How it Started:

UrbanVault’s small legal team was managing thousands of contracts manually. Their process was time-consuming and impractical, and as the business scaled up, contracts started becoming a bottleneck.

Deal closures would take up to days, if not weeks, and it was clear they needed a fix. Here’s how they turned things around with SpotDraft:

UrbanVault’s Challenges:

‍₀₁ Slow execution of contracts:

“Before SpotDraft, closing a deal could take days or weeks, as it needed everyone in the same room – a big challenge we needed to solve urgently.”

UrbanVault’s contract processes involved real stamp papers, in-person signings, and manually managing contracts. This method meant that even the simplest of deals ended up taking weeks to close.

‍₀₂ Scattered contracts:

“In the past, our contract data was all over the place - tucked away in Google Docs and lost in Drives. Finding anything took forever.”

UrbanVault manages thousands of contracts every month, but having them spread across different platforms made it hard to stay organized. With so many contracts, finding the one they needed in all the chaos was almost impossible.

‍₀₃ Missed deadlines:

“With thousands of contracts in place, everything became disorganized and it was difficult to track which contracts were expiring and which ones needed to be renewed.”

Manually checking contract expiration and renewal dates often led to mistakes and missed deadlines. What they really needed was a CLM platform that could automatically generate reports and send reminders for upcoming contract expirations.

“Before using SpotDraft, executing a contract would take up to weeks. Now, contracts are signed within minutes, with better data security and tracking. The whole process takes us less than a day!”
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Arti Singh
Founder’s Office, Growth, UrbanVault

How SpotDraft Helped:

‍₀₁ Accelerating Contract Execution:

UrbanVault's contract execution and deal closures were a slow affair, often stretching to weeks. But with SpotDraft, they brought it down to under an hour. Here’s how SpotDraft helped:

• eSignatures: SpotDraft enabled remote, global signing, leading to a 95% faster turnaround time for signature collection.
• Digital stamp papers: The team was able to access stamp papers directly from the platform, cutting admin efforts by 75%.
• Cloud platform: UrbanVault's team could now create, redline, collaborate and share contracts on a single cloud platform, making everything simpler.

These improvements meant contracts now drove growth, not delays.

Getting signatures on time was a big challenge, because stakeholders had to present in the same room. However, with SpotDraft, contracts can be e-signed from anywhere in the world in the matter of minutes.”
‍
Arti Singh
Founder’s Office, Growth at UrbanVault

‍₀₂ Contract Repository and Reporting:

SpotDraft’s contract repository gave UrbanVault a centralized, easily accessible place to store all their contracts. With SpotDraft’s contract repository, UrbanVault could:

• Easily track and pull up contracts without the usual hunt.
• Increase data security and transparency.
• Keep everyone on the same page about where a deal was at any given time.

All these improvements streamlined their operations.

“Thanks to SpotDraft, all the information we need is in one place. Once a deal is closed, even the finance team is notified so they can raise invoices accordingly. We also have visibility on which leases are expiring and need renewal. It is so convenient.”
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Simran Chanda
Marketing Manager, UrbanVault

‍₀₃ Automated Reminders and Reports:

SpotDraft's automation helped UrbanVault avoid missing deadlines. The team now receives weekly reports listing all key deadlines and reminders, significantly improving their operations:

• Increased efficiency: UrbanVault quadrupled their contract processing capacity without adding more staff. Their team, previously handling 100 contracts monthly, now manages 500 with ease due to streamlined processes and automated reminders.
• Actionable insights: SpotDraft's detailed reports led to a 25% decrease in contract-related errors, ensuring all important details were accounted for.

With SpotDraft's help, UrbanVault leveraged automation to achieve efficiency in contract management.

“At UrbanVault, contracts are tailor-made depending on the landlord, the vendor, the client. But SpotDraft has helped us achieve standardization, while also handling deviations. The AI technology used by SpotDraft has made our day-to-day operations significantly more efficient.”

Amal Mishra
Founder and CEO, UrbanVault

What’s Next for UrbanVault:

UrbanVault is set for major expansion, planning to grow from 1 million to 10 million square feet of office space soon. This expansion brings more complex contract management challenges. However, with SpotDraft's support, UrbanVault is ready to handle these complexities. SpotDraft plays a key role in ensuring that their contract management capabilities keep pace with UrbanVault’s ambitious expansion goals.