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2022-04-24How to process contracts faster? Opinion and approval in a nutshell
2022-05-29No one likes to waste time doing monotonous tasks. Very often a job we don’t like or one that bores us, we put off indefinitely. Who among us has never said to himself – I’ll do it right after I’ve talked to a client or tidied up documents, tidied up my email inbox, had a cup of coffee or… come back from vacation? Well, that’s right. And yet, many of these disliked activities can be simplified and made completely pointless to put off, because the activity itself will take a few minutes.
New contract – how to effectively delay its finalization?
The efficient drafting and signing of contracts are processes that are very important to the operation of many companies. In some, these contracts are very repetitive, while in others the content of each contract is non-standard. The company of one of our clients belongs to the latter group.
Salespeople operating within a trading and service company (FHU) were required each time after a meeting with a customer to create a contract containing all the arrangements. They always had until the end of the month to do this – this is when all agreements were settled and were to go to the person who was responsible for inspecting their contents and reprocessing them further.
What did the salesman do immediately after returning from the meeting? He certainly did NOT set about drafting the content of the contract. The FHU lacked a standard process to streamline the work. When the salesman wanted to create a new document, he could base the content of one of the old agreements and rework it to make it appropriate for the new client, or use one of the template documents he found on disk. There were several model contracts on the company’s disk, both the right ones and old and outdated ones, which often inadvertently fell into circulation again.
This task usually seemed too time-consuming to tackle right away, and the distant deadline further encouraged him to put off preparing the contract even more.
As the end of the month approached, the salesman finally set about creating contracts for the customers he had acquired in the past 30 days. Suppose there were 5 of them, and it took him a few hours to prepare the contracts. Another 200 salespeople working in the company came up with the same idea on the same day. All the contracts on the last day of the month went to the legal department. Were they all reprocessed on time to those authorized to sign? Of course not! The accumulation of contracts to be reviewed in one day caused a blockage in the legal department and generated serious delays.
What can be done to improve contract preparation?
It doesn’t take a huge investment and a lot of time to simplify procedures and make preparing contracts much easier. What can you do to streamline your work?
- Put up-to-date versions of model documents in one place that everyone knows and can access.
- Simplify contract templates and pull out the most important information on the first two pages.
- Train employees on the new procedures so that everyone knows where to find the files, how to use them and to whom to give them.
- Implement the use of Google Drive or Office365®, so that several people can work on or review a single file at one time.
How to do it even faster with the Hatiroo® system?
If the salesman, after the details have been agreed, could prepare the contract in 2-3 minutes, perhaps he could generate it while still in the meeting and immediately pass it to the person in charge of further processing the document. How to do it?
In companies that use the Hatiroo® electronic workflow system, salespeople and all other company employees use ready-made contract templates. All you have to do is select the document, enter the TIN, and the contractor’s data will automatically fill in based on the data extracted from the CSO. In addition, contract templates can be prepared so that all the variable data that needs to be filled in individually for each customer is pulled into a table at the beginning of the contract. This way you don’t have to scroll through the entire document to find places to fill in, and the entire content of the contract refers to the data in the tables at the beginning. A contract prepared in this way is also much easier for a reviewer to look at, making the document’s process from preparation to approval and transfer to the client much faster.
Do you need support and want to streamline the creation and processing of documents in your company? This is our specialty! Write or call us and we will tell you how a good electronic document workflow system can affect the profits generated by your business.