What is agreement automation?
In simple, agreement automation is the digitization of the agreement process through all stages of the contract lifecycle – from the customer first filling an application form, through to digital identity verification, electronic delivery, presentation, agreement signing, and the capturing and management of all supporting audit trails.
In today’s evolving competitive scenario, businesses are always under the pressure of performing better, and moving faster than their competitors. However, a lot of organisations are still burdened by manual agreement processes. Shifting from paper-based agreements and contracts to a digital agreement platform offers a plethora of benefits. It is time conserving, cost effective, increases workflow and business efficiency, minimizes risk, has environmental benefits and ensures a streamlined customer experience, all while ensuring complete compliance.
Let’s look at some use casesThe use cases for digital agreement platforms vary across a plethora of industries from financial services to accounting and taxation, construction, healthcare, higher education, insurance, government and legal services, real estate, retail and technology to name a few. To dive into an example, let’s look at the financial service industry. Agreements are fundamental to the customer, like opening an account, securing a loan, or transferring wealth. By digitizing the agreement process and eliminating manual processes- account opening to client servicing, lending, back-office support, customer service and compliance can be streamlined allowing for a frictionless agreement experience.
The world of contract management is changing for the better. Digitisation of such operational processes is becoming increasingly common, and brings with it a plethora of positive business impacts.