Ask anyone in the business world about their pain points and you’ll likely hear: sales 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.
More and more companies are looking into ways to automate contracts and the benefits of doing so. Today, we explore the most common use cases for contract automation in HR and how you can improve your candidate selection and onboarding process via contract automation.
Contract automation via smart contracts helps companies manage proactively the large quantities of data their HR departments deal with on a daily basis.
Reading time: 5 minutes. Photo by Austin Distel on Unsplash.
A hold-up problem in contracts is the situation where after one party has made some relationship-specific investment, the counterparty refuses to fulfil the original terms of the contract asking for better conditions.
Reading time: 4 minutes. Photo by Kai Pilger on Unsplash.
Evolving your procurement strategy with relational contracts can be used to increase contract standardization and visibility across the entire supply chain – ensuring contracts are managed appropriately to secure supply and value for the organization.