The adequate management of contracts is essential for the smooth running of any company. But contracts are too important to be processed and stored manually. This is why lots of companies are now going digital. In recent years, Contract lifecycle management software has transformed how businesses manage their contracts. Now, we’re looking towards the next step in contract digitalization. Today, we look into how to set up Contract lifecycle management (CLM) with the help of Smart contracts.
La pandemia del COVID-19 ha avuto un effetto drammatico sul commercio globale, ha sconvolto industrie, economie e la catena di approvvigionamento. I periodi di blocco prolungati hanno causato uno shock alla domanda e all’offerta.
Governi, aziende e singoli consumatori hanno lottato per procurarsi prodotti e materiali di base. La maggior parte di loro si sono ritrovati inoltre costretti a confrontarsi con la fragilità della moderna catena di approvvigionamento, per ottenere una migliore resilienza della stessa.
I contratti sono un elemento di primaria importanza per tutte le transazioni di un business. Ma le recenti turbolenze di mercato hanno evidenziato quanto la digitalizzazione dei processi e un’adeguata gestione del rischio siano aspetti fondamentali. Questo riguarda in maniera particolare la gestione del rischio delle controparti. Nei contratti legali fisici “convenzionali”, le parti solitamente si conoscono e firmano i contratti con una firma manoscritta/digitale, a seconda della forma e dei requisiti legali del contratto stesso. I contratti sono statici ed è pertanto ancora necessario molto lavoro di back-office per la loro finalizzazione. Ma per quanto riguarda gli Smart legal contract, in che modo le parti possono firmarli e convalidarli?
Blockchain gave rise to the concept of smart contracts; legal agreements programmed, executed and automated in computer code. While the automation associated with smart contracts has proceeded, legal standards supporting that automation have been slow to emerge. Legal practices who want to adopt this new technology need to be aware of the essentials for smart legal contracts drafting.
In the business world, there is always scope for improvement. Many companies worldwide are adopting process automation as a key strategy to stay ahead in the run. This is especially true when it comes to contracts.
But what is contract automation and why you need it?
Every business has some sort of contract management process; a series of steps that encompass the management of an organisation’s contracts from initiation through to execution, storage, and renewal or expiry. At one end of the spectrum this process is completely ad hoc, whereas more sophisticated organisations spend time understanding how fit-for-purpose contract management software can be leveraged to drive competitive advantage.
As procedures become more digitised, how to build secure, and digital business agreements it’s become nowadays a widely discussed topic. Smart contracts are the ideal platform for business innovation and to enable sustainable business models. They are legally binding contracts, in which some or all of the obligations are recorded in and/or performed automatically by a computer program.
Differently from traditional contracts, they are self-executing and self-enforcing and often can be deployed on distributed ledger technology, such as blockchain where data is stored on a public database, and cannot be changed. The transactions can be sent automatically without a third party to deal with the verification and enforcement of the contract.
Sales success requires a great deal of planning. From identifying and nurturing leads to renewing and retaining existing customers. While CRM platforms have managed to enhance sales efficiency and provide visibility, there’s still room for improvement.
We already know how essential business documents are for the multitude of tasks that distract reps from selling. Documents connect every area of a business and enable information sharing across departments. They’re also the source of almost all sales-related work and day-to-day tasks: 50% of knowledge workers’ time is spent creating and preparing documents, and 92% of professionals still collaborate on and review documents by email.