Peloton Consulting Group nearly doubles contracting output with Conga Contracts for Salesforce 

Challenge

Peloton Consulting Group collaborates with businesses of varying sizes, including many Fortune 500 and 100 companies, across diverse industries. Peloton has achieved remarkable success and significant growth in the last decade as it established a presence in India, Latin America, Europe, and Asia. During this period, the company's total number of contracts has grown fivefold.

Elise Hiller, the Chief Legal Officer, is responsible for Peloton’s legal strategy, compliance, risk management, corporate governance as well as contract management. Hiller works with a talented legal team who support requests from a wide variety of internal stakeholders for proposals (RFPs) and provides backup support for contract review. When the company began expanding rapidly, the team wrestled with the growing pains that came with managing many different types, formats, and statuses of contracts. As a professional services firm, Peloton understands contracts form the backbone of its business and the contracts team dedicated extensive hours to maintaining their pace amid a growing contract workload.  

At the time, Peloton tracked all contracts and RFPs in Excel spreadsheets, along with pertinent information like contract renewal dates, key terms, and pricing. Spreadsheets offered only limited views into the contract lifecycle — it was difficult to see where a contract was in the process, its signature status, and the parties responsible for moving it to the next step.  

Without a centralized communication platform, Stakeholders messaged Hiller and her team, through email, Slack, and text messages to inquire about the status of contracts and RFPs. The legal team tracked contract status with a pen, paper, and color-coded email messages.  

As the company expanded, it hired additional salespeople and created more contracts, making document management even more challenging.  Salespeople had access to limited contract templates that needed frequent updates, posing a risk in ensuring consistent use of the most up-to-date contract versions.

In addition, Hiller and the team found it difficult to access comprehensive contract data. The reliance on spreadsheets hindered streamlining the contract process, necessitating the adoption of new software. Initially, the company explored an automated electronic signature process, but the tool fell short in addressing the company's complete requirements. Moreover, the solution was expensive, and the support did not align with Peloton's partner expectations. With the organization's rapid growth, Hiller recognized that these manual workflows were increasingly untenable.

Solution

As Peloton Consulting Group reviewed contract lifecycle management (CLM) solutions, the company sought several high value features to allow their business to continue its growth. The first was to gain visibility and real-time tracking into all their contract data. Next, the company wanted more control over their contract templates and approved legal language. Peloton also required a solution with a robust audit trail to monitor contract versions throughout the negotiation process. Additionally, they sought the ability to establish straightforward, automated reminders for managed services contract renewals, aiming to develop a more proactive business model as they expanded.

After considering various options, Peloton concluded that Conga Contracts for Salesforce stood out as the best choice. One pivotal factor in this decision was Peloton's prior investment in Salesforce to support its customer relationship management and sales operations. Given that Conga Contracts for Salesforce was built on the same platform, integrating it with the CRM was straightforward and expedited the solution's implementation.

Now, instead of sifting through spreadsheets, Hiller can use the CLM to create reports that give her far more visibility into the organization's contracts. These reports enable her to keep the CEO, COO, and Head of Sales updated on the progress of different projects efficiently and swiftly. Conga also gives users the following abilities:

• Analyze and examine data for better insights.
• See at a glance how many contracts are executed each quarter and compare results year-over-year.
• Report on contracts over a certain dollar threshold.
• Run a report that shows when Master Service Agreements (MSAs) are up for renewal, which ones automatically renew, and which ones have automatic price escalation.
• Report on details such as client logos and permissions, so marketing can use the information in their promotional efforts.