TRAKTI SMART "LEGAL" CONTRACTS BLOG

Smart Legal Contract Management

1 solution, 5 benefits: track trace and automate your contracts with Trakti

on February 2, 2021

Photo by aaron boris on Unsplash

Why is technology important when talking about contracts? Well, because you want your business to be up-to-date, you want to have both enthusiastic clients and employees and most of all you want to run a growing quality company. To achieve these goals, you need to make procurement smarter, faster and more transparent. In other words, you need an automated contract lifecycle management (CLM) solution to track and trace your contracts.

But let’s step back for a while and focus on the meaning of CLM. Contract Lifecycle Management is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Therefore, automating CLM means you can safely track and trace your contracts in no time: a true revolution for the Demand-to-Contract process.

But, what if you need to go beyond CLM automation? If you want to automate your contracts by using blockchain? If you do not want to relay on multiple tools and channels increasing entropy in your legal and operational ecosystem? I

Trakti Smart Contract Lifecycle Management

In that case, what you need is a Smart Contract Lifecycle Management (SCLM) solution not only to track and trace your contracts, but to let them become the engine of your digital transformation.

Trakti is the first Smart Contract Lifecycle Management (SCLM) offering smart legal contract negotiation and management platform integrated in the blockchain – a secure and decentralized database which stores and records each transaction that prolapses within a network.

So, which are Trakti’s benefits? There is more than a reason to switch to a smart legal contract management solution and we are going to analyse all of them. Just read on. 

First: greater transparency.

As said above, Trakti is the first contract negotiation and management platform integrated in the blockchain. Is there something more transparent than an encrypted program for both storage and transmission of sensitive data?

The use of cryptography increases security levels of your contracts, by creating a hash of the document that ensures no one can change it and you can verify all the time the document’s cryptographic imprint.

Furthermore, Trakti’s programmers and legal teams work together to create smart legal contracts. This means your contracts are not only automated, smart and 100% digital but they also fulfil all legal requirements.

Second: enhanced security.

Automated CLM topic always raises the issue of security. Of course, smart legal contracts are a big step for emails-phonecalls-handshakes nostalgic people, but they are also more reliable. Just think about transactions: blockchain ensures they must be agreed upon before they are recorded. Moreover, once a transaction is approved, it is encrypted and linked to the previous transaction. In other words, the information recorded in the blocks can never be lost, modified, or deleted.

Security is a keyword for Trakti.

Third: improved traceability.

It’s always harder to trace an item back to its origin, when it does not belong to an ordinated system of elements relating with each other. The same goes for your contracts. That’s why one of the greatest features of Trakti is traceability: you can record every single activity in secure audit trails of the negotiations in fully compliant way. So, you can easily and immediately reconstruct the relational and authorization history of the negotiation and produce with a click compliance report.

A smart solution that quickly solves many problems, in a nutshell.

Fourth: Increased efficiency and speed.

If you don’t have an automated system to manage your contracts, then you probably handle most of the contract lifecycle management process manually. This causes mistakes, misunderstandings, inefficiency, stress and a slowdown in economic growth for your company. Plus, you really want all your employees to be involved in never-ending researches instead of being fully dedicated to their actual tasks?

Source: Why You Should Want a Contract Management System By Jason Smith 

Trakti automates your templating, negotiation and obligation management processes supporting the entire life-cycle of your contract with a unique and compliant platform. This way you can charge the right person to do the right task in the right time.

Fifth: reduced costs.

Last but not least, every minute you spend in unuseful operations costs you money. On the contrary, an automated CLM solution to track and trace your contracts helps you to cut operating costs and to measure the success of your contracts. Trakti eliminates the risk if downtimes, giving you more time to devote to your company.  

Long story short, Trakti helps you to create quality contracts. Fast.
Ready to switch to future?
Discover Trakti’s functionalities.

Serena Zeni1 solution, 5 benefits: track trace and automate your contracts with Trakti

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