Trakti Smart "Legal" Contracts Blog

Why you should digitize your contracts in 2022

Why you should digitise your contracts in 2022

on September 9, 2022

The slow but steady move towards web3 means organizations face a host of unprecedented challenges when it comes to digital transformation. With more and more operations and services moved to the cloud, it becomes all the more important for organizations to adapt their internal processes and tools to the new situation, such as digitising contracts.

Those organizations that have already gone through the digitization exercise and have chosen the right solutions for it, are now able to react a lot faster to the global pandemic. So far, the organizations’ need to digitise their contracts and start managing them proactively, have remained underexposed. Let’s look at why you should digitise your contracts in 2022.

The ideal solution is to ensure that all contracts documents are stored in a special contract management system. This ensures a higher degree of security and makes it easy for different parties to access the documents remotely

Benefits of contracts digitalisation

Digitalisation may contribute to a change in business operations, as new technologies like blockchain provide access to ways of doing business that were previously unavailable.

Digitalization also enables better visibility into contracts management through real-time data capture and reporting. This improvement in the quality of contract data enables business decisions to be made more quickly and with greater accuracy.

Whether you want to make small changes towards reducing waste and cost, there are several benefits in digitising your contracts. There are things to think about as you decide if this is right for your business. Here are some reasons why you should digitise your contracts in 2022:

All documents in one place – the cloud – easy to find. With a few clicks you can find all contents (audio, video content, email, scanned documents…); Online access – creation, verification and distribution of documents, by the digital signature in any time from any place;

Cooperation of suppliers – When employees use the same software, they will collaborate faster and more efficiently in performing their tasks. For example, you can create reminders, calendars, and schedules, delegate tasks and create notice board. The additional advantage is that every person will have all the necessary information, so there is no space for misunderstanding and mistakes happen less often;

Implementation of custom business rules into smart contracts – for example, automatization of the process of supply, creating uniform documents like contracts and fractures, automatically generating different reports based on the collected information. Also, new employees will faster learn your business roles and fit in the organization;

  • Authorization and protection – each user will have the right to access only certain information;
  • Reporting – computer collects, processes and creates statistical and other analyses faster and more accurately than humans.
  • Transparency and easy monitoring of the contractual obligations.

All this saves valuable time, generates reliable and up-to-date information and contributes to a stable platform for further growth.

Moving contracts documents to the cloud is a wise move under normal circumstances and certainly in the current climate. Trakti can digitize all your contracts in one end-to-end platform and integrate them in the blockchain.

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Sarah GiannelliWhy you should digitise your contracts in 2022