M5 Networks recently reached out to us after they had done an internal calculation -- that they'd saved a rather awesome sounding 1,200 hours off their contract signature process using EchoSign in 2009.
That number sounds pretty large. But it turns out, the math pencils out. We'll do the same for you.
Their story below:
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Company Overview
M5 Networks provides Voice-over-IP managed phone systems delivered as a disaster-proof service. M5’s delivery model facilitates the rapid deployment of advanced phone system functionality and features that drive a consistent voice experience as businesses elevate service levels and employees become increasingly dispersed. M5’s pay-per-profile pricing model offers companies a low cost-of-entry to feature sets that traditionally have required large capital expenditure and dedicated IT resources. By leveraging M5’s network infrastructure, customers have a voice platform that frees all voice-related data and commands to mash with other applications. The result is a competitive edge for driving business intelligence, improving customer service, and enhancing enterprise application effectiveness. M5 has numerous industry awards and recognitions and is headquartered in New York City. To learn more about M5, visit m5net.com.
Workflow Challenge
Prior to using EchoSign, M5 sales reps typically had their contracts signed via fax, or scheduled closing meetings to get the sales contracts signed in person. Often, the sales cycle required input from different departments, and the party with signing authority was often not the same person as the buyer. “We had to chase down two or three people to get the contract signed,” said Anthony Butler, National Sales Executive, M5 Networks. “There was a lot of paperwork and a lot of ‘back and forth’ required to get the initial sales contract signed.”
EchoSign Solution
M5 started using EchoSign in January 2009. “My manager had used EchoSign at a previous company and had such a good experience with it that he brought it to M5. I was the first person in the company to use it,” says Tony. “In addition, we run our business on SAAS applications — we use Eloqua, Salesforce.com, Backupmyinfo.com — so EchoSign fit right into our SAAS culture.” M5 now has over 20 users using EchoSign. Initially M5 used it in sales and marketing. Then, the systems design — seeing the success that other groups were experiencing — also began using EchoSign.
Results
“EchoSign has really reduced the sales cycle. I used to spend hours a month chasing down executives at different customers to sign contracts and then spend more hours making sure the documents were countersigned correctly and sent back to the right people. Now it is all automated and takes minutes. Personally, I am saving 15-20 hours a month, not to mention no end of headache,” reports Tony. In addition, M5 has noticed that their terms of service agreements require less negotiation and are signed faster than they were prior to using EchoSign. Once the original sales contract is signed with EchoSign, it is easier for the customer to also sign subsequent supporting documents such as address verifications and letters of authorization, so the implementation cycle proceeds faster and more efficiently. “Our ‘book to bill’ ratio is much faster because supplemental documents are signed faster. On average we’ve seen an improvement of about 1 hour per document, per customer, and in 2009 we probably saved about 1,200 hours in getting our new customer contracts and documents signed. It’s a significant time savings.” In addition, the alerts feature is very handy and helps to shorten the close cycle. “Alerts are my favorite feature because I can see in real-time when my customer has viewed the contract. I’ll call my customer immediately and walk them through the process — sometimes I can even get them to sign while I’m on the phone.”
Personally, I am saving 15-20 hours a month, not to mention no end of headache!
— Anthony Butler, National Sales Executive, M5 Networks
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