New contract management solutions are popping up all the time. This push towards new technology makes it hard for businesses to tell a platform with real merit from a flashy gimmick. It’s easy to get lost in a sea of endless choices. But the long and short of it is this: Companies that understand the benefits of blockchain and other technology will likely be positioned to increase customer success via smart contracts.

Smart contracts and blockchain technology are relatively new developments in contract management. So far, we have seen the adoption of smart contracts in Decentralised Finance (DeFi), NFT, Supply chain management, and MBO programs as well as make contract negotiation and renewal a snap. Making the process of signing a contract easier for clients is one way to keep everyone on track as well. Perhaps most importantly, the fast transfer of reliable data through a blockchain and the ability to automate payment and contract execution also drastically reduce the amount of time it takes to get paid. 

This is possible because most parts of contract creation are fact-finding, can be delegated, leaving room for more process optimization and risk management. With contract automation, response times turn to zero, you will sprint at deal-momentum.

When you increase customer success via smart contracts, you are making the contract creation process more streamlined, consistent and controlled. Contract management solutions that rely on smart contracts leave room for much customization. You can generate a first-time-right draft agreement, based on your own model contract templates.

You can solve many problems with a contract automation solution, including:

• Optimizing contract creation and contract fact-finding

• Reducing response times of a legal department

• Eliminating inconsistencies and noise in first-draft contracts

• Reducing transaction cycles (slow time-to-signature)

• Improving compliance with contracting requirements

• Improving contract know-how management

• Implementing internal controls and status monitoring

and many others

Keep track of every change to your contract

For many people, contract automation feels like the abandonment of control. Because answering a questionnaire gives the uncomfortable experience of traversing a tunnel, many people prefer a Word document.

Plus: lawyers are obsessed with old control mechanisms. If you cannot see the effects of your answers directly or check if the necessary nuance is there, people want Word. That’s where delay and inefficiency join the race.

With Trakti, you can keep track of every change to your contract because it’s right there on your screen, or on your monitor next to it.

A key characteristic of using a contract management solution is that it provides a searchable clause library. This central clause book for reusable contract building blocks reinforces the high quality and consistency of the contract templates. With a clause library, errors and inconsistencies are avoided.

The use of smart contracts for contract automation ensures every customer has the right kind of experience. There are numerous benefits to increasing customer success via smart contracts – from tracking renewals, referrals, account retention rate to faster customer onboarding, improved customer health mix, the total number of monthly onboarding, and reporting.

Smart technology implementation doesn’t mean adopting it blindly and trusting a system to handle all of your worries. Also, you need to recognize what you should be doing to protect your contracts, regardless of the technology being used.