Contract management as an Achilles' heel in companies?
Contracts form the legal framework that every company needs in order to be able to plan and operate reliably in the long term. It is therefore all the more surprising that even larger SMEs often do not yet have a digital contract management system.
Contracts are the legal basis of every company and comprise a large number of agreements, such as purchase, rental or license agreements. Despite their importance, many medium-sized companies in Switzerland still do not have a digital contract management system. According to Dr. Pascal Habegger, Managing Director of Fabasoft 4teamwork AG, the management of contracts is often spread across different departments, which leads to confusing responsibilities and risks such as missed deadlines or contractual penalties. An intelligent software solution for contract management offers a remedy here.
Use of artificial intelligence
Digitization makes it possible to store all contracts in a central location and make them accessible to authorized persons at any time. This saves time, reduces duplicates and ensures complete traceability thanks to functions such as contract versioning. In addition, companies can use artificial intelligence (AI) to quickly implement regulatory changes and minimize risks without having to manually review every contract. AI-based systems analyze contracts automatically and initiate necessary changes or approval processes.
Digital signature for mobile working
Another highlight of modern contract management software is the option of digital signatures. These are forgery-proof and legally binding, which makes it easier for employees to be mobile and ensures that contracts can also be signed when working from home or on the move. In addition, integrated deadline management offers automatic reminders of important dates and deadlines, which in turn helps to reduce business risks and make the most of opportunities.
Overall, it is clear that digital contract management not only enables efficiency gains, but also strengthens a company's legal and operational security. Companies that do without these solutions run the risk of overlooking important obligations and suffering considerable financial or legal disadvantages as a result.
Source and further information: Fabasoft 4teamwork AG
This article originally appeared on m-q.ch - https://www.m-q.ch/de/vertragsmanagement-als-achillesverse-in-unternehmen/
