How ParkMobile stopped revenue leakage and enforced contract processes

Every day, companies slowly lose revenue due to inefficient business processes, like a constant drip from a leaky faucet.  

Every day, companies across the world slowly lose revenue due to inefficient business processes, like a constant drip from a leaky faucet.  

In fact, World Commerce and Contracting says poor contracting costs companies up to 9% of their annual revenue.  

Just how to stop that revenue leakage was the topic of conversation in Parkmobile’s breakout session at the Agiloft Summit held last year in Las Vegas.  

In the session, attendees learned how ParkMobile’s Tony Stewart and Danielle Kaplan utilized Agiloft’s Contract Lifecycle Management (CLM) software to leverage powerful tools like a Clause Library, automated notifications, and custom email templates to enforce company-wide contract policies, protect IP, and ensure corporate governance while accelerating sales and plugging revenue leaks across the enterprise. 

Identifying the problem at hand

With 41 million users worldwide, Parkmobile is a popular app that enables users to locate and pay for parking on their phone. Partnering with municipalities, stadiums, and universities, ParkMobile is a growing company accustomed to regularly working with complex sales contracts. 

As ParkMobile evolves as a company, so do their contracting procedures.  

When Stewart started his position in 2019, ParkMobile’s agreements were all signed by hand and stored in various employee’s email accounts, filing cabinets, or, as Stewart said, “all over the place.” 

At the time, Stewart, said, the sales department “hated” legal because it often took weeks for them to complete their legal review process, getting in the way of contracting going live and, ultimately, causing Parkmobile to miss out on revenue. 

“When it takes your legal team weeks to complete a legal review or to generate a contract for a potential new client, your potential new clients are going to find somewhere else to go and they’re going to find a vendor that does not take two weeks to get you a simple contract to review,” Stewart said. 

In addition to missed sales opportunities, Parkmobile struggled in many ways, experiencing problems such as:  

  • Financial losses: Unplanned expenses lead to missed revenue opportunities and wasted resources 
  • Lack of visibility: Inability to track and manage all contracts leads to missed deadlines, missed renewals, and unintended auto-renewals  
  • Damaged relationships: Relationships with vendors, partners, customers, and co-workers suffer. 
  • Legal disputes: A disputed T&C could lead to a “that would never happen” scenario 
  • Compliance and risk management: Lacking necessary protections from liability  
  • Inefficiency: Duplication of efforts leads to wasted time 

By Stewart’s second day on the job, he already knew what he had to do. Parkmobile needed a Contract Lifecycle Management (CLM) solution.

Then, two important different events happened: the onset of COVID-19, and a merger and acquisition. Suddenly, the legal department found itself scattered, working from home, struggling to locate contracts needed for valuation purposes. Both events further underscored the need for a CLM solution. 

Luckily, he said, others at the company agreed. 

“It was very easy to get the executive team on board because they recognized as well that we are missing opportunity after opportunity,” Stewart explained. 

Accelerating sales and plugging revenue leaks

The day Agiloft went live at ParkMobile is when “things turned around between the legal and sales relationship,” Stewart said. 
 
“With Agiloft, you can actually see where the documents or the contracts are progressing throughout the process, which for us at least has made the sales teams understand it’s not just necessarily sitting with Danielle or with me, it’s actually waiting on their supervisor for approval,” Stewart said. “Our sales leadership knows legal is not just off to the golf course today, they actually have 70 contracts in their queue. I get a lot less nasty Slack messages saying, ‘Why is it taking forever to get this contract done?’” 
 
Kaplan and Stewart have utilized a host of capabilities and functionalities in the software that they call their “tools for success.” These tools include: 

  • Clause Library: With the Clause Library, Parkmobile has standardized their sales contracts with a series of terms and conditions that are non-negotiable as well as a longer form with negotiable conditions, ensuring that all sales contracts have the same clauses, every time. Additionally, the Clause Library enables the team to store state-specific provisions instead of having to have dozens of different contract templates and enables ParkMobile to analyze third-party clauses and easily compare them with their own. Lastly, it helps the team keep track of any changes that have been made with an easy-to-use dashboard that highlights changes made during the redlining process
  • Automation: Now that the ParkMobile team has Agiloft, “everything is not done by hand,” Kaplan said. Utilizing the automation tools inside Agiloft’s CLM has enabled ParkMobile to become more efficient across all departments of the enterprise. It has also increased the legal team’s accuracy by removing human error
  • Custom email templates: ParkMobile’s legal team worked with its marketing department to create custom email notification templates that followed the company’s brand guidelines and configured the notifications to come from a ParkMobile email address instead of an Agiloft address. “Once we were able to really tailor everything and really take advantage of the permission sets and then also the branding and just the same wording, you could see a noticeable increase in usage throughout the organization,” Stewart said of the email templates. 

With these tools, ParkMobile has seen incredible outcomes, including:

  • They were able to provide the sales team a standard contract within 24 hours, 97% of the time – up from a mere 44% in 2019.  
  • They increased the percentage of contracts signed by the proper parties up from 72% to 100%. 
  • Their employee satisfaction percentage rose from 75% to 99%.

“Again, all of these can be directly attributed to our implementation of Agiloft and the CLM process that we have in place now,” Stewart said. 
 
Kaplan agreed. 
 
“[Agiloft] helps us manage every step of the process from approvals to signatures, and then even beyond,” she said. 

See the Agiloft platform in action. Attend our upcoming CLM Platform Tour to learn how we can make a difference at your organization.

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