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The Challenge: Managing 5,000 Contracts Across Global Operations
The Group’s global customer base and multiple business units resulted in a high volume of contracts and a contracting process that was becoming increasingly difficult to manage.
1. Slow Contract Turnaround
The Group was accustomed to processing large volumes of agreements, handling more than 5,000 contracts a year. Despite this, even straightforward agreements like NDAs could take up to a month to finalize, creating delays that could affect sales and revenue accruals.
2. Administrative Burden on the Legal Team
The legal team was spending too much time on administrative work. They were also unable to effectively track contract signing or ensure that contracts complied with internal policies, making the contracting process more difficult to manage at scale.
3. Limited Contract Visibility Across the Enterprise
Retrieving individual contracts or drafting contract terms could take up to a week. Moreover, since the legal team had difficulty tracking the signing status of contracts, senior management had limited insight into how many contracts were signed and are on the process of being signed.
The Solution: Lexagle’s Enterprise Contract Lifecycle Management Software
The Group launched an RFP in 2020 to find an end-to-end contract management platform that could improve contract turnaround times, reduce administrative work for its legal team, and provide greater visibility into the contracting process. After six months of evaluation and comparison across nine solutions, the Group chose Lexagle for its flexibility to meet the requirements of different business units across multiple countries and its ability to reduce the time it takes for contracts to reach signing.
1. Customized to the Group’s Business Requirements
A key reason why the Group chose Lexagle was the level of customization and configuration that the platform could support. This enabled the Group to have a tailored contract management experience while gaining the benefits of digitization without major disruption to its existing processes.
To achieve this, Lexagle’s project management and implementation team, which included former in-house counsels, sales managers, and procurement officers, worked closely with the Group to assess its contracting processes and propose solutions that addressed the requirements of both its legal and business teams. Dedicated post-implementation support and training also helped ensure a smooth rollout, contributing to a group-wide adoption rate of more than 90%.
2. Automating Contract Generation and Improving Contract Visibility
As part of the implementation, 74 contract templates used group-wide were digitized for auto-generation in Lexagle, including NDAs, customer agreements, and procurement agreements. This helped reduce the manual work involved in preparing contracts and shorten the time it took for agreements to reach signing.
Lexagle also provided reports and analytics covering drafted and signed contracts, active contracts, expiring contracts, and average contract turnaround times. This allowed the Group to present a clearer view of its contracting activity and performance to senior management each quarter.
The Results: 40% Reduction in Average Contract Lifecycle
Lexagle delivered measurable improvements to the Group’s contract lifecycle management process, both operationally and to its bottom line.
What This Case Study Shows About Enterprise Contract Management
The Group’s experience highlights several considerations for organizations managing high contract volumes across multiple business units and a geographically distributed operation.
1. High Contract Volumes Can Increase Pressure on Teams
Managing more than 5,000 contracts annually placed significant administrative pressure on the Group’s legal team, making it increasingly difficult to manage the contracting process efficiently throughout its functions.
2. Contract Automation Helps Relieve This Pressure
Automating contract generation reduced the time required to prepare customer contracts from four days to 10 minutes, contributing to a 40% reduction in average contract lifecycle duration.
3. Reducing Administrative Work Can Lower Contract Management Costs
The Group’s legal team was burdened by administrative work involved in managing its high volume of contracts. By reducing this administrative workload through digitization and automation, the Group achieved an estimated USD 1 million+ in annual cost savings.
4. Contract Visibility Becomes More Important as Contract Volumes Increase
Before implementing Lexagle, senior management had limited visibility into which contracts were being signed and how many were being processed. Reports and analytics provided visibility into drafted and signed contracts, active and expiring contracts, and average turnaround times, allowing senior management to monitor contracting activity and performance across the Group and identify areas that required attention.
5. An enterprise contract management platform can support multiple business functions.
Lexagle was implemented across the Group’s sales, marketing, legal, and procurement functions, with digitized templates supporting NDAs, customer agreements, and procurement agreements. This gave the Group a common platform for managing its contracting processes across business units.
6. Enterprise Contract Management Requires Solutions Tailored to Business Needs
With different business units operating across multiple countries, the Group needed an enterprise contract management solution that could adapt to its existing processes and requirements. Lexagle’s customization and configuration capabilities allowed the platform to be tailored to the Group’s needs without major disruption to its existing way of working.
Need to improve contract management across your enterprise? Request a demo with our specialists to see how Lexagle can support your enterprises needs.
