RetailNext helps retailers understand what’s happening in-store
RetailNext is the worldwide market leader and expert in retail analytics for brick-and-mortar retail, delivering real-time analytics to help retailers and manufacturers to collect, analyze, and visualize in-store data. The company serves more than 400+ retailers in 90 countries around the globe, including Estée Lauder, Macy’s, Calvin Klein, Ulta Beauty, Sephora, and more.
RetailNext’s outdated contract management processes were becoming a bottleneck for company growth
As RetailNext grew, its contract management processes began to show their weaknesses. They didn’t just pose challenges for legal, either; limited reporting capabilities across its growing body of contracts was beginning to disrupt the company.
Without a centralized, AI-powered repository to house its contracts
- Finance faced barriers to easily collecting the necessary contracts and other documents for its annual audit.
- Sales had difficulty quickly tracking down crucial customer information in shared drives and other storage.
- Procurement struggled to stay on top of the cascading vendor agreements and automatic renewals.
And then there was legal, which was being kept from collaborating effectively and efficiently with other business units, instead spending its time digging through shared drives and trying to find and report on key terms and information across all contracts for stakeholders.
From nice-to-haves to need-to-haves, Lexion had them all
When RetailNext began its search for an AI-powered contract management system, they had already assembled a long list of requirements. The contract management system of their dreams would feature powerful reporting capabilities, sophisticated search, customizable fields, automatic alerts and notifications, and the option to batch and download contracts in bulk.
Like any good wishlist, there were several nice-to-haves, too, including integration with Salesforce, a flexible file structure, and tools to make quick reference of contracts easy.
Most of all, RetailNext needed a solution that could guarantee company-wide adoption; a feature-packed system is worthless if stakeholders outside of legal aren’t willing to use it.
“The big question with any new process is whether it’s easier than the status quo. If it’s not, then people are going to keep doing things the way they always have. Lexion is a lot easier. It’s intuitive and makes managing our large volume of contracts simple.”
– Amy Lund, Director of Legal, RetailNext
Lexion’s world-class AI makes organizing, filing, and finding contracts in an instant a breeze, and powerful insights and reporting tools helped Amy quickly field and respond to more complex contract-related requests.
But it gets better. With Lexion:
- Sales can work in Salesforce where they’re comfortable.
- Procurement can easily file vendor agreements and get alerts when renewal dates are upcoming.
- Finance can easily find contracts to collect revenue, manage spend, and prepare for audits.
- Key integrations make it easy for teams outside legal to work with Lexion.
“When I rolled out Lexion to the rest of the company, I did it with one quick email with a few quick tips and how-tos. Nobody needed much more than that.” – Amy Lund, Director of Legal, RetailNext
Lexion earned quick company-wide adoption, helping stakeholders answer their own contract questions and freeing Amy to focus on more strategic work
It may be a contract management system built for legal teams, but Lexion is improving the work and lives of departments across RetailNext—and their ability to work faster and more efficiently by self-serving a majority of contract-related requests.
“It wasn’t long before I realized I was receiving a lot fewer questions from across the company. It wasn’t because they stopped having questions about contracts, but because they had already started using Lexion to answer those questions themselves. Now I deal primarily with much more complex legal requests, which is how legal should be spending its time.”
– Amy Lund, Director of Legal, RetailNext
Lexion has transformed legal at RetailNext into a forward-thinking collaborative hub, one that embraces technology to centralize critical contract information between sales, finance, procurement, and yes, legal.