Organisations have lots of business relationships dictated by contracts and their terms. While contract managers work diligently to keep track of contract terms, provisions, and obligations in a methodical fashion – there are additional solutions for contract management.
Generally, contracts regulate long-term relationships, governing complex transactions that demand collaboration and flexibility. Issues can arise due to their incompleteness or because parties do not have a comprehensive view of their contracts. The former point addresses the concept of relational contract; the latter to the need of setting the right KPIs. Parties usually measure and monitor each other’s performance (two-way) and automate their reporting using a balanced scorecards, linking contracts to contract balance scorecard.
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Companies rely primarily on IT professionals to write the scripts needed to keep operations running smoothly.
What happens if there is a shortage of staff?
This issue can leave many organisations with interrupted or malfunctioning processes due to a lack of adequate staff and proprietary knowledge to solve the problem at the source.
The introduction of no-code automation platform resolves these problems, empowering teams of any skill level to manage IT operations seamlessly.
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A project always starts with a signed contract detailing all expectations and deliverables in order to have the outcomes of the project. But due to the complexity of paper-based contract management, this process can be viewed as a full part of project management.
For companies that interact with multiple parties on a day-to-day basis or those with large projects, mental health and contract management go hand in hand. One wrong contract means delays in shipping, stocking or payment and can really affect risks management, performance maximization and communication management.
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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.
Reading time: 3 min
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.