Trakti Smart "Legal" Contracts Blog

What is contract automation and why you need it

What is contract automation and why you need it

on June 24, 2022

In the business world, there is always scope for improvement. Many companies worldwide are adopting process automation as a key strategy to stay ahead in the run. This is especially true when it comes to contracts.

But what is contract automation and why do you need it?

Every business has some sort of contract management process; a series of steps that encompass the management of an organisation’s contracts from initiation through to execution, storage, and renewal or expiry. At one end of the spectrum this process is completely ad hoc, whereas more sophisticated organisations spend time understanding how fit-for-purpose contract management software can be leveraged to drive competitive advantage.

One of the ways to improve contract operations is using a platform to oversee all of your company’s contracts. Furthermore, contract automation is a feature included in contract management software that has revolutionized the ways contracts are managed and executed.

Contract automation and management in Trakti

By centralizing contract management with a secure, cloud-based repository as well as employing a standardized system for contracts with contract automation, you can increase accountability, accuracy, and compliance. This is where Trakti goes one step further.

As the first contract negotiation and management platform integrated into the blockchain, Trakti automates templating, negotiation and obligation management processes, thus supporting the entire life-cycle of a contract.  

From transforming documents into adaptive, automated and interactive legal templates thanks to Smart contracts and the blockchain to reducing administrative costs – you can draft and execute contracts much more quickly.

As an end-to-end platform, Trakti allows organizations to standardise the material they have, be it templates or clauses, to show consistency, meaning the firm’s thumbprint is much more visible on produced documents. The platform makes it possible to monitor and track the status and exact location of each contract with specific features that facilitate communication and collaboration during negotiation and approval processes.

This makes it easier to stay on top of all the technical elements and details of managing numerous contracts, freeing up the time of your legal and HR teams.  

Trakti lets organizations of any size implement contract templates, clauses, and documents seamlessly and export them to different file formats without any complications. Version tracking and built-in redlining make it easy for all involved in contract reviews to stay on the same page of edits and new iterations of the document at hand. You can even enable custom user permissions and regulations pertaining to versioning and contract management.

Contract automation is great for increasing the security and safe storage of signed files and will send an alert if there is any detection of tampering. Blockchain technology is the ultimate ledger for storing and executing contracts as it is tamper-proof. Version changes and contract expiration and renewal dates are clear and easy to see. Intelligent contract lifecycle management means you are in the loop of contract timelines with dashboards, audit trails, and other modern capabilities.

Learn more about how Trakti contract management software is helping companies reduce costs and get more work done.

Sarah GiannelliWhat is contract automation and why you need it