At Trakti, we are honoured to announce and share the prestigious recognition of special “President’s Award – Designing for the Future” at the Innovation & Excellence Awards 2022 received together with Leonardo, on the 23rd of June 2022 by Word Commerce & Contracting (WorldCC) in London.
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Establishing solid relationships with partners, vendors, and other actors is essential to your business. Since contracting and compliance go hand in hand, contract compliance in contract management is important and needs to be done right.
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Since the global financial crisis in 2008, economists started to rethink alternative and new forms of cooperation and economic systems capable of cutting off third-party intermediaries and ensuring direct interaction between peers. The digital revolution has triggered a disruptive diffusion of the internet, technology, online communities, and new technological platforms. The sharing or collaborative economy is one economic system where assets and services are shared between private individuals and it is often facilitated by an online platform. Solutions based on blockchain technology as Smart contracts have started growing.
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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 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.
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As procedures become more digitised, how to build secure, and digital business agreements it’s become nowadays a widely discussed topic. Smart contracts are the ideal platform for business innovation and to enable sustainable business models. They are legally binding contracts, in which some or all of the obligations are recorded in and/or performed automatically by a computer program.
Differently from traditional contracts, they are self-executing and self-enforcing and often can be deployed on distributed ledger technology, such as blockchain where data is stored on a public database, and cannot be changed. The transactions can be sent automatically without a third party to deal with the verification and enforcement of the contract.
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Sales success requires a great deal of planning. From identifying and nurturing leads to renewing and retaining existing customers. While CRM platforms have managed to enhance sales efficiency and provide visibility, there’s still room for improvement.
We already know how essential business documents are for the multitude of tasks that distract reps from selling. Documents connect every area of a business and enable information sharing across departments. They’re also the source of almost all sales-related work and day-to-day tasks: 50% of knowledge workers’ time is spent creating and preparing documents, and 92% of professionals still collaborate on and review documents by email.
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When you manage a team of sales reps, your compensation structure is responsible for the success rate of your team. But sales targets aren’t everything and the relationship that your agents can nurture with clients is just as important for your brand.
The answer is not always simple – should you offer bonuses or commissions for high customer retention rates? Does a fixed salary or variable compensation make the most sense for your team?
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