Special Edition: Scary Stories of Contracts Past

As we embrace the eerie enchantment of Fall, dive into the spine-tingling Halloween edition of our Sips of Malbek newsletter. In the spirit of spooks and specters, let these four chilling tales remind you that every challenge is an opportunity, and every dream has the potential to materialize, no matter how haunting the obstacles may appear.

Wishing you a spine-tingling Halloween, where your contracts are always well-managed and free from any contractual curses.

Share the frightful fun with someone in your network if you dare!

From Haunted to Happy: The Spooky Tale of Recruitics’ Transformation

Before the arrival of Malbek, Recruitics was trapped in a world of darkness, like a spooky haunted mansion. Their contracts concealed their secrets, and they were left trembling in the shadows, unaware of the data elements hidden within. Expiration dates were like lurking ghosts, haunting their dreams!

But then, as the moon reached its peak, Malbek emerged like a beacon of light, banishing the darkness and turning Recruitics into a happy, welcoming home. With the power to capture data elements, swap content within contracts, and enhance their contract quality, they created a single sanctuary where contracts were crafted with care, minimizing the risk that once haunted them.

Within just 90 days of implementing Malbek, the team could see the expiration dates clearly, no longer haunted by the evil spirits of renewals. They engaged their customers and began conversations sooner as if guided by friendly spirits.

From an ROI perspective, Malbek exceeded their expectations, checking all the boxes and showering them with benefits tenfold. And in the spirit of Halloween, let's not forget to thank Malbek for its top-notch customer service, turning Recruitics' once-haunted house into a place of joy and light!

So, my fellow thrill-seekers, let this tale remind us that even the darkest of corners can be illuminated, and haunted houses can become happy homes, all thanks to the magic of technology and a little touch of Malbek’s CLM.

Unveiling Malbek's Spooky Transformation: How TIBCO Escaped the Haunted Spirits of Legacy CLM

Once upon a moonlit time, TIBCO found itself in the grips of a terrifying ordeal with its legacy CLM solution. The days of due diligence were a nightmare, filled with tedious, manual reviews that unveiled unfavorable terms and clauses, casting a dark shadow of risk over the company. The process of migrating contracts post-M&A into the CLM was a labyrinthine, treacherous journey.

The challenges of the old system were like a cloudy crystal ball:

• Outdated technology that moved at a snail's pace, with user adoption as rare as a ghostly apparition.
• A heavily customized solution that demanded constant attention and maintenance. A high cost of ownership, with customizations that made upgrades akin to battling a sinister sorcerer.
• A haunting T on the vendor, with costly services and a graveyard of non-actionable contracts festering in the repository.

Malbek appeared like a ray of hope piercing the darkness!

In a mere four months, TIBCO embarked on a global implementation of Malbek, with no need for arcane code customizations. Thousands of legacy contracts were spirited away into the new system by the fearless TIBCO team, with minimal reliance on vendors or technical resources.

In just three fleeting years, TIBCO transformed from a repository-bound CLM to a powerful global platform. It harnessed the power of AI-assisted contract review, reducing the time spent reviewing complex agreements line by line. Legal, Sales, Finance, and Procurement teams came together under one spellbinding platform, freeing them from the shackles of manual work. Now, they focus their energy on strategic initiatives that will propel the company forward, like a bolt of lightning.

Banishing Haunted Procurement Pumpkins: SurveyMonkey's Jack-O-Lantern Journey to CLM Success

Imagine this: Jeanette Milano, SurveyMonkey's Procurement Head, facing spine-chilling challenges as the contract volume grew, casting a ghostly shadow over visibility—a true haunted procurement process.

Enter the Jack-O-Lantern of CLM solutions—Malbek. No moonlit journeys here, just a well-lit path through the Procurement Pumpkin Patch.

SurveyMonkey conquered haunted realms with contract templates, akin to the good Witch of the West. They forged stronger relationships with standard fallback language, quickening negotiations. An enchanted library of pre-approved language reduced the need for constant legal consultation.

With a 50% reduction in contract cycle times, SurveyMonkey's pumpkin-powered transformation extended to Coupa Integration, seamlessly bridging supplier and purchase requisition data.

Beyond technology adoption, SurveyMonkey achieved true magic by developing processes within Malbek. A centralized repository banished hidden contracts, providing Jack-O-Lantern visibility into real-time status and approvals.

Legal Operations also embraced Malbek, uniting the enterprise and scaling to meet unique business unit needs. SurveyMonkey's journey transformed haunted procurement into a well-lit path through the Procurement Pumpkin Patch of Jack-O-Lantern brilliance.

Unveiling the Malbek Tale: From Sunk Costs to Spellbinding Success

A Trusted Coven of Professionals

Malbek's inception was not just a chance to happen; it was forged in the crucible of trust among a core group of individuals. These pioneers shared a bond not only as people but also as seasoned technologists and sales professionals. Little did they know that their shared vision would spark a revolution in the world of legal technology.

A Vision to Resurrect Legal Tech

The vision was to breathe new life into a legal tech space that had grown tired and convoluted. They aimed to make technology accessible in areas where it had long been relegated to the shadows, seen as a sunk cost rather than a strategic operator.

The Spirit at the Start

The genesis of Malbek can be traced back to the founder's former place of work, a public company with a vast customer base. Their chilling tale was one of financial audit nightmares, plagued by inconsistent terms in contracts. This ghastly mishap led to a terrifying cleanup operation that cost them millions, paid to external consultants tasked with wrangling the chaotic web of contractual obligations into spreadsheets for the finance team to track.

Forced into the Shadows

The onslaught of financial woes forced the company to take refuge in the darkness of privatization. It was here, in the depths of adversity, that the realization struck: well-managed contracts could be a potent elixir, capable of boosting revenue and fending off the lurking risks that haunted the business world.

The Birth of Malbek

It was from this crucible of challenges and experiences that Malbek emerged, like a phoenix rising from the ashes. With a mission to illuminate the obscure corners of contract management, they sought to ensure that businesses, large and small, could decipher the enigmatic language of their contracts. This, in turn, would pave the way for predictable revenue realization – a beacon of light in the otherwise murky realm of legal tech.

And so, the dream of Malbek was born, a dream that continues to shine brightly, much like a jack-o'-lantern on a dark Halloween night. It serves as a reminder that even in the face of adversity, innovation and determination can carve a path toward transformation and success.

As we celebrate this season of spooks and specters, let the tale of Malbek remind us that every challenge is an opportunity, and every dream has the potential to become a reality, no matter how haunting the obstacles may seem. Happy Halloween, and may your contracts always be well-managed and free from contractual curses.

For more information on Malbek, be sure to subscribe on LinkedIn to our Sips of Malbek newsletter.