In today's world irrespective of the type of business or industry you are in, Contracts has become a core activity. Whether you run a startup or a large enterprise, contracts are the lifeblood for the operation of the business. In order to have streamlined business operation as well to have a track of all the transactions there requires an application. In the course of getting it streamlined, the Organization or the Business uses various application. Right from getting a requirement till getting it done i.e. signing requires many applications. In order to avoid using many application to execute one contract, one could use Zoho Contracts and streamline their operation and get things done in one platform.
How a contracts is executed?
Applications used in the process of signing a contract:
In the normal course of business to execute an agreement, an individual uses various application for various stages of the contract's lifecycle. A Contract goes through drafting, collaboration, approval, negotiation, signing and stamping. Each and every stage requires two or more applications to get things done. In order to avoid such hassles, one could digitize their means of operation by using Zoho Contracts.
Stages of Contract and applications used:
As a legal professional or as a drafter, you will be using certain means for drafting a contract. For initiating the contract, drafting can be complex and time consuming process. Drafter will have n number of versions before executing it. In general, a template will be drafted, during this stage people use MS word or Google docs or other writer based application for drafting or editing the template and also have fill fields.
Once the draft stage is completed, there might be a need for collaboration, it will be done mostly in person. However, during the digital revolution, people struggle to find the right tool and tactics to promote effectively. Similarly in the approval stage there will be need to send the draft of the contract to the higher official or other department. With the advancement of technology people have started sharing drives and use many alternative applications.
Once the collaboration and approval is done, the contract will be sent to the counter party for negotiation through mail or shared drivers. During this stage there could be chances for losing the track of the status of the Agreement or Contract or even lose the agreement which was sent through mail.
After the negotiation stage, the contract need to be signed by both the parties. At this stage, people sign the document manually or in case of digital transformation, people could use various third party application for signing these confidential information.
After the signing the document manually or digitally, the Contract need to be stored. In such case, there will be a need to have a separate storage space to have a copy of all the agreements which they enter into.
During the various stages of executing the contract the user or the drafter or the contract owner uses various applications to execute one contract. There could be chances of data getting breached or missed contracts or lose of track of contract and facing trouble in storing all the contracts in one place. This Zoho Contracts acts as a solution to all the problems and challenges faced and helps to eliminate the use of multiple application to execute one contract.
How Zoho Contracts helps?
As mentioned above there involves many application in the process of signing an agreement and storing it such as Word, Calendar, Mail, Spreadsheet, Document Manager, E-signature application and so on. Instead of using many applications, to execute one contract is time consuming and decreases efficiency of the operation of the business.
Zoho Contracts acts as a one stop application to automate the whole process of contract's lifecycle.
It enables us to automate the supplier onboarding process by gathering the necessary information from supplier, thus reducing the time and improves over all effectiveness by integrating with Customer Relationship Management (CRM) Application.
It enables to automate the approval process for procurement and makes sure that they are reviewed and approved by the concern person and send remainders to get it approved and changes to be made in the agreements. It also enables us to have a track of those agreements, i.e. in which status this agreement is in, whether it is approved by the concern authority or whether it is signed by the counter party. Thus enabling us to stay on top of processes in delivering the service or goods.
Zoho Contracts act as a central repository and helps to have a audit trails and e sign, thus ensuring the authenticity of the contracts signed and its legal validity.
Conclusion:
It is necessary for people to have a processed and automated workflow to increase their operational efficiency. By streamlining the contracts management and by having a central repository it could be easy to monitor performance, achieve higher productivity, reduce cost and also mitigate risk. By adopting to this new technology, it safeguards your business operations and future proof the business operation in the constantly evolving trends.
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