Trakti Smart "Legal" Contracts Blog

End to End contract

How to Achieve (end-to-end) contract automation efficiency

on December 29, 2020

Photo by Braden Collum on Unsplash

Contract automation 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?

On average, ten percent of all contracts in a company disappear completely. The reason is simple: contracts are often scattered all over the organization. On top of that, it’s almost impossible to know when to renegotiate, renew, terminate or take any other contract-related action without the help of digital means.

Efficient and secure automated contract management

Managing contracts across departments is complex – especially when you have different departments and functions with different drivers and incentives. Your sales teams usually have a ‘more deals done, quicker’  focus, which means they are driven by the need to create, send and execute on contracts faster. On the other hand, you legal department will prioritize control and legal compliance.

Increasing control over how contracts are created, signed and executed is essential to improve risk management. An integrated contract automation solution can help you achieve this.

Drafting contracts manually is inefficient, time-consuming and unreliable. This applies even though your legal department has created a set of excellent, legally compliant templates to speed up contract creation. Nevertheless, since the template can be edited freely by anyone, the legal department loses control of the terms and thus can’t guarantee that the contract is finalized as intended, which exposes your company to major legal risks.

One of the most common issues with manual contract mailing and signing stems from the loss of data. As customers send back information back in an email, your employees often have to recover messages from emails, attachments and comments rather than the corpus of the document.

We know that nothing kills contracts faster than errors. So automatically populating contracts with important information like prospect and company names, removes the risk from the most finicky parts of your process.

A digital solution for the entire contract lifecycle

Trakti enable anyone in your team to create compliant contracts superfast – even without legal knowledge. Your contracts will always be error-free, regardless of length or complexity. 

By taking advantage of the digital and verifiable nature of certified eIDAS time stamping and blockchain, Trakti provides straightforward solutions for simplifying your workflow. Putting asset-backed data and transactions on blockchain smart contracts will also increase the speed of service and give businesses the tools to provide businesses and their customers with intuitive, seamless communication channels.

Contract automation can immediately serve a number of businesses by providing accountability in a way no other technology can offer.

The combination of decentralized encryption, anonymity, immutability, and global scale alongside a number of tools and functions for easy contract creation puts greater focus on strategically important issues rather than shuffling paper.

Trakti offers a full set of tools and procedures to digitalise and streamline your deals and contracts. E-signed contracts are automatically transferred to the archive, and other contracts are easily imported bulk-wise through intuitive drag-and-drop functionality. With one intuitive interface, you gain instant access to vital information, such as which contracts are signed or not, which ones are about to expire and which ones are awaiting approvals.

End-to-end contract automation supports your team from the beginning till the end of the process, saving time and reducing errors. 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%.

Activate a trial period to experiments benefits.

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