Trakti | Smart Legal Contract Blog - Page 6 of 22

Linking contracts to contract balanced scorecards

on March 16, 2023

Generally, contracts regulate long-term relationships, governing complex transactions that demand collaboration and flexibility. Issues can arise due to their incompleteness or because parties do not have a comprehensive view of their contracts. The former point addresses the concept of relational contract; the latter to the need of setting the right KPIs. Parties usually measure and monitor each other’s performance (two-way) and automate their reporting using a balanced scorecards, linking contracts to contract balance scorecard.

Reading time: 3 minutes.

Lawyer and Smart legal contracts: legitimate fears and concrete opportunities

on March 6, 2023

Lawyer and Smart legal contracts: legitimate fears and concrete opportunities? How many times years ago have I wondered? How many times before deciding to take this path, I wondered if the blockchain, smart contracts and everything revolved around it constituted a new opportunity, the solution I was looking for, or if instead they would simply replace me, put me on the corner.

I glimpsed, but did not fully understand.

Reading time: 3 minutes.

The Smart lawyers Guide to Galaxy

on March 2, 2023

Looking into the future we’re on the road to a new world where everything is linked and potentially possible.
People get connected with other people physically, through avatars, online tools, and any element that belongs to this new world. Rather than one device handling every calculation, a network of devices can now do this instead, benefitting of the cooperation of an entire network.
Every data is accessible, every service is sensing, automated, connected and shared…
We are on a new planet where industries totally shifted from inflexible, monolithic methods to more modular and microservices approaches.

But let’s imagine moving forward in time for a sec.

Reading time: 4 min

No-code platforms are drivers of innovation in contract automation

on February 20, 2023

Companies rely primarily on IT professionals to write the scripts needed to keep operations running smoothly.
What happens if there is a shortage of staff?
This issue can leave many organisations with interrupted or malfunctioning processes due to a lack of adequate staff and proprietary knowledge to solve the problem at the source.

The introduction of no-code automation platform resolves these problems, empowering teams of any skill level to manage IT operations seamlessly.

Reading time: 3 min

The importance of contract automation and its benefits for a business

on January 30, 2023

Contract Management is a crucial step for any business and represents the key link between strategy and execution plans. Contracts are the most cardinal documents for each type of company, beyond its size and its industrial sector.
Managing contracts in a proper way can make a difference by providing organisational support and driving major improvements to the business’ goals without upending the strategy.
Contracts automation platforms can transform Contract Lifecycle Management.

Reading time: 4 minutes.

Smart performance evaluation for tokenized supplier qualification

on January 16, 2023

We’ve been looking towards blockchain technology for years in the hopes of enabling holistic traceability in smart supply chains and manufacturing networks. As the business sector becomes increasingly complex and decentralized, spanning across multiple manufacturing areas, factories, and even countries, smart contracts are the answer for creating timed supplier qualification certifications through tokens on the blockchain. They can connect to performance indicators in the smart contracts that govern it.

Since the general purpose of a smart contract allows for autonomous verification of qualification criteria and standards, it is ideal for supplier performance monitoring.

Reading time: 3 minutes

Guide to Supplier onboarding and qualification

on January 9, 2023

When it comes to supplier onboarding and qualification, both enterprises and small and medium businesses benefit from having a process in place. You can optimize time spent onboarding suppliers and reduce errors with something as simple as automation. And one possible way is by leveraging smart contracts and blockchain technology.

Reading time: 4 minutes.

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