All posts tagged Automation

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. 

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What is contract automation and why you need it

on June 24, 2022

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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How Smart Legal Contracts can help General Council to innovate in corporate environments

on June 20, 2022

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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Monitoring contract execution and why it is important

on April 28, 2022

The contract execution process seems fairly straight-forward. As it is the last stage of the contract management process, many businesses fall into the pitfall of not actively monitoring contract execution. But there is plenty that could go wrong.

Staying on top of implementing the terms of a contract is usually far more important for its success. For all companies, it is crucial to learn how to monitor the execution of your contracts, and in this article, we want to explain to you why it is important.

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Designing for contract automation – simplification and relational contract

on April 13, 2022

The reasons for automating contractual processes or workflows are many but even more numerous are the reasons for implementing simplified and relational contracts. 

Simplification and relational contract allows new relational models and more effective and efficient performance require the adoption of innovative technologies. In an era where businesses increasingly have to depend on their suppliers to lower costs, improve quality, be compliant, respond quickly to changes, traditional contracts don’t work.

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Increase customer success via smarter contracts

on March 14, 2022

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 help with 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. 

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A Beginner’s Guide on How Smart Legal Contracts Work

on February 4, 2022

Smart contacts are a great way of helping you exchange property, money, and shares without the fees, hassle, and services that come along with them. For example, when you go up to a vending machine, all you need to do is drop the money in and the snack or drink comes out. Same with the smart contracts.

A smart contract works the same way – all your need is to have the required token into the wallet and whatever you have paid for automatically gets deposited into the recipient account, making it so much easier and more efficient than a traditional contract.

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