LendInvest is a leading UK property finance platform. Lauren’s team was manually capturing information from contracts and struggling to track key dates and terms, leading to missed deadlines. Without a centralised contract repository, contract management was time-consuming and inconsistent.
Here’s where Nomio helped:
“All we do now is upload our contracts and Nomio does everything else for us”
”Previously, the way we set it up in Monday.com was that every supplier would have its own item line. We did try and pull some key information onto the item so that we had a quick look up reference. As time went on, we were realising that information wasn't always correct. So we then have to look at the contract anyway, which would mean just literally scrolling through contracts, which is never fun.”
”But with Nomio, we've now got the ability to trust that the information is correct because it's been pulled from the source on the contact”
“Nomio’s implementation was easy, and it took everything off our plate”
”My scepticism at first was, do you guys really do all the work, or is it going to be just kind of an AI system that is going to drag all the information into the contract repository? As time went on, it was quite clear that while Nomio uses tools to drag information out the contracts, you've got the human element there as well, which we got the right information in there and always have someone available to talk to should we need to.”
”Because I feel like I have just done all of this work on hundreds of contracts where I've had to fill in data points and I've got all the contracts loaded into Monday.com, and I was kind of a bit like, have I got to go through all of this again? But luckily, it wasn't the case, and Nomio just took it all on, which is great.”
“We were paying for suppliers we weren’t using anymore… Nomio enabled us to terminate contracts in time without incurring charges”
”If there is a supplier that we do want to terminate, then we've got more than enough advance notice to then terminate contracts in time without incurring charges going into another twelve-month period when we don't need it.”
”We had quite a lot of suppliers that we were not using anymore and we were paying for. What Nomio has enabled us to do is to bring to life the suppliers that we are using and do an exercise across the business and question, do we need this apply yes or no, or can we reduce licenses?“
“The time spent managing contracts has been reduced. I am no longer panicking every single month that we’re going to miss something”
”Literally, we can just click onto the supplier and do a search, or we can search through all the clauses, and go through terminations or limitations really quickly.”
”We can also search keywords across our clauses. If we're looking for cancellation or termination clauses, we can go straight to that and we can find that quite quickly. Whereas previously we'd be just spending time trying to figure out all the legal jargon and calculate when we needed to sort termination notification dates and stuff like that. Nomio has been really helpful in that sense.”
“The support has been really, really good... Nomio are always making suggestions about how we can automate more”
“If we've got any issues, we can literally just do the online support button to you and you're normally back within, God, an hour, sometimes half an hour, which is amazing.”
”The ambiguities have been super helpful because the team have been able to draw out stuff that we maybe hadn't recognised may have been an issue and things that we wouldn't have caught on Monday.com. But the good thing about Nomio is you're never going to miss anything. And the team will always reach out and ask questions about anything on that front as well and just get clarification.”
“We definitely got a lot more buy in with Nomio than we have done on previous systems”
“We needed to terminate some of our contracts and give notification of termination from our previous office and move stuff over. In our label's section, we tagged each department. For example, anything relating to the office would be under the office management tab. So we could quite quickly filter the label to office management and it listed all of our contracts, and then we could really quickly just go through, skim through, figure out what we needed to action and go from there.”
”Everyone got behind Nomio a lot more than they did with Monday.com and spreadsheets because they were painful. People could see how easy Nomio was. Once we showed people what it looked like, we definitely got a lot more buy-in with Nomio than we have done on previous systems.”
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