Trakti Smart "Legal" Contracts Blog

Roadmap to digital transformation- a new approach to contract management

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. Pursuing digital transformation can provide the followings benefits to your business:

  • Manage risk
  • Reduce cost
  • Improve customer experience
  • Improve efficiency
  • Outstrip competitors

Process automation technologies are increasingly widespread. Innovative solutions are capable of performing repetitive operations usually accomplished manually by human resources. 
In traditional contracts, the modification and final drafting is a long manual process as several negotiations, and back and forth drafting occur. Simply editing or signing a contract, can lead to the consumption of time of both parties. We realise that the first step to take is to go paperless.

Embracing Business Process Automation can help enhance accountability and transparency across a business; while eliminating paper and the potential of human errors in certain processes, it makes data recording more accurate. Contract automation simplifies and expedites the legal agreement process, which is crucial to the efficiency and long-term maintenance of any business.

A digitisation roadmap is a complex plan of long-term goals that a business wants to achieve in the field of digital transformation. It is a plan that requires a company to rethink business processes and foster a corporate culture focused on change and innovation, by establishing the goals of the process, its strategy, the capabilities needed, and the KPIs that will help to measure its success. The question is how digital technologies can be applied to achieve the objectives set.

Most companies have already understood the importance of introducing automation systems to increase their competitiveness in the market and the global health emergency of Covid-19 has given a further push in this direction. For any business, it is determinant to rely on a partner able to cover the whole process.
Trakti proposes three steps: Digitalization, Automation, and Smart contracts. In an asset-light industry, where contracts are the main assets, enforcing a contract management culture is a priority.

Digitalization is a powerful way to get there. 

By introducing digitalization you can start cutting costs and managing your contracts’ lifecycle end-to-end.
Automating control with blockchain can increase security, traceability, and transparency in data sharing and record management. Because of the way blockchain operates, it holds records of data and events that make those records tamper-resistant. The information is a permanent record. 

In contract management, automating control with blockchain can result in a more secure, transparent, and efficient way of doing things in your company. All these features can effectively improve various business processes, empowering contract management solutions as well. 
A contract management solution that includes Smart contracts, like Trakti is the key.

Our Smart contracts enable network automation and turn paper contracts into robust, immutable, transparent, and efficient digital contracts.  They can also automate a workflow, triggering the next action when conditions are met.

As a digital, distributed, immutable, secure ledger technology, blockchain can store and exchange contract details, and streamline disconnected processes.  Smart contracts do it in real-time.
Blockchain has a significant potential to increase efficiency along the entire contractual settlement process including execution, payment, and dispute resolution. As digitised documents and real-time supplier data become embedded in blockchain-based systems, this information can be used to enable Smart contracts.  These contracts can automate commercial processes when agreed conditions are met. Businesses can massively benefit from a more conscious use of technology. 

An integrated approach makes it possible to simplify many business processes and improve the relationship with customers and suppliers.
Trakti is a unified, integrated, and cloud-based platform for smart, self-executing, and compliant contracts running on both private and public blockchain, streamlining the contracting process of medium-large enterprises, financial, insurance, and regulated market operators.
With our Smart contracts, you can add variables, parameters, and rules to your contracts.

The objective of Trakti is to assist companies from the beginning right up to the signing and monitoring of the contract, in a fully compliant way.
Through the use of 30+ features, including automation measures, and advanced reporting,   you can now create new opportunities for managing the whole contract process and stay focused on building value-added relationships with your clients.

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