A digital contract is an electronic agreement created to outline a business transaction between two or more parties. Digital contract software allows organizations to respond swiftly to organizational shifts and proactively prepare for product launches, with on-demand reporting and the ability to customize specific recovery requirements.
Dock 365 is a contract management software that leverages lifecycle based workflows to help users automate contract processes and ensure complete contract visibility for their buyers and sellers. The company's featured solution, Dock 365 Contract Lifecycle Management, was designed specifically to help sales, procurement, and legal teams manage their contracts from proposal through execution and beyond.
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The Complete Guide to Digital Contracts
mydock365.com/the-complete-guide-to-digital-contracts
Digitalizing contracts provide businesses and organization with plenty of advantages.
Moreover, it is a necessity in modern business conditions. We are giving you a complete
guide to digital contracts through this post.
What are digital contracts?
A digital contract is an electronic agreement created to outline a business transaction
between two or more parties. According to a report by the Global Contract Management
Association (IACCM), a whopping 80% of business activities will include contracts in
some manner. However, around 20% of contracts (globally) are permanently lost.
However, digital contract software provides organized, secure contract storage and
efficient contract retrieval.
Take a look at the figures below for some quantitative data points regarding digital
contract software for businesses based on recent research by World Commerce &
Contracting.
Digital contract software helps companies swiftly respond to organizational shifts and
proactively prepare for product launches with on-demand reporting and the ability to
customize specified recovery requirements.
The Competitive Business Advantage of Contract Digitization
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Contract digitization supports risk mitigation and management with secure contract
storage, sharing, and signing. In light of the recent pandemic, new risks have been
presented in modern contract management. However, with the support of a digitized
contracting approach, contract managers can easily flag and address contract risks.
Contract digitization revolutionizes contract management, allowing businesses and
organizations of all sizes (from small businesses to enterprise-level organizations) to
confidently manage complex contract portfolios and address contract-related demands.
Digital contract management is perfectly suited for companies with a remote workforce.
In addition, contract digitization is often paired with artificial intelligence (AI). AI in contract
management is used