Streamlining Contract Management: A Deep Dive into Setting and Track Orders with Trakti’s Smart Legal Contracts

on May 5, 2023

Few months ago, we have proudly announced Trakti New Released 2.8, followed by a Demo where our CTO has illustrated the new features developed during the last year. Today we are happy to give you a deep dive on how to set orders within your contracts template and most important how to track them!!

Trakti allows the configuration of the purchase order dependent for example on the Frame Contract and able to absorb the data of the price list automatically, making sure that all items, prices, and delivery dates contained in the order are correct.

In this way, we enable the transformation of simple contract documents or hierarchies of contracts and documents into Smart Legal Contracts that can orchestrate and monitor operations within a business ecosystem.

Tracks is our new concept and feature you can create for each contract you have. Track is a useful function for “keeping track” of orders, payments, or tasks. Each track helps you to monitor any updates of them with status and progression.

Furthermore, for each track you have the possibility to create one or more sub-tracks to be more specific about sub-actions to track or to monitor the status of subcomponents of an order.

At certain point it became clear to us what were the needs of most of the businesses. Our clients were looking for:

  • improve and speed up the process of negotiation, activation and monitoring of purchase orders;
  • digitize the price list in order to obtain a clear, transparent and fast management of the contract
  • activate customer orders in self-service mode;
  • track and speed up the process phases that today involve numerous manual exchanges and iterations between the parties, eliminating manual processes in order to obtain a faster and more dynamic management;
  • improve the internal times of evaluation, verification and acceptance of customer requests;
  • allow faster invoicing;
  • improve the customer user-experience, increasing transparency and understanding.

With the new automatic contract fill-in and monitor features business can take umpteen advantages in terms of:

  • reduction of administrative management times;
  • reduction of time for creating and managing contracts in other business systems (i.e. SAP, CRM);
  • reduction of contractual and system reference errors, verification and control times;
  • improvement of controls and approval cycles;
  • real time monitoring and faster communication;
  • increased customer satisfaction.

But there is more! Thanks to our smart contracts, for each purchase order it will be possible to monitor and report the KPIs  related to the delivery defined, by the contractual parties, in the Frame Contract. In case of non-compliance with the contractual terms of delivery, the penalty due will be automatically calculated, tracked and reported in a special report.

Obviously the parties can establish not only penalties but also bonus, discounts or tokens to be used for future purchases. Trakti offers the possibility to structure the contractual rules according to the needs and will of the parties.

Each contract has its own dashboard that shows the fundamental data connected to the order, acceptances, and deliveries and that are notarized in Blockchain.

This integrates and obtains a system of contracts, orders and documents able to communicate and align with each other.

Click here to try Trakti or book a demo.

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