Certify Helps Nearmap Supercharge their Contract Process Efficiency

Transforming Contract Management: How Nearmap Revolutionized Their Legal Processes

In the fast-paced world of technology and business, efficiency is key. For Nearmap, a leading location intelligence and aerial imaging company, streamlining their contract management process became a critical mission. This is the story of how Nearmap partnered with TermScout to revolutionize their legal operations, resulting in significant time savings, improved employee satisfaction, and enhanced sales processes.

The Challenge: Drowning in Redlines

Nearmap found itself in a common predicament faced by many growing companies: an overwhelming volume of contract redlines. With thousands of customers and nearly every contract requiring revisions, even on renewals, the legal team was stretched thin. The six-attorney team was struggling to keep up with the workload, often working 14 to 16 hour days to manage the constant flow of contract negotiations.

Common issues they faced included:

• Contract review cycles lasting 6-8 weeks on average
• Excessive time spent on redlines for contracts of all sizes
• Mental load and well-being concerns for the legal team
• Lack of customer-favorable terms leading to prolonged negotiations

The TermScout Solution: Contract Certification

Nearmap turned to TermScout's Contract Certification service to address these challenges. The process began with a thorough analysis of Nearmap's Master Subscription Agreement (“MSA”), which revealed a startling statistic: their MSA was 80% Vendor Favorable and only 20% Customer Favorable.

Armed with this insight, Nearmap embarked on a journey to rewrite their MSA with a focus on customer-friendliness. An analytical report by TermScout provided Nearmap with a data-driven foundation for these changes, allowing the legal team to present a clear case for revisions to the executive leadership team and sales leadership.

The Implementation Process

1. Initial Assessment:  TermScout reviewed Nearmap’s MSA and offered recommendations on how to move the contract from Vendor Favorable to Customer Favorable.
2. Contract Rewrite: Nearmap reviewed TermScout’s recommendations and revamped the MSA, ultimately resulting in the MSA being Customer Favorable.
3. Launch: After a soft internal rollout, Nearmap successfully launched their new MSA to the public. 

Immediate Results: From Months to Minutes

Over the course of a few months, Nearmap revamped its MSA based on the recommendations provided by TermScout which ultimately resulted in the MSA being rated 70% Customer Favorable. The impact of the new, certified Customer Favorable contract was immediately apparent. In a trial run with insurance industry customers—one of Nearmap's key verticals—the results were staggering:

• Contract negotiations that previously took months were reduced to a single round of redlines.
• Million-dollar contracts that once required extensive back-and-forth were now closing with minimal revisions.
• The legal team experienced a significant reduction in workload and stress.

Beyond Time Savings: The Intangible Benefits

While the time and cost savings were substantial, Rebecca Kocsis, a Paralegal from Nearmap emphasized an even more crucial benefit: the positive impact on the legal team's well-being. The new process has helped address burnout and improved job satisfaction, potentially solving retention issues that are often overlooked but critically important.

A Sales Team's Dream

Perhaps unexpectedly, one of the most enthusiastic responses came from the sales team. The new customer-friendly contract has become a powerful selling tool:

• Sales representatives can now confidently present Nearmap's terms as more favorable than competitors'.
• The ability to compare contract terms with other vendors provides a clear competitive advantage.
• Faster contract closures mean quicker sales cycles and improved customer relationships.

At a recent company-wide kickoff, the legal team's presentation of Nearmap’s certification was hailed as "the best session" of the event, despite being scheduled during a typically low-energy time slot.

Looking to the Future

As Nearmap continues to integrate the new contract process across its operations, the company anticipates:

• Continued reduction in contract negotiation timelines
• Enhanced customer satisfaction due to smoother contracting processes
• Increased sales velocity and potentially higher close rates
• Improved ability to attract top legal talent

The Bigger Picture: A Paradigm Shift in Contract Review

Nearmap's success story with TermScout's Contract Certification service illustrates a broader trend in the legal and business world. By leveraging data-driven insights and focusing on customer-friendly terms, companies can transform their contract management from a bottleneck into a strategic advantage.

This approach not only streamlines operations but also aligns legal processes with customer needs and sales objectives. As businesses continue to seek ways to differentiate themselves in competitive markets, innovative approaches to traditionally cumbersome processes like contract management can provide a significant edge.

Nearmap's journey serves as a testament to the power of rethinking established practices and embracing tools that bring transparency and efficiency to complex business operations. As they continue to refine and benefit from their new contract management approach, Nearmap sets an example for other companies looking to turn legal processes into a catalyst for growth and customer satisfaction.