A poor contracting process results in long negotiation cycles, compliance problems and finally losing revenue. Modern CLM systems provide streamlined processes that help companies to focus on more high-value tasks and core business functions.
Many business workflows rely on agreements or contracts. Digitizing the contract processes helps to create workflows more efficient, more user-friendly and secure. Connected lifecycle processes help all involved parties to reach an agreement faster and more efficient.
While many companies already transformed the creation and deployment of transaction paperwork such as invoices, quotes and reminders, agreements and contracts are still created in manual or semi-manual processes.
Contract Lifecycle Steps
Typically, a contract lifecycle includes the following steps:
- Collaboration / Negotiation (red-lining)
Manual contract creation and processing is an high-effort process and error-prone. Information is manually typed into documents, older contracts are reused (copy and change of existing documents) or documents are created from scratch each time a new contract is required.
Electronic signatures or eSignatures is becoming a standard practice. The integration of digital document processing solutions including collaboration, document sharing and electronic signature processes help successful companies to serve their customers and support business continuity. But the connection of document lifecycle processes and the signature workflow unlocks the true power of contract automation.
Contract Lifecycle Challenges
The following table lists typical challenges with agreement processes:
|Errors due to manually entered data into contracts.||Usage of different "red-lining" tools and versions (MS Word).||No central portal to see status of the signing process.||Errors due to manually entered data into contracts.|
|Delays due to long preparation process.||No central control over tracked changes.||Delays due to missing information.||No central contract repository or search.|
|No data binding to CRM and ERP systems.||Poor user experience.||Delays due to wrong routing.||Security and data privacy|
When adapting out-of-the-box document signing services, the connection to internal data and systems such as ERP and CRM systems is missing.
Text Control eSign
Text Control provides the required technology to integrate contract lifecycle management processes into your C#, Angular and ASP.NET Core applications.
To showcase a typical workflow and the Text Control electronic signature technology, we published a fully functional demo that can be used to create contracts, request signatures, sign documents and to validate executed PDF documents.
With templates, it is possible to create documents with merge fields and form fields that can be reused to request signatures from users based on the same documents. Consider an NDA agreement that is always the same and will be sent frequently to users to request a signature. By completing the merge fields (programmatically or manually), a new instance of the template is created and can be transferred into a signing process.
The editor allows you to insert merge fields, form fields and to modify the content and layout of the template.
MS Word Compatible Online Editor
A fully featured, MS Word compatible editor helps both parties to modify, reject and accept changes and the process is done when both parties accept the state of the document.
Mobile-Friendly Signature Request
Finally, the contract can be transferred to a signature process where the required parties electronically sign the document:
After the document is signed completely, a copy of the signed PDF is being sent to the signