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Case Study: Automation of Loan Documentation at International Commercial Lending Firm

Case Study Legito automates loan program for International Commercial Lending Firm

Name: American Trade & Finance
Website: https://americantradefinance.com/
Industry: Financial Services

 

Case Study

Legito automates loan program for International Commercial Lending Firm

Name: American Trade & Finance Company
Website: https://americantradefinance.com/
Industry: Financial Services

 

Key Improvements

%

Error reduction for all transactions drafted with Legito Templates

%

Time reduction in drafting all transaction documentation

%

Increased document production and velocity using Legito approval workflows

Key Improvements

%

Error reduction for all transactions drafted with Legito Templates

%

Time reduction in drafting all transaction documentation

%

Increased document production and velocity using Legito approval workflows

Background

ATRAFIN – American Trade & Finance Company, is an international commercial lender, specializing in emerging markets. The company has partnered with U.S manufacturers and exporters over the last two decades, helping to expand their exports across five continents. Transactions range anywhere from $500k to $300M+ across sectors including mining, agriculture, transportation, medical and environmental.

Atrafin has helped over 80 clients in nearly 30 countries.

 

Office Locations: Headquartered in the U.S. with offices in Johannesburg, South Africa, ATRAFIN is strategically located to partner with U.S. manufacturers to support growth in regions such as the Middle East, Southeast Asia, Eastern Europe and Latin America.

Using Legito, we produce our documentation far more efficiently – greatly improving our speed, accuracy and control across the transaction lifecycle.

Galya Oster

Emerging Market Trade Finance Specialists

Why Automation is Needed

  • Complex legal documentation, with over 50 interrelated templates and a credit agreement of over 80 pages.
  • Entirely manual process, inconsistencies in documentation and lack of version control.
  • The need to introduce efficiency, accuracy and improve timelines for the preparation of documentation.
  • Combination of critical documents needed to be automated: Client Proposal, NDA, Referral Agreement & Loan Amortization Schedule, Credit Agreement and Annexures, Engagement Letter, various Promissory Notes, Certificates of Borrower and Guarantor, Exporter’s Certificate & various Invoices.

Why Automation is Needed

  • Complex legal documentation, with over 50 interrelated templates and a credit agreement of over 80 pages.
  • Entirely manual process, inconsistencies in documentation and lack of version control.
  • The need to introduce efficiency, accuracy and improve timelines for the preparation of documentation.
  • Combination of critical documents needed to be automated: Client Proposal, NDA, Referral Agreement & Loan Amortization Schedule, Credit Agreement and Annexures, Engagement Letter, various Promissory Notes, Certificates of Borrower and Guarantor, Exporter’s Certificate & various Invoices.

How Legito was selected

  • We reviewed over 10 companies and performed a deep dive into 5 major players whose solutions were best aligned to our needs.
  • Many factors were considered including system functionality such as workflow automation, redlining, version control, e-signature, configurable logic, integration into CRM and document repository, flexibility, user experience, pricing structures & level of onboarding and support offered.

Key factors for selecting Legito:

  • By far the most logical, intuitive and user-friendly solution.
  • Met majority of our critical business requirements and was versatile enough to build suitable workarounds for others.
  • Superior onboarding and ongoing support offering.

Key Improvements

  • Improved accuracy and efficiency – reduction in the number of errors resulted in significant reduction in time and resources required for completion and review of documentation.
  • Speed – a full suite of loan documents can now be prepared in a few hours vs. the previous timeframe of up to a week or longer.
  • Reuse of information from one template to another is a significant time saver and reduces the risk for human error where there are multiple templates with the same inputs.
  • Built in complex loan amortization calculations within the template – removes the need to move between templates and spreadsheets and reduces the risk of human error.
  • Bridged the gap between various departments within the company and reduces reliance and bottlenecks within processes.
  • Legito simplifies our loan process by enabling employees at all levels to produce fully compliant, accurate, complex documentation while easily maintaining version control for our multiple stakeholders (internal and external) involved in drafting our transaction documents.

Key Improvements

  • Improved accuracy and efficiency – reduction in the number of errors resulted in significant reduction in time and resources required for completion and review of documentation.
  • Speed – a full suite of loan documents can now be prepared in a few hours vs. the previous timeframe of up to a week or longer.
  • Reuse of information from one template to another is a significant time saver and reduces the risk for human error where there are multiple templates with the same inputs.
  • Built in complex loan amortization calculations within the template – removes the need to move between templates and spreadsheets and reduces the risk of human error.
  • Bridged the gap between various departments within the company and reduces reliance and bottlenecks within processes.
  • Legito simplifies our loan process by enabling employees at all levels to produce fully compliant, accurate, complex documentation while easily maintaining version control for our multiple stakeholders (internal and external) involved in drafting our transaction documents.

Challenges

  • People are naturally proponents of innovation but opponents to change – initially experienced a level of resistance internally to the introduction of a new solution and a new way of working.
  • People have their own ways of working – we needed to take into account user recommendations and develop templates that suited their specific needs while maintaining the integrity of our desired output.
  • The ongoing dedicated support from our partners at Legito resulted in a solution that is trusted by everyone at ATRAFIN.

Implementation and User Onboarding

  • Utilized Legito’s Professional Services team to build ATRAFIN’s complex financial templates.
  • After initial templates were fully tested, we held “all hands” meeting with participation from C level suite to introduce Legito and underscore the importance of producing high quality, error-free, properly branded documentation.
  • Internal subject matter expert facilitated end-user training over several weeks to reinforce knowledge, address and resolve questions to ensure staff was fully comfortable producing document packages for prospects and clients.
  • Template development is on-going and being produced in partnership with the Legito Professional Services Team.

Implementation and User Onboarding

  • Utilized Legito’s Professional Services team to build ATRAFIN’s complex financial templates.
  • After initial templates were fully tested, we held “all hands” meeting with participation from C level suite to introduce Legito and underscore the importance of producing high quality, error-free, properly branded documentation.
  • Internal subject matter expert facilitated end-user training over several weeks to reinforce knowledge, address and resolve questions to ensure staff was fully comfortable producing document packages for prospects and clients.
  • Template development is on-going and being produced in partnership with the Legito Professional Services Team.

Results

  • Legito templates are now live within our 3 major business functions – business development, loan closing and loan servicing.
  • Our entire staff compliment now uses Legito to produce their documentation, which has resulted in standardized output of a consistently high standard.
  • Significant time savings and improved efficiency – both in preparation and review.
  • We continue to grow the number of templates on Legito – soon to be a one stop shop for all our business templates.

By the numbers:

  • 100% reduction in errors for all transactions written using Legito Templates
  • 80% reduction in time required to draft initial transaction documentation
  • 25% increase in transaction documentation production and velocity using Legito to produce, review and approve documentation

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Case study: Leading Area Developer and Construction Company Use Legito to Automate Sales

Case Study Leading Area Developer and Construction Company Use Legito to Automate Sales

Name: BAM Wonen & AM
Industry: Construction & Area Development
Office Locations: Netherlands

Key Improvements

%

Correct Financial Data, Fail Safe Process

%

Insight into Contract Status

Uniform Templates Created

Users

Background

This innovation project is a collaboration between different companies under the BAM umbrella. Legito is utilized in activities of area and property development (AM), and residential construction (BAM Wonen).

The passion of AM is creating and developing inspiring and sustainable living environments. As a committed area developer, we place social challenges at the heart of our development process. We focus on the themes of ‘Bold sustainability’, ‘Inclusivity’, ‘Healthy urban living and working’, ‘City and area maker’, and ‘Happy life’. Thus AM ensures quality of space and quality of life.

BAM Wonen stands for premium quality at the best price. We set the tone in the world of living with innovative, sustainable and distinctive products and services. Thanks to our knowledge, scale and integrated approach, we make pleasant living accessible to everyone.

Collaboration is what drives BAM Wonen. By listening carefully to the wishes and needs of our (future) residents, clients and partners, we guarantee top quality living. Everyone benefits from that. Today and tomorrow.

This project focusses on the automation of buyer contracts for consumer properties.

Background

 

This innovation project is a collaboration between different companies under the BAM umbrella. Legito is utilized in activities of area and property development (AM), and residential construction (BAM Wonen).

The passion of AM is creating and developing inspiring and sustainable living environments. As a committed area developer, we place social challenges at the heart of our development process. We focus on the themes of ‘Bold sustainability’, ‘Inclusivity’, ‘Healthy urban living and working’, ‘City and area maker’, and ‘Happy life’. Thus AM ensures quality of space and quality of life.

BAM Wonen stands for premium quality at the best price. We set the tone in the world of living with innovative, sustainable and distinctive products and services. Thanks to our knowledge, scale and integrated approach, we make pleasant living accessible to everyone.

Collaboration is what drives BAM Wonen. By listening carefully to the wishes and needs of our (future) residents, clients and partners, we guarantee top quality living. Everyone benefits from that. Today and tomorrow.

This project focusses on the automation of buyer contracts for consumer properties.

Challenges

 

  • Management of document templates was time consuming, with multiple different versions and no automation. Contracts were sensitive to unsupervised editing, thus more checks and balances.
  • BAM wanted to connect their document templates to their multi-level approval process.
  • Integration with SAP, to avoid clerical errors and reduce checks and balances.
  • Digital signature integration required to simplify the process.

Challenges

 

  • Management of document templates was time consuming, with multiple different versions and no automation. Contracts were sensitive to unsupervised editing, thus more checks and balances.
  • BAM wanted to connect their document templates to their multi-level approval process.
  • Integration with SAP, to avoid clerical errors and reduce checks and balances.
  • Digital signature integration required to simplify the process.

Onboarding

 

    • Agile development of the first template
    • Training a project team dedicated to BAM
    • Single-sign-on (SSO) integration
    • Built an approval process

Onboarding

 

  • Agile development of the first template
  • Training a project team dedicated to BAM
  • Single-sign-on (SSO) integration
  • Built an approval process
  •  

Template Automation

  • First template covering all the options to sell houses was complex, taking several months to develop.
  • Development was carried out using an agile development model.
  • Use of “Internal Document” feature to prevent changes being made by unauthorized users.
  • Integration with SAP developed simultaneously.
  • The first template gave a solid base for the development of other templates, allowing for re-use of standardized building blocks.
  • Currently, 6 different complex templates are being used. The sub-templates below are used as building blocks for the main templates.

Template Automation

  • First template covering all the options to sell houses was complex, taking several months to develop.
  • Development was carried out using an agile development model.
  • Use of “Internal Document” feature to prevent changes being made by unauthorized users.
  • Integration with SAP developed simultaneously.
  • The first template gave a solid base for the development of other templates, allowing for re-use of standardized building blocks.
  • Currently, 6 different complex templates are being used. The sub-templates below are used as building blocks for the main templates.

Workflow Automation

 

  • Complex workflow with approvals from different internal departments, with an automated process of assigning the documents to relevant personnel for approval based on document content.
  • External partners can access specific shared project contracts and only fill in specific fields.
  • Real estate agents can automatically insert the latest building specific information in the contract.
  • Workflow automatically triggers Push API actions from Legito to SAP.

Workflow Automation

 

  • Complex workflow with approvals from different internal departments, with an automated process of assigning the documents to relevant personnel for approval based on document content.
  • External partners can access specific shared project contracts and only fill in specific fields.
  • Real estate agents can automatically insert the latest building specific information in the contract.
  • Workflow automatically triggers Push API actions from Legito to SAP.

Integration

 

  • SAP integration imports the data to the documents and pushes the data back to SAP after the document is digitally signed
  • Signed documents and customer data are pushed into SAP

Integration

 

  • SAP integration imports the data to the documents and also fills in the data to SAP after the document is digitally signed
  • Signed documents pushed into SAP 

Results

 

  • Time savings across all contract processing
  • Up-to-date financial data included using SAP integration
  • Insight of current contract status
  • Control over contract content and enhanced compliance
  • Electronic signature introduction
  • Automatic upload of specific fields to SAP after signature

Results

 

    • Time savings across all contract processing
    • Up-to-date financial data included using SAP integration
    • Insight of current contract status
    • Control over contract content and enhanced compliance.
    • Electronic signature introduction
    • Automatic upload of specific fields to SAP after signature

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Case study: Contract Management in the Education sector serving multiple organisations

Case Study Contract Management in the Education sector serving multiple organisations

 

Name: Educa
Website: www.educa.ch
Industry: Education
Employees: 50
Size Midsize

 

 

Case Study Contract Management in the Education sector serving multiple organisations

Name: Educa
Website: www.educa.ch
Industry: Education
Employees: 50
Size Midsize

 

Key Improvements

%

Reduction of copy-paste mistakes

%

Of time saved

Templates automated

Background


Educa examines technological developments and links them to quality improvements in compulsory education (primary and lower secondary level), vocational education and training, grammar schools and technical secondary schools (upper secondary level). It lays the foundations for the Swiss digital education area space throughout the entire country.

“We follow developments in digital transformation as they apply to the Swiss education space. Combining the constant strive for quality with application of state-of-the-art technology is at the core of our corporate mission. That same ambition shapes the choices within our digital workspace.”

Challenges

 

  • Educa needed a way to quickly automate multi-document packs for suppliers, manage approvals, etc.
  • System had to be cloud-enabled so to create universal contracting across all cantons.
  • Needed to be able to grow with the team as their technology and complexity demands increased.
  • Needed a secure environment.

Challenges

 

  • Educa needed a way to quickly automate multi-document packs for suppliers, manage approvals, etc.
  • System had to be cloud-enabled so to create universal contracting across all cantons.
  • Needed to be able to grow with the team as their technology and complexity demands increased.
  • Needed a secure environment.

Onboarding

 

  • Internal training for users.
  • Educa immediately began to use Legito as the company’s overall document lifecycle management tool.
  • Legito’s ongoing development, enhancements, and feature releases allowed the use case to expand to eSignatures and Approvals.

Onboarding

 

  • Internal training for users.
  • Educa immediately began to use Legito as the company’s overall document lifecycle management tool.
  • Legito’s ongoing development, enhancements, and feature releases allowed the use case to expand to eSignatures and Approvals.

Template Automation

  • Over 10 different template suites have been created.
  • Most popular contains over 20 different documents.
  • Ensures universal and universally current contracting language across all documents.

Template Automation

  • Over 10 different template suites have been created.
  • Most popular contains over 20 different documents.
  • Ensures universal and universally current contracting language across all documents.

Workflow Automation

 

  • Multiple workflows in use depending on document and supplier.
  • Workflows in use to streamline document review and approval process across organization.
  • Workflows are also used for uploaded documents – where Legito functions as document management software.

Workflow Automation

 

  • Multiple workflows in use depending on document and supplier.
  • Workflows in use to streamline document review and approval process across organization.
  • Workflows are also used for uploaded documents – where Legito functions as document management software.

DocuSign Integration

 

  • Integration with DocuSign has been deployed at Educa.
  • Individual document processes are handled via Docusign Integration.
  • Significant savings in time and hassle have been realized through this integration alone.

DocuSign Integration

 

  • Integration with DocuSign has been deployed at Educa.
  • Individual document processes are handled via Docusign Integration.
  • Significant savings in time and hassle have been realized through this integration alone.

Results

 

  • Savings in time across contract processing.
  • Better control over contract content and thus compliance using Legito’s control over unauthorised edits in the templates.
  • Contracts managed in accordance with Educare internal procedures with centralized data management and monitoring.

Results

 

  • Savings in time across contract processing
  • Better control over contract content and thus compliance using Legito’s control over unauthorised edits in the templates.
  • Contracts managed in accordance with Educare internal procedures with centralized data management and monitoring.

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Case Study: International Law Firm boosts LegalTech Credentials

Case Study International Law Firm boosts LegalTech Credentials

Name: Gomez-Pinzón  
Website: https://gomezpinzon.com/
Industry: Legal
Size: 200 employees

 

Case Study

International Law Firm boosts LegalTech Credentials

Name: Gomez-Pinzón  
Website: https://gomezpinzon.com/
Industry: Legal
Size: 200 employees

 

Key Improvements

Lawyers onboarded in one month

Automated templates in two months

%

Time saved per document after 1 month of automation

Background

Gómez-Pinzón, a Bogotá, Colombia-based law firm, and an Affinitas Alliance member, distinguishes itself from its peers by providing respected counsel across various areas of law.

