Managing one contract is hard enough; managing several at once? No thanks. Not only is it time-consuming, but you’re prone to standard data entry errors and audit risks. Poor administration can lead to all sorts of issues, such as missing key renewal dates or renewing contracts on things you aren’t even using anymore.
Contract management software provides a smart solution to this problem. In today’s world, almost all manual tasks can be digitized and automated. Automating contracts is transformative for all businesses, especially those in a high-growth stage. To meet this demand, more and more tools are hitting the global market to establish the ideal system of record for better corporate efficiency, speed, and cost.
ContractHero is a new SaaS tool that is already making a splash in the market. The German startup was founded in 2020 by finance and digital experts Gerry-Constantin Koch and Sebastian Wengryn. After dealing directly with the consequences of poor contract management, the duo came up with the full vision and launched the digital solution. They wanted to give SMEs and startups control of their contracts at all times.
ContractHero puts a stop to contract chaos with an easy-to-use, automated platform in lieu of physical paper processes. The platform allows you to streamline, sign, monitor, and gather actionable data all in one place. Companies can then tackle large contract volumes quickly without needing more headcount. Increased visibility means fewer risks and more transparency.
In October of 2021, ContractHero landed its pre-seed financing round of $1.7 million from VR Ventures and Coparion. This has been the crucial foundation for the further rollout of the contract management SaaS tool. Sebastian comes with eight years of B2B experience under his belt and leads the sales and marketing teams at ContractHero.
We sat down with Sebastian to learn everything about ContractHero, from how they got started to where they plan to go next.
How would you describe ContractHero?
ContractHero is the easiest and most user-friendly contract management software for SMBs in the market. Businesses gain full control over all their contracts in days instead of months. Within moments, you can import existing contracts from current storage (GDrive, Sharepoint, Dropbox), invite colleagues, and set specific access rights. ContractHero reminds customers of important due dates or renewals and ensures no obligation is missed.
We see our edge in the product we build and the market we work in. What does that mean? Compared to our competitors, we target small to medium-sized companies that don't want a complicated on-premise tool that requires weeks of onboarding effort. Instead, we chose to build a very intuitive and cloud-based software. It is so self-explaining and straightforward that most customers don’t need assistance when onboarding to the platform.
What features do you plan to implement in the near future?
We believe that we already have the best and easiest tool for our target group. But we feel we can still make the tool even more helpful and add further automation to make managing contracts 100% hassle-free for our customers.
We plan to implement a feature that automatically recognizes metadata from your contracts and synchronizes it with your tool stack. It will also provide guidance on what information is relevant to keep track of in your different types of contracts (e.g. leasing contracts, insurances, licenses, etc.)
How is ContractHero different from other cloud-based contract management solutions in the market?
Our tool is extremely user-friendly and can be implemented quickly. We are obsessed with UX as managing contracts can be tedious, time-consuming, and complicated. Some SMBs don’t have the time or resources necessary to onboard and maintain any complex software. We believe ContractHero brings comfort and peace of mind to customers by providing them with the fastest and most straightforward solution to their problems.
What SaaS tools does your team use the most?
There are a few tools we rely on. Slack for P2P communication. It's super important for our remote work, especially with tech and product updates. Another one is Zapier. We love automation, and Zapier is the best tool to connect our tech stack and automate workflows. Lastly, Pipedrive is essential for our CRM team to manage the sales pipeline and relationships with existing customers.
How does a SaaS procurement platform like Sastrify support ContractHero?
Sastrify takes the role of a skilled implementer. A software introduced through Sastrify has a higher chance to be a fit for the customer than on its own. The SaaS procurement solution provides the in-depth knowledge necessary to navigate the customer through the complex world of B2B software purchasing, thereby creating a better match between the software and the customer.
Who needs ContractHero? How did you attract your first customers?
Businesses with over 100 contracts start to suffer from a lack of overview and management very quickly. Managing the most important partner relationships requires a clear overview of all contractual obligations (e.g. with service providers, customers, or cooperation partners). When business scales, the number of contracts needing management grows as well. Handling many contracts at once manually with GDrive or Sharepoint is impossible. Missed deadlines and chaos are inevitable consequences.
Do you get pushback from certain groups that prefer the traditional method of managing contracts?
The “traditional method” of managing contracts is not managing contracts but collecting them. Companies that are data-driven and have ambitious growth goals know that to keep up with the growth, they need to build lean and automated operations. ContractHero gives structure and saves hours of unnecessary work so businesses can invest in value-creating tasks.
In your opinion, what is the future of contracting?
I believe the future of contracts is digital. Monotone jobs like writing analog reminders for contracts or copying data into a Google or Excel sheet can’t possibly be the future of employment. We believe there are many ways to use your time more efficiently.
Today, contract management software is a must-have for any company looking to accelerate commerce and preserve internal resources. According to IMARC Group, the market size reached $1.70 billion in 2021 and will rise to $3.30 billion by 2027.
If you feel overwhelmed by the various options out there, ContractHero has Sastrify’s stamp of approval. The SaaS tool is used by many of our customers.
Interested in adding ContractHero to your SaaS toolbox? Our team of procurement experts can help. Sastrify handholds you through your entire SaaS purchasing journey. Our team does the heavy lifting, so you can focus on growing your team and extending your runway with peace of mind.
If you’re ready to save time and money on SaaS, schedule a call with an agent and get a free analysis.