galina, Author at Trakti

How to align procurement with business requirements

on April 4, 2023

Business requirements should inform every investment in new software and technological infrastructure. You don’t launch a new project, purchase a new piece of software, or develop a new process unless it’s in response to a core business need.

But understanding exactly what that need it can be a challenge in itself. It starts with learning how to align procurement with business requirements.

Taking the time to carefully identify, analyse, and document your core business requirements can lead to a smoother procurement process with an outcome that delivers measurable results.

Reading time: 4 minutes

5 Fricrtion points that are killing your contracts

Eliminating friction points in contracting

on September 20, 2022

If you are following blockchain & bitcoin news closely, you must have noticed something about many billion-dollar companies, as well as Fortune 500 enterprises. They have officially jumped onto the blockchain bandwagon and are working around the technology.

There is a simple reason for this.

Reading time: 3 minutes

Mental health and contract management

on September 6, 2022

A project always starts with a signed contract detailing all expectations and deliverables in order to have the outcomes of the project. But due to the complexity of paper-based contract management, this process can be viewed as a full part of project management.

For companies that interact with multiple parties on a day-to-day basis or those with large projects, mental health and contract management go hand in hand. One wrong contract means delays in shipping, stocking or payment and can really affect risks management, performance maximization and communication management.

Reading time: 6 minutes.

Developing a trusted sales network via smart legal contract

on June 7, 2022

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.

How to set incentives not only based on individual sales but relations

How to set successful incentives for sales with smart legal contracts

on May 26, 2022

When you manage a team of sales reps, your compensation structure is responsible for the success rate of your team. But sales targets aren’t everything and the relationship that your agents can nurture with clients is just as important for your brand.

The answer is not always simple – should you offer bonuses or commissions for high customer retention rates? Does a fixed salary or variable compensation make the most sense for your team?

Monitoring contracts execution and why it is important

Monitoring contract execution and why it is important

on April 28, 2022

The contract execution process seems fairly straight-forward. As it is the last stage of the contract management process, many businesses fall into the pitfall of not actively monitoring contract execution. But there is plenty that could go wrong.

Staying on top of implementing the terms of a contract is usually far more important for its success. For all companies, it is crucial to learn how to monitor the execution of your contracts, and in this article, we want to explain to you why it is important.

Increase customer success via smart contract

Increase customer success via smarter contracts

on March 14, 2022

New contract management solutions are popping up all the time. This push towards new technology makes it hard for businesses to tell a platform with real merit from a flashy gimmick. It’s easy to get lost in a sea of endless choices. But the long and short of it is this: Companies that understand the benefits of blockchain and other technology will likely be positioned to increase customer success via smart contracts.

Smart contracts and blockchain technology are relatively new developments in contract management. So far, we have seen the adoption of smart contracts help with MBO programs as well as make contract negotiation and renewal a snap. Making the process of signing a contract easier for clients is one way to keep everyone on track as well. Perhaps most importantly, the fast transfer of reliable data through a blockchain and the ability to automate payment and contract execution also drastically reduce the amount of time it takes to get paid.

galina