaptability and ensures consistency in the renewal process using BPMN and DMN engines, minimizing errors.

Project Delivery

The platform’s versatility significantly shortened approval timelines from 15 days to just one day. It effectively manages various complexities, from basic forms to multi-step workflows. Its flexibility and interoperability were crucial in seamlessly integrating the applications with other systems. Utilizing components within formsflow.ai like building blocks, the team constructed a series of customized contract renewal workflows for each department’s requirements. The in-house IT team could develop forms independently, eliminating the need to search for SaaS solutions for each requirement. This approach ensured software development aligned with processes, streamlining operations.

Impact

Introducing a smart system for contract renewals reduced processing time by 45%, ensuring accuracy and minimizing errors.

Consistent Adherence to Company Rules:

• Maintained an impressive adherence rate of 95%
• Effectively mitigated legal and financial risks

Practical Benefits of the Automated Solution:

• Accelerated critical contract approvals by 60%
• Expedited decision-making processes and prevented potential issues

Data-Informed Approach:

• Simplified previously time-consuming processes to a mere one to two days
• This resulted in a 30% decrease in disagreements
• Achieved a notable 40% reduction in financial issues
• Saw a significant 50% drop in work slowdowns