Automation Archives - Page 4 of 7

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.

Tempo di lettura: 3 minuti

Monitoring contracts execution and why it is important

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.

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.

Increase customer success via smart contract

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.

Trakti A Beginner's Guide on How Smart Contracts Work

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.

Increase sales compliance through contract automation

on December 3, 2021

Blockchain has the potential to fundamentally change the way organizations do business.

In the retail sector, blockchain is finding a lot of applications: from revolutionising loyalty programs and digitising product warranties to potentially allowing for the development of peer-to-peer marketplaces that could compete with the likes of eBay or Airbnb.

Let’s see how increase sales compliance through contract automation …

Reading time: 4 minutes. Photo by Cam Bradford on Unsplash

How to create a contract template in 5 steps in Trakti

on November 17, 2021

Today legal departments use tons of Word files and emails as work instruments, so files like contract templates can be distributed and used in a quick and easy way. This method, as effective as it may be, produces overheads that cost the company a great deal in terms of money and time.

The problem lies in the instruments that are used: they’re simply not fit for purpose! If you continue to draft and distribute your contract template this way the cost of compliance will soon become a big problem.

So let’s have a look at how we can solve this problem!

Reading time: 4 minutes.

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