Contracts are the first step in any business collaboration. If companies spend too much time concluding a contract, a project envisaged by it does not bring the desired result. According to the World Commerce & Contracting Association, companies lose 12% to 40% of their contract revenue due to a poorly established contracting process.
How to organize contracting? How can online document exchange (ODE) services help with this? We will tell you in the article.
ODE services—from document delivery to contracting management
Modern businesses widely use ODE services for rapid document exchange. They allow you to sign documents instantly from anywhere in the world. Electronic documents have full legal force by law, so more and more companies are switching to electronic document management.
Vchasno has created a service that provides not only the exchange of documents with partners but also a full cycle of contracting management.
The service automates each stage of contracting and saves companies time. As a result, business partners can start cooperating and make a profit earlier.
Let’s take a closer look at how Vchasno.ODE automates the contracting stages.
Creating a contract and reconciling versions
Contractors need to keep track of all document updates and work with the current version of the contract. Employees who do not use ODE services usually send contract versions to counterparties by email. In doing so, they often make mistakes and thereby expose the company to financial risks.
The Vchasno.ODE service stores all versions of the contract. Company employees can choose a current version to send to the counterparty or revert to the old one if the terms of the contract change.
Editing
Working in the Vchasno.ODE service, companies save time at the editing stage. Employees edit a current version of the contract in the service, see all the changes, and can approve or reject them in one click.
Approval
To send a contract to a counterparty, it needs to be approved within the company. To do this, employees have to know who approves documents and in what sequence according to the company’s internal guidelines.
In 40% of companies, employees who approve contracts do not know who is next in the approval chain.
The Vchasno.ODE service allows you to customize the routing of approvals and signatures. The system automatically determines who approves the contract and in what sequence. The employee responsible for signing the contract sees at what stage of approval there are delays and helps to eliminate them.
Signing
As business practice shows, the conclusion of a contract is often delayed because the company’s head is on a business trip, vacation, or sick leave. With Vchasno.ODE, you can sign contracts from anywhere in the world. Electronic signatures are used for this purpose.
The Vchasno.QES signature provides the best customer experience. It is a part of the Vchasno ecosystem of services, and therefore, technical problems in the process of signing documents online are minimized. An electronic contract can be signed in a few clicks.
The Vchasno.ODE service allows companies to go from negotiation to signing a contract in 1 day.
Storage
When a contract comes into force, all parties must have access to it. This is how counterparties track compliance with the terms and conditions, validity period, etc. If a company signs and keeps a lot of paper contracts, employees spend a lot of time looking for the right document. Due to archiving errors, some contracts are lost.
90% of employees who work with contracts have difficulty finding documents.
In wartime, Ukrainian companies face the problem of secure document storage. Paper archives are not protected from damage or destruction. Companies may lose documents during relocation or evacuation of archives from the war zone.
Since 2022, almost 8000 Ukrainian companies have been relocated.
Vchasno.ODE stores the entire archive in the cloud on Amazon servers located in the European Union. Company managers can customize access to the archive for individual employees, grant or revoke the right to view, download, or delete documents.
Various filters can be used to search for documents quickly: by document type, date of creation or signing, name or details of the counterparty, etc.
Automate your work with contracts
Everything you need for your documents.
Create, Sign, Approve, Exchange and Store documents online
Effective contracting: Vchasno’s customers’ experience
The Aurora multimarket chain began implementing ODE by switching to electronic contracting. To ensure the operation of its network of more than 1500 stores, the company signs contracts with suppliers, carriers, and landlords.
After switching to ODE, Aurora concludes more than 1,000 electronic contracts per year and saves about 1,000 man-hours.
The transition to ODE allowed Aurora to automate the approval of contracts. This has significantly reduced the time spent by lawyers. In particular, managers of the transportation department began to approve standard contracts for the transportation of goods even without their participation. This allowed the company not to expand its legal department while scaling its network.
Electronic contracting allows you to control the entire process of concluding a contract—from drafting to signing, avoid mistakes, and save time and money. Thanks to this, companies quickly conclude contracts and launch business projects.
Optimize the work process with contracts at your company
Contact our specialists to get an extended consultation on how to arrange a workflow with contracts at your company using the «Vchasno.EDO» service.
