A Technology Leader's Journey to Developing a Powerful AI-Driven Contract Management System Suited for Every Business
At the pandemic's peak, Sunny co-founded Revnue, an AI-based digital contract management platform, leaving their corporate jobs for an entrepreneurial journey. With Revnue, no more contracts are scattered around in inboxes and cloud storage because everything is available at your fingertips
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Revnue is a contract management platform that allows businesses to streamline and unify their contract lifecycle process. With Revnue, no more contracts are scattered around in inboxes and cloud storage because everything is available at your fingertips.
After immigrating to the US as a young software engineer, Sunny Sharma joined Microsoft. He worked across multiple roles, from engineering to IT, for over a decade. From there, he moved up to become a CIO and Head of Technology in mid to large global companies while based in Silicon Valley.
During this time, Sunny spent the majority of his time leading companies through challenging digital transformations. He was directly responsible for refactoring the technology stack, processes, workflows, infrastructure, costs, teams, and operational and technology strategy. In doing so, he learned how critical contract management tools and methods are to a business's strategic advantage.
Poor contract management was an issue Sunny found that persisted from company to company, "surprisingly, none of the organizations had the raw data I needed to make strategic and tactical decisions. Instead, everybody was managing contracts in Excel spreadsheets or saying, 'oh yeah, we have contracts and some documents here in this email box, or this shared drive or this place or that place', or 'we don't know where it is'," shared Sunny.
Every firm spent millions on operating expenses across each business unit. Yet, none of the firms had well-defined tools or processes to track missed opportunities, savings, cost avoidance, and revenue leakage. In addition, contract debts were significant, costing businesses millions in missed opportunities. Getting access to the most basic contract data was a challenge that resulted in hundreds of hours chasing renewals, expirations and making sense of contract terms and conditions. As a result, businesses were not using contract intelligence as a strategic advantage, and contract management remained an afterthought.
With fractured departments and a common source of information, employees were unaware of which contracts were valid and which ones they were honoring with vendors. Likewise, businesses did not understand how poor contract management impacted their expenses and revenues.
These experiences as a customer put Sunny on track to solve the seemingly ubiquitous contract management problem. He realized that the need to look closely at every contract to make strategic and tactical business decisions during the pandemic had become urgent and real.
The Start of Revnue
As a result of Sunny's experience, he decided to join forces with John Cortez, also an industry veteran in technology and operations, to make "contract management easier for every business on the planet." So, at the pandemic's peak, John and Sunny launched Revnue, an AI-based digital contract management platform, leaving their corporate jobs for an entrepreneurial journey. With Revnue, they set out to demystify, and simplify companies' intelligence and data around contracts. As a result, in less than a year, John and Sunny have grown Revnue into a leading full-featured contract lifecycle management (CLM) solution. The platform leverages the power of artificial intelligence (AI) and uses natural language processing (NLP) that intuitively delivers contract intelligence to every business across every vertical.
The Problems Revnue Solves
Contracts are the lifeblood of business, almost every company uses them across multiple departments. Revnue handles these nuances, connecting departments across the enterprise and connecting customers with suppliers. For example, Sunny shared, "We have customers who tell us, 'We are in a hurry; I have this contract I signed on paper and hand write notes on; I took a picture of it. I'm going to upload it into your system. Can you make this searchable?' And the answer is yes."
The team at Revnue is driven by customer empathy and continues to release updates and new features monthly. Having themselves been customers who struggled to make sense of various contracts, John and Sunny acutely understand the customer pain points. As a result, they are building a team where customer empathy is at the forefront. "Today, Revnue runs on Revnue," said Sunny.Revnue continues to assist many companies worldwide. Revnue has helped companies scale, gain revenue, realize savings, and improve cost avoidance.