Harnessing the Platform Economy for Contract Management

Harnessing the Platform Economy for Contract Management

Technology is constantly evolving throughout the world and, in business, it is vital to keep pace with that evolution. Engaging with new technologies appropriate to your particular industry, or your specific goals and ambitions, helps to ensure success in an increasingly volatile global marketplace. Indeed, the harnessing of technology is a significant factor in future-proofing your enterprise.

While early adoption of emerging technologies is important, this does not mean every business should jump aboard every passing technological bandwagon. On the contrary, there is skill involved in assessing the suitability and sustainability of newly developed tech solutions and processes. Meticulous cost-benefit analysis is required, and much of the data for this decision-making process comes from the context of the technology in question. It is important to examine how it performs for other early adopters.

There comes a point, though, when new technology gains momentum, having consistently performed well for users. It is then that its popularity increases, and it enters the mainstream. It becomes widely known, and its label becomes an accepted buzzword across industries. This is now the case with the ‘Platform Economy.’

What is the Platform Economy?

The Platform Economy is a digital solution found in the context of both economic and social activity. It facilitates activity, allowing a closer connection between those involved. For example, in terms of social activity, the Platform Economy brings creators and consumers/followers closer together. In business, the Platform Economy brings sales, administration, procurement, and customers closer together. More specifically for business, the Platform Economy can remove trade barriers, facilitating the movement of data in ways that are commercially and administratively advantageous.

For the optimal impact, Platform Economy solutions must be designed with the following in mind:

  • Collaboration – The purpose of a Platform solution is to initiate, build, and strengthen connections between processes, users, and documentation. This means that it should prioritise simple, fast communication, along with transparency for accountability.
  • Intuitiveness – The success of any digital solution is dependent upon its usability as much as it is anything else. If it is not easy to use and simple to adopt across a business, it will not gain the kind of momentum needed to enter the mainstream. Ultimately, the more intuitive the solution, the quicker results can be seen; the quicker its value to the enterprise can be assessed in tangible terms. The most successful Platform solutions are designed to be intuitive, and this reaps real benefits that can be seen in the bottom line of the business.
  • Scalability – To be an effective long-term solution in business, the design of a Platform solution must reflect the scalability of the business in question. It should be easy to scale the Platform in accordance with the need of the operation, so that adoption of the Platform in one business area can be rolled out across the enterprise, swiftly, and with minimal disruption.
Platform-based Contract Management solutions

Platform-based software is the perfect solution for Contract Management, because of its emphasis on collaboration, scalability, and intuitiveness. Its design specifically facilitates the increase of efficiency and productivity within a business operation, while also providing a significant level of protection in terms of business continuity planning.

Permission-based access control

As a Platform solution, Contract Management Software uses permission-based access control to ensure that authorised personnel can securely access the necessary documentation quickly and easily, from any internet-connected location, through any web-connected device. This has three major advantages for businesses in today’s global marketplace.

  • Efficiency is increased by reducing the time and materials needed for distributing contract materials within the business. There is no longer a time-lag while waiting for paper versions to be printed and physically delivered, nor is there the security risk of emailing actual documents to third parties, only for them to become vulnerable on an unsecured device.
  • Compliance requirements are supported through permission-based access. All activity is logged, making the Contract Library and the contracting process fully transparent, with comprehensive audit trails consistently created.
  • Remote-working is supported by permission-based access, which means that your staff can begin the contracting process while out on sales calls, thereby speeding up the initiation of new business relationships, sales, and projects. It also means that, with this support of remote-working, your Contract Management processes can continue with minimal disruption, even during a disruptive event. This is by far the most efficient way to future-proof business operations and ensure business continuity.

 

  • Centralised Repository

Contract Management Software designed as a Platform solution is built around a Centralised Repository. That is, a central collection of all documentation and resources. Working in conjunction with the permission-based access control feature, the Centralised Repository ensures that all documentation is accessible and available for reporting. It also means that libraries of standardised templates, clauses, and language can be utilised to boost both compliance levels, and efficiency of work rates.

  • Automated workflows

The automated workflow feature of Contract Management Software platforms, combined with permission-based access, facilitates close collaboration in an intuitive manner. It ensures that alerts and access to the right documents and files are delivered to the right people at the right time, including notifications of the tasks required. Missed deadlines and missed opportunities for review and renegotiation are no longer an issue, and all alerts, notifications, and workflow tasks can happen remotely – from anywhere in the world with an internet connection.

  • Full integration

In order to be an intuitive Platform solution, Contract Management Software enables the integration with existing software and systems, with cross-platform XML architecture. This means that the implementation and phased roll-out of the software is easily managed and achieved, and scalability is also supported through the cohesive adoption process.

  • Customised reporting

The customised reporting feature of Contract Management Software platforms ensures that accurate, actionable data is delivered to necessary, authorised personnel – anywhere in the world. This means that contract decisions can be made from a fully informed position, even during disruptive events, and is therefore a feature that supports collaboration, scalability, and intuitive use.

By harnessing the Platform Economy through the implementation of Contract Management Software, businesses can better ensure business continuity and future-proofing through easier collaboration, intuitive design, and the achievement of full scalability. Contact Symfact today to arrange your free demonstration.