Ask anyone in the business world about their pain points and you’ll likely hear: sales funneling and signatory management. Updating, monitoring, and managing lists is currently a time-consuming, inefficient, and error-prone activity for suppliers and buyers alike. At the same time, the painstaking process of proper signatory management is essential for establishing and maintaining business relationships, not to mention for ensuring compliance.
Trakti’s digitally enabled smart legal contract solution aims to solve this long-standing issue once and for all by offering a unified end-to-end approach that supports negotiation and e-signature with a unified solution. So let’s look at how smart legal contracts can improve sales.
Current manual agreement processes for sales are low value-added, resource-intensive activities. But a contract negotiation and automation tool like Trakti with integrated e-signature technology can help accelerate the sales contract process. This is true because an industry-wide, multi-entity solution will avoid separate processes for each supplier.
There are numerous process challenges that companies face in digitising the contracting process. Collecting signatory information from suppliers is cumbersome. As is sending updates to partners or requesting information; details are exchanged both internally and with the suppliers via paper and emails. All of these tasks lead to delays and the risk of errors.
In a recent survey taken from a pool of 130 business professionals, 60% of respondents noted that gaining access to data and data accuracy was “the most important challenge”. Linked to this, for suppliers and buyers, exchanging documentation and signing contracts has long been acknowledged as an administrative burden. It requires high levels of manual processing. It is also an area plagued by inefficiencies, beset with excessive timelines, and riddled with inconsistencies, errors, and associated operational risks.
But how can smart legal contracts improve sales?
Using smart legal contracts is one way to empower businesses to manage the delegation of signatory powers as an end-to-end digital process integrated with their banks.
Companies that choose to adopt a smart legal contract approach to improving sales enjoy significant improvements in their client user experience. The digital and enhanced workflow allows for considerable timeframe reductions. This is true for both the actioning and processing of requests linked to signatory authority updates and documentation signing processes. This reduces client friction and enhances customer service relationships – a big improvement on the current situation of inefficiency and frustration.
The blockchain eliminates also the risk of contract tampering and reduces repetitive and error-prone paper-based processes, reducing risks and freeing up resources for suppliers and buyers.
In addition, companies can expect material cost savings as a result of redeploying staff from zero-value added to more enhanced tasks. At the same time, eliminating manual processes from your back office teams will cut overall operational risks. Digitisation introduces a ‘single source of truth’. It is secure to maintain as it is efficient and accessible in real-time.
Down the line, companies can look forward to lower legal costs and improved audit fulfilments. They get immediate access to data, ‘first time right’ processes, and a function enabling signing documents digitally over a fully secured communication channel. And all through the scalability and flexibility of smart legal contracts.
Learn more about Trakti’s features here.