State-Owned Lottery Company Streamlines Complex Contract Management Processes with Lexagle

State-Owned Lottery Company Streamlines Complex Contract Management Processes with Lexagle

Written By
Joy Cunanan
Updated on
September 13, 2022
Reading time:
0
minutes

Lexagle streamlined the Company’s complex contract management processes with multiple approval layers and led to a sharp reduction in time taken for approvals and overall contract closing.

The Lexagle Difference

  • 37 contract templates digitized, with 22 contract templates being accessible by business units to auto-generate their own contracts based on  company-specified rules
  • Average time taken to generate a contract on the Lexagle platform shortened to no more than one minute in some cases, and an overall reduction of more than 80% in time spent generating templates
  • Average time taken to obtain approvals shortened from 12 days to under two days
  • Full audit trails for not just approval gathering but also counterparty negotiations and discussions on a single platform
Get regular updates about contract management and digital transformation!
Thank you!
You email has been subscribed to our newsletter.
Oops! Something went wrong while submitting the form.

The Company

The Company is a Southeast Asia-based and stated-owned lottery company.

The Objectives

The Company was seeking to:

  • Enable business units to generate standard templates
  • Maintain an audit trail on all contract-related communications, including communications with counterparties (specifically for tender processes)
  • Simplify approval processes while ensuring that the right approvals are obtained for all contracts and that only approved contracts are ultimately signed

The Business Case

The Company is a nationwide gaming company that provides lottery, sports, and horse betting services and processes more than 2,000 commercial contracts a year across five divisions – excluding standard terms and conditions.

As the Company is a regulated entity, there are extensive approval processes involving, at times, multiple division heads and their deputies.  Approval times can take up to three weeks due to the manual nature of the approval gathering process which involves emails being sent to the relevant approvers that are then responded to via email.  While there are specific timelines for each approver to provide their email confirmation, these are not enforced and there are no mechanisms for automated reminders.

Generation of contracts was another challenge with even the most standard templates taking up to a week to be prepared. Each contract request needs to be filed and a member of the legal team will then be assigned to manually prepare the contract based on a template kept in a common shared folder.

The Company engaged Lexagle in Q1 of 2022 to digitize and automate the approval gathering process and the provision of an eSigning solution. The mandate was subsequently broadened to include the digitization of all internal contract templates for auto-generation. Lexagle ensures that all company policies in respect of the generation and usage of such contracts are adhered to by ensuring that only specific (or otherwise approved) changes can be made to the templates thereby allowing the business units the flexibility of generating their own contracts while also ensuring that the Company’s internal policies and legal requirements are adhered to.

The Solution

Change management and process advisory were completed within three months of engagement with a subsequent one month configuration and implementation period including three training sessions.

The business units found the Lexagle platform easy to use which led to a post-implementation adoption rate of more than 86% as measured by daily active users.

More than 70% of all contracts signed by the Company since the implementation of Lexagle also originated from the auto-generated templates.

Administration of the entire Lexagle platform, including onboarding of new users and changes in workflows and templates are all undertaken by a dedicated administrator provided by Lexagle.

The Results

  • 400+ contracts have been processed on the Lexagle platform in three months.
  • Average contract lifecycle duration reduced by 30% across all contracts from a pre-Lexagle duration of 29 days to less than 20 days.
  • Standardised customer contract templates auto-generated on the Lexagle platform by sales and business development teams reduced the time taken to prepare a customer contract from an average of five days (prepared by the legal team) to under 10 minutes (auto-generated by the individual business units).
  • Approval processes, involving up to six different approvers, have been reduced to under two days on average.

Streamline your contract management process with Lexagle and accelerate your business

Contact us for a short demo today, and to discuss how Lexagle can best fit your organization’s needs!