ThredUp is a billion dollar company that faced the same problem many $1M companies have. How could they better manage contracts? A lack of transparency, too much risk, and inefficient storage led them to exploring contract lifecycle management software.
Check out this two-minute video testimonial from ThredUp General Counsel, Alon Rotem.
Transcript of ThredUp Customer Testimonial
[00:00:04.980] – Alon Rotem, General Counsel, ThredUp
ThredUp is an online resale apparel marketplace where buyers and sellers can come and shop for secondhand clothing, sell their clothing to us, make money, and be part of the sustainable apparel economy. We didn’t feel like we had a good handle on where all of our contracts were. If there was like a single source of truth where you could go find them. And so every time it came time to negotiate something new, we didn’t even know where we were starting from.
Oftentimes you’d find contracts that were partially signed or partially negotiated, and we didn’t have the final version without a software program to manage contracts. It’s really hard to quickly find any contract that you need in any given moment. And it’s also hard to tell when those contracts are expiring, whether they’re automatically renewing. And before Concord, we actually weren’t using any software to manage all of our contracts beyond just sort of keeping it in folders on our computers. Concord is very easy to use.
It feels very intuitive and much like other software like to me, it reminds me a lot of the way Gmail is designed and the way Google Drive is designed. And so the process of getting our system up and running was actually pretty simple. One other great benefit to using a contract management platform like Concord is that it actually raises the awareness of the importance of contracts across the company.
A lot of times different departments will just go about doing the work that they do and interacting with third parties, not realizing that they’re putting the company at risk, but knowing that they’re part of the contract management platform puts in their mind that at some point they’re going to want to have a fully signed document and that fully signed document is going to be uploaded to the system.
I would recommend Concord to basically any business that has contracts, having a solution that helps you organize all of your contracts and know when they’re expiring, when the renewing is a best practice, I would hope that every business could have.