3-15-2016 | by Emily Sanders
Managing local businesses over multiple and varying geographies seems daunting, but online contract management technology has proven to be a critical factor in global business as it provides more pricing and contract flexibility and negotiation. The ease of cloud technology has provided a streamlined procurement process that helps with the integration of dual systems and managements.
International business expansion ushers in a myriad of opportunities for companies, but with it comes many challenges and complexities. A few of the most pressing issues facing international commerce are business alignment, cost containment and legal disparities between countries. With the global market at an all time high, it is important that smart business communication is maintained between both parties in order to prevent and mitigate risk.
Six of the most important services cloud technology provides are:
A single Point of Contact
- One document administrator to maintain the official document and create user groups, access rules and custom roles.
- Administrative oversight.
Tracking and Monitoring Capabilities
- Version control helps with keeping track of both minor and major document changes.
- Facilitate the revisions and amendments suggested by both parties and ensure changes stay consistent from start to finish.
Operational and Contractual Compliance
- Automated tracking to help you stay on top of contract changes.
- Audit trail.
- Controlled processes.
An Accelerated Contract Lifecycle
- Eliminate time and cost of mailing contracts out; the e-signature capability is legally binding and much quicker to move from one party to another.
- Stay updated and informed throughout the life cycle with alerts, dashboards and reports.
- Work quickly and effectively with all parties through shared workspace and the comments and revisions section.
- Option for discussion and subsidiary management.
- Data privacy.
- Strict international and industry specific data security.
- Search engine tools for immediate access.
Online contract technology is becoming more and more recognized by professionals as the most efficient way to manage contracts both locally and globally. With the ease of cloud technology, international commerce is something your company can get excited about! Concord Worldwide provides an online platform that helps companies create custom roles, custom identification policies, data localization, track revisions etc.. E-negotiation also provides the use of the legally binding e-signature, allowing collaboration between international business partners to be simplified and accelerated.