How a Digital Agreement Process Works
The Digital Agreement Process: While many processes are still paper based, including the generating of agreements and the signing thereof, its less feasible in a virtual environment.
When you contrast the digital process with the process flow of doing it “the old way”, you will find:
Selecting the right template can be done in seconds
The first draft of the agreement concluded in minutes
An automated approval tracking process, gets it done much sooner, against delegations of authority, full audit trail, compliant and efficient
Signing is concluded with a couple of clicks, only requirement is access to internet
Concluded agreements are automatically stored, alerts and notifications set up
Data is available for integration into 3rd party software (ERP systems, CRM and procurement)
Obligations and tasks automatically distributed to role players
All of this can be achieved for any contract type, from procurement to legal, sales to corporate transactions, without any in-person interventions.
All the data and information, controlled by secure access rights, is available to stakeholders who have a role to play, from anywhere there is an internet connection.
The use of email to distribute documents, printing, scanning, courier services, wet signatures with witnesses, filing paper in cabinets, searching for contracts and related information is no longer required.
Everything in one place, accessed, concluded and activated digitally.
Not only will the organisation benefit immensely by having the tools to draft, conclude and sign contracts and documents, so will your customers and suppliers really appreciate the convenience.
The financial benefits are; a vastly improved time to contract, booking revenue sooner, saving in paper and courier costs, less administration work and data capture (less errors too). You will also have all that valuable contract data at your fingertips, assisting in cost containment and customer optimization.
In conclusion, it no longer makes sense to continue working the “old way”, especially in a remote working environment.
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