Highly innovative, and recognized as one of the most influential law firms in Latin America, Gómez-Pinzón integrates state-of-the-art software tools within their processes which, combined with rigorous work, allows the firm to offer their customers and partners multiple service solutions that places them far ahead of the competition.

Operation Details:

 

  • $25,000,000,000 in last year operations
  • recognized year after year by Chambers & Partners and Legal 500

At Gómez-Pinzón, we have the firm commitment to leverage our legal services in technological tools, which will give us the necessary efficiency to continue providing high quality services and offering the best customer service.

Mauricio Jaramillo

partner

Challenges

  • Many of the firm’s services and internal processes require the preparation, management, and monitoring of many documents, including reports and contracts.
  • Managing sensitive and confidential customer information.
  • Many colleagues work remotely.
  • Many projects require close and continuous collaboration between Gómez-Pinzón and its clients and collaborators.
  • Documents require regular updates due to changes to laws, and it is necessary to ensure that all employees work with approved updated content.
  • Data stored in separate applications need to be entered into documents.
  • A desire to automate repetitive and cyclical processes to allow attorneys the time to provide quality service.
  • A need to structure data and processes so peak periods of heavy document workload can be spread throughout the year.

Challenges

  • Many of the firm’s services and internal processes require the preparation, management, and monitoring of many documents, including reports and contracts.
  • Managing sensitive and confidential customer information.
  • Many colleagues work remotely.
  • Many projects require close and continuous collaboration between Gómez-Pinzón and its clients and collaborators.
  • Documents require regular updates due to changes to laws, and it is necessary to ensure that all employees work with approved updated content.
  • Data stored in separate applications need to be entered into documents.
  • A desire to automate repetitive and cyclical processes to allow attorneys the time to provide quality service.
  • A need to structure data and processes so peak periods of heavy document workload can be spread throughout the year.

Initial project and evaluation

  • One country, One team, a single use case
  • Three month implementation period
  • Selected one test document to automate in order to thoroughly test the capabilities of the software and gauge its benefits.
  • Legito legal engineers supported the firm in training some employees to become  Gómez-Pinzón’s innovation department automation experts.
  • Regular fine tuning of the implementation through training and feedback sessions with advanced users and project stakeholders.
  • Implementation team training

Implementation team training

After the completion of the initial project, and the first template was automated, it was clear that Legito met all of Gómez-Pinzón’s requirements. Gómez-Pinzón assembled an internal team to identify use cases and opportunities for automation and begin implementation  of new document and process automation and processes as well as training, to ensure adoption across the organization.

Implementation team training

After the completion of the initial project, and the first template was automated, it was clear that Legito met all of Gómez-Pinzón’s requirements. Gómez-Pinzón assembled an internal team to identify use cases and opportunities for automation and begin implementation  of new document and process automation and processes as well as training, to ensure adoption across the organization.

Project Expansion

In under five months, Gómez-Pinzón’s team was able to:

 

  • Deeply automate 3 templates.
  • Onboard 30 users.
  • Significantly reduce the creation time of their documents.
  • Used automated templates to draft over 100 documents
  • Reduced document processing times by approximately 70%

Onboarding and Initial Implementation

  • Users invited to document automation workshops
  • Implementation team developed a Guided Tour to assist users in drafting documents.
  • Successful training using Legito Online Courses and Legito Knowledge Base materials.

Onboarding and Initial Implementation

  • Users invited to document automation workshops
  • Implementation team developed a Guided Tour to assist users in drafting documents.
  • Successful training using Legito Online Courses and Legito Knowledge Base materials.

Implemented Automation Solutions

  • Automatic data import between documents
  • Collaborative document structuring between multiple teams.
  • Customized automated Workflows and Approvals.
  • Hundreds of automated items, tables, and articles.

