Posts Archives - Page 8 of 20

Mental health and contract management

on September 6, 2022

A project always starts with a signed contract detailing all expectations and deliverables in order to have the outcomes of the project. But due to the complexity of paper-based contract management, this process can be viewed as a full part of project management.

For companies that interact with multiple parties on a day-to-day basis or those with large projects, mental health and contract management go hand in hand. One wrong contract means delays in shipping, stocking or payment and can really affect risks management, performance maximization and communication management.

Reading time: 6 minutes.

Roadmap to digital transformation: a new approach to contract management

on August 8, 2022

Technology innovation is driving businesses to transform the traditional way of work into faster and more efficient processes. A business transformation process consists in changing the processes, the systems, and the technology adopted, to achieve measurable improvements in efficiency, effectiveness, and stakeholder satisfaction.

Business Process Automation, also known as digital transformation, can accelerate impact across the business in a strategic and prioritised way, by introducing digital technologies. According to McKinsey, digital transformation helps to achieve 20% to 50% economic gains and a 20% to 30% increase in client satisfaction. Due to such advantages, the digital transformation market is growing quickly. Based on Zion Market Research, the Global Digital Transformation Market is valued at $374.8 Billion in 2020 and is projected to reach $889.8 Billion by 2028.

Digitalization can improve a business’s processes, providing new methods and opportunities.

Reading time: 5 minutes

Essentials for smart legal contracts drafting: beginner’s guide for innovative legals

on August 3, 2022

Blockchain gave rise to the concept of smart contracts; legal agreements programmed, executed and automated in computer code. While the automation associated with smart contracts has proceeded, legal standards supporting that automation have been slow to emerge. Legal practices who want to adopt this new technology need to be aware of the essentials for smart legal contracts drafting.

Reading time: 3 minutes

Five great articles for your summer!

on July 25, 2022

September is just around the corner, and you want to return to work after a well-deserved break, fresh and recharged.

We are happy to suggest a list of articles for your summer that have received the most comments and appreciation from Trakti community. Please find them below.

Automated Supplier Acquisition and Verification: A Strategic Key for Procurement and Sales

on July 20, 2022

Contractual onboarding and supplier qualification, especially when regulation and controls require human work, are often characterised by delays and frustration, as comprising numerous players and moving parts. The vendor completes an onboarding form that includes general and financial information. This stage might also involve the legal team, to ensure it from a legal, compliance, and security standpoint.

Tempo di lettura: 3 minuti.

How to set up and streamline an effective offer evaluation

on July 11, 2022

Do you know how well your sales representatives are reviewing every contract prior to signing it? Does their performance meet your expectations for a quality customer experience? Are they following all the correct processes, remaining compliant, and getting the outcomes you want? The only way to answer all these questions is by learning how to set up and streamline an effective offer evaluation.

Traditionally, procurement has been viewed as a function of the back office, but this area is now the target for intelligent automation. In fact, many organizations are expanding procurement into playing the role of a strategic partner for driving enhanced cost savings, efficiency, market resiliency, and business objectives. In addition, intelligent automation can empower this particular transformation.

Unquestionably, procurement should be focused on improving business process speed so that employees will have more time on their hands to focus on higher-value projects. As such, this is where much of intelligent automation’s value can be found – by dramatically reducing the number of error-ridden repetitive tasks and processes.

Reading Time: 3 minutes

Implementing and managing ESGs through smart contracts

on July 7, 2022

Socially responsible operations that track factors like environmental, social, and governance principles are more than just a feel-good phenomenon. They can affect credit risk and investment performance as well as your relationship with clients and vendors. In the era of climate change action and corporate social responsibility, managing ESGs through smart contracts is the next step in propelling businesses to high performance.

ESG criteria refer to Environmental, Social and Corporate Governance factors that are taken into account when investing in a company. Although their origin dates back several decades, they have become a reference for socially responsible investing in recent years.

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