The Challenge: Consistency & Insight

Retool faced two unique challenges that required a more strategic approach understand what was inside their hundreds of customer-related contracts and documents.

First, its contract review team needed consistency across an inherently complex customer base. Contracting with customers in different industries often leads to disparate contractual terms, deal structures, and contracting requirements. Retool makes building internal UIs fast and easy for nearly every industry, including Financial Services, Marketplaces, Media & Entertainment, Retail & eCommerce and many more. For an up-and-coming company like Retool, complex and varied deal negotiations have the potential to stray from template MSAs, Order Forms, and Statements of Work, and many customers require contracting on their own paper.

Second, leadership required access to actionable data points within those contracts to drive the right business decisions. Regardless of the template or structure, there is a critical subset of information in each contract that informs metrics, reporting, and ultimately decision making. Manually identifying and documenting these data points takes a human reviewer weeks, while manual reporting from a spreadsheet is both cumbersome and error prone.

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The Solution: Automated Review & Reporting

Klarity was able to resolve Retool’s first issue within a matter of hours. By running all existing Retool contracts through Klarity’s Machine Learning application, detailed records were produced for individual transactions in the form of a checklist. Data points identified by the system are now indexed into a database style dashboard, are easily searchable, and can be queried at the click of a button for instant information.