GrandVision’s Procurement Manager, Stéphane Lesourd, was working with 100 primary suppliers who manufacture frames, eyeglass lenses, and contact lenses. He was looking for a way to accomplish three main goals:
- To expedite and improve the manner in which GrandVision processed its annual supplier agreements
- To have a clearer understanding of which contracts had to be executed by a specified date to comply with industry regulations to avoid fines
- To ensure both parties had the appropriate access to documents, including executed copies
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 a month to complete. Delays were a concern since missing the strict deadline involved a costly penalty.
Lesourd looked into three 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 because of its ease of use, automatic audit trails, and the ability for GrandVision to select which country its contracts will be stored in.
The optical retailer is now able to execute its supplier agreements quickly. On average, it now takes about three minutes to get a contract signed — instead of a month.
“ Signatures are returned instantaneously, like we were around the same table to sign. It is unbelievable. ”– Stéphane Lesourd, Procurement Manager
Every action that is taken regarding a contract is tracked in real time on Concord’s platform. 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.
Utilizing technology to implement new contract processes that are in compliance with regulations shows that GrandVision is an industry trailblazer. Additionally, fines over missed deadlines for annual supplier contracts are no longer a concern for the optical retailer. Contracts are encrypted and stored on secure, in-country servers.
“ With Concord, signature speed is reducing drastically without delays. ”– Stéphane Lesourd, Procurement Manager
GrandVision is recognized as the first optical retailer to introduce online signing with contract management capabilities to its local optical industry.