Contract Lifecycle Management (CLM)
App Studio
Case Study
ContractWorks and OLX Group
Introduction
OLX is dedicated to investing in its employees and internal processes to reach the company’s full potential. That’s why OLX turned to ContractWorks to streamline its legal document drafting process while maintaining contract quality. Here, we’ll take a closer look at how ContractWorks’ CLM software set the foundation for OLX Group to expedite deal execution.
Overview
About OLX Group
Founded in 2006 as an online platform for buying and selling products, the company quickly expanded worldwide and now operates in over 30 countries, with 20 local brands.
Challenges
The main reason OLX turned to ContractWorks was that their Legal Department needed to delegate the drafting of standard supply and sales contracts to Sales Development Representatives. Our team carefully analyzed the company’s legal workflow and found that OLX Group generates 1,200 supply and service Agreements annually. On average, OLX Legal Department spent 30 minutes processing each document, and many documents required additional draft reviews, leading to significant delays.
The ContractWorks team analyzed OLX’s agreement templates for patterns and determined that supply and sales contracts could be easily automated with ContractWorks. This transferred routine drafting work from the Legal Department and empowered the Sales team to effectively manage their own contracts.
Upon careful review of OLX’s processes, the ContractWorks team identified additional areas that could benefit from the use of contract automation software. Following that, ContractWorks integrated OLX’s internal database into the automated drafting system.
Delays in deal cycles
30-minute drafting time
1,200+ agreements annually
Results
ContractWorks’ solution has empowered OLX to successfully delegate the document drafting process and eliminated the need for any legal reviews. Now, OLX employees can automatically fill in templates with the most up-to-date information.
The ContractWorks team was able to set up a fully automated drafting process in just 4 days. The solution we developed has helped OLX Group draft contracts 12 times faster, reducing the preparation time to just 2.5 minutes. This saves an estimated 550 hours of lawyers’ time per year and allows them to focus on high-value tasks. Additionally, OLX now saves up to $50,000 annually in legal costs through more accurate document processing.