Grandvision + Concord

“Signatures are returned instantaneously, like we were around the same table to sign; it is unbelievable.

Success story with Stéphane Lesourd, Purchasing Manager at GrandVision

Challenges

GrandVision purchasing manager Stéphane Lesourd works with 100 primary suppliers who manufacture frames, eyeglass lenses, and contact lenses. He wanted to find a way to expedite and improve the manner in which GrandVision processed its annual supplier agreements, which contracts had to be executed by a specified date to comply with industry regulations to avoid fines. Additionally, both parties needed fully signed original agreements.

Registered mail was used to send each document back and forth because the optical retailer needed proof that the documents were sent in a timely manner. Often, this antiquated signing process took 1 month to complete. Delays were a concern since missing the strict deadline involved a costly penalty.

Solution

Lesourd looked into 3 different e-signature solutions to update GrandVision’s yearly supplier contract process. He wanted to find technology that saved time and complied with local regulations. Security was also a consideration because each supplier contract includes confidential terms, conditions, and pricing information.

Concord came out ahead when compared with the competition since it is easy to use, automatically provides an audit trail, and enables GrandVision to select which country its contracts will be stored in.

Results

Rapid return

The optical retailer is now able to execute its supplier agreements quickly. On average, it now takes about 3 minutes to get a contract signed — instead of 1 month.

“Signatures are returned instantaneously, like we were around the same table to sign; it is unbelievable.”

Real-time contract tracking

Every action that is taken regarding a contract is tracked in Concord. GrandVision has a built-in audit trail showing when each supplier is invited to sign its contract. And each party has access to a fully executed, original agreement.

Industry leadership

Utilizing technology to implement new contract processes that are in compliance with regulations shows that GrandVision as an industry trailblazer.

Conclusion

Fines over missed deadlines for annual supplier contracts are no longer a concern for the optical retailer.

“With Concord, signature speed is reducing drastically without delays.”

Contracts are encrypted and stored on secure, in-country servers.

GrandVision is recognized as the first optical retailer to introduce online signing with contract management capabilities to its local optical industry.

Takeaways

  • Reduced contract execution time from 1 month to under 3 minutes
  • Improved compliance with industry regulations
  • Perceived as business process innovator

About the company

GrandVision is a global optical retailer that owns General d’Optique, Grand Optical, Solaris and other retail banners throughout the world. It provides optical services and sells prescription eyeglasses, contact lenses, and sunglasses. GrandVision operates more than 30 retail banners in over 5,800 stores and employs over 25,000 people.

Industry

Eye Care