Results

  • Approximately 70% time saved overall in the preparation of each document.
  • Over 20 Templates automated.
  • 30 users regularly utilizing advanced document automation.
  • Over 50 documents automatically drafted each month.

Results

  • Approximately 70% time saved overall in the preparation of each document.
  • Over 20 Templates automated.
  • 30 users regularly utilizing advanced document automation.
  • Over 50 documents automatically drafted each month.

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Case Study: Document Lifecycle Automation For LegalOps And Procurement In E-commerce Giant

Case Study Document Lifecycle Automation For LegalOps And Procurement In E-commerce Giant

 

Name: Kiwi.com
Website: https://www.kiwi.com
Industry: Travel,
Technology
Employees: 2,000+

 

 

Case Study: Document Lifecycle Automation For LegalOps And Procurement In E-commerce Giant

 

Key Improvements

Employees leveraging automated lifecycle management

Documents digitized

Monthly Document lifecycle actions

 Background

 

  • Kiwi.com is a global online travel tech company. Through its online portal, Kiwi.com provides a fare aggregator, metasearch engine, and booking services for airline tickets and ground transportation.
  • Kiwi.com currently employs over 2,000 people. 
  • Legal team and other departments handle a great number of documents, most requiring approval and e-signature.
dafiti

“We chose Legito because it allows us to automate, manage, and store our documents on a single platform.”

Nicola Batrlova

Legal Operations Administrator, Kiwi.com

Challenges

 

  • Keeping documents organized in a company that is growing and changing quickly, operating in multiple countries. 
  • Long contract turnaround times.
  • A lot of time and effort needed to receive approval from document stakeholders.
  • Achieve the status of a paperless company.
dafiti

Onboarding

 

  • Internal training for users.
  • Kiwi.com immediately began to use Legito as the company’s overall document lifecycle management tool.
  • Legito’s ongoing development, enhancements, and feature releases allowed the use case to expand to eSignatures and Approvals.
  • Over 150 users have been using Legito daily at Kiwi.com.

Workflow Automation

 

  • Kiwi.com automated document workflow with an approval (see the image on the left/right).
  • Document can cycle back and forth within the first three stages of the workflow without any restrictions.
  • Document approval is required before proceeding to the “Ready for signature” stage.
  • Once approved, the document is locked and continues along its lifecycle. 
  • eSignature is used to execute documents (currently using the integrated DocuSign solution). 
  • Once the signing process commences, the document is automatically routed to the “Signing in process” Stage.
  • If the document is electronically signed, it automatically proceeds to the Signed Stage, and the signed PDF is automatically uploaded to the Document Record; if the signing is canceled, the final Workflow Stage of the document would be “Canceled.
dafiti

Workflow Automation

  • Kiwi.com automated document workflow with an approval (see the image on the left/right).
  • Document can cycle back and forth within the first three stages of the workflow without any restrictions.
  • Document approval is required before proceeding to the “Ready for signature” stage.
  • Once approved, the document is locked and continues along its lifecycle. 
  • eSignature is used to execute documents (currently using the integrated DocuSign solution). 
  • Once the signing process commences, the document is automatically routed to the “Signing in process” Stage.
  • If the document is electronically signed, it automatically proceeds to the Signed Stage, and the signed PDF is automatically uploaded to the Document Record; if the signing is canceled, the final Workflow Stage of the document would be “Canceled. 
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Results

 

  • Over 6,000 Document Records organized and managed.

  • Efficient document lifecycle management with the possibility of electronic signature directly in Legito user interface.

  • Automated templates with workflow routing save great amounts of time previously spent on document revisions and tracking a document along its lifecycle.

  • Our users always work with the latest version of templates.

  • Automated reminders help us to keep track of contract deadlines.

Results

 

  • Over 6,000 Document Records organized and managed.

  • Efficient document lifecycle management with the possibility of electronic signature directly in Legito user interface.

  • Automated templates with workflow routing save great amounts of time previously spent on document revisions and tracking a document along its lifecycle.

  • Our users always work with the latest version of templates.

  • Automated reminders help us to keep track of contract deadlines.

dafiti

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