All posts tagged Automation
As a result of the ongoing uncertainty, businesses must consider ways to minimize expenses while increasing profitability. One of the most important ways to accomplish this is through excellent contract management. In this post, we will look at how automation can reduce administrative costs through better contract management.
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Blockchain technology is undergoing a significant transformation, particularly with the advent of Layer 2 solutions. These advancements are crucial in addressing the scalability and efficiency challenges that have long been associated with blockchain networks, particularly in smart contract development. Layer 2 solutions are designed to operate on top of the base blockchain layer, known as Layer 1, to improve transaction throughput and reduce costs without compromising security. This article delves into the essence of Layer 2 technologies, their main features, and their impact on smart contract development.
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It’s safe to say that not many suppliers, if any, like receiving paper contracts and processing a bunch of paperwork. And once that paperwork is filled out, staff has to scan or manually enter information from those paper forms. It’s inefficient and time-consuming, and it’s why more and more companies are using digital signatures for contract compliance.
With e-signatures and digital forms, businesses can electronically fill out the forms at their convenience, and data is sent to the supplier automatically, so no more paperwork is necessary.
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No code automation and self-executing contract management sound the same. However, there are subtle differences between the two. Here’s how you can identify which of the two is right for your business.Contract management and contract automation both address similar needs. But self-executing contract management requires very specific technology to work.
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In the insurance industry, blockchain technology is already proving to be a game-changer. With the increasing use of smart legal contracts, insurance companies can now benefit from increased transparency, and efficiency in their operations through the use of parametric insurance.
Smart legal contracts and parametric insurance are both technologies that can be used to automate and simplify certain aspects of insurance contracts and can be used together to create more efficient and reliable insurance products.
Reading time: 4 minutes
Open Banking is an innovative model for banks and the financial industry. We can define open banking as a digital technology that revolutionised banks and financial services. Its aim is to establish, support, and strengthen clients’ trust. It allows banks to offer more agile financial services to their customers, helping them to make better decisions, and save money.
When Open banking comes with contractual automation, it can reduce financial management costs.
Digital disruption, FinTechs and Regulatory compliance such as the Revised Payment Services Directive (PSD2) have accelerated the competition in the financial sector and forced banks to open and speed up their systems.
APIs are used for sharing financial data in the open banking ecosystem. Using API, banks can now remodel and innovate their core systems.
Reading time: 4 min
Few months ago, we have proudly announced Trakti New Released 2.8. Today we are happy to give you a deep dive on how to set orders within your contracts template and most important how to track them!!
Reading time: 4 minutes
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