Contract Lifecycle Management (CLM) tools have promised a lot: faster and more efficient contracts, best contract collaboration and management, tracking changes, time savings and reduced costs and risk of errors. But there is still a big hurdle to overcome to digitise contract collaboration and management: how to make your platform attractive to your counterpart?
Here are some tips!
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Most modern vendor and contract management software solutions support workflow management. That’s nothing new. However, it’s time to start thinking beyond just data integration. What if we could find a way to implement easily contract management software integration? What if we could contract handle contract easily though different processes and applications? Giving vendors, customers and businesses the data at the point in time they need to actually make a decision by integrating it directly into the workflow.
As the business landscape becomes increasingly digitalized, it’s important to upgrade your technology and modernize your third-party risk management.
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Contract automation efficiency is no longer a matter of choice. It is a necessity in this digital day and age when users expect a seamless on-boarding experience, which traditional contracting cannot offer. Have you ever had delayed orders, lost customers or missed payments because of contracts that have disappeared or that were not filed properly?
Achieving end-to-end contract automation efficiency can be done in a number of ways. In doing so, your on-boarding journey will become more seamless and integrated as you make use of tools such as KYC check, anti-malware control, identity check, credit check and more from a single point of access.
Simplifying your workflow with contract automation is a great way to free up the time of your team and reduce average turnaround time by 80%.
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‘Sign here, here and here’. Signing a contract makes me a bit tense, those are not the contracts of the future I would like to have or sign.
Contracts nowadays don’t serve people as they should. They are unnecessarily hard to write and read. The endless legalese makes them a daunting matter. Their binding power is not bulletproof.
There are 19.972 words in the iTunes terms and conditions. Shakespeare’s Macbeth has 18.100 words. When you click “I agree”, you’re saying to iTunes that you have read something longer than Macbeth.’ In short, today’s contracts do not enable optimal and risk-free decisions.
At Trakti we are crafting contracts of the future to serve people and businesses not the other way around.
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We have reached the next stage in the expression of commercial arrangements. Blockchains are increasingly being used to foster and execute legal agreements, supporting a new generation of electronic Smart Legal Contracts. Blockchain networks and computer programs called “smart contracts” enable parties to memorialise all or parts of legal agreements. By using this technology, contracting parties gain the ability to create arrangements that are hard to modify, dynamic, and potentially less ambiguous than traditional legal contracts.
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There is no doubt as to the vast benefits of using blockchain and smart contract technologies as a way to create a fair and transparent approach towards commercial contracting.
Being so nascent, blockchain presents a unique opportunity for lawyers to position themselves as trusted strategic advisors to clients. However, the question regarding the regulatory framework surrounding blockchain technology remains.
It is necessary for lawyers to get on with the times and become familiar with blockchain and smart contracts technologies and especially understand how it is impacting clients and how it may impact the legal profession as a whole.
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If you work at a large enterprise, you know business ecosystems can get complex. You also know how much is important to work in a trustworthy business ecosystem.
With liability scattered among multiple parties, the contracts reflecting all those transactions and agreements also grow in complexity. Companies need a trustworthy business ecosystem where they can operate in confidence and manage contracts efficiently.
Smart Contracts operating on the Blockchain provide just that, but how to start using them?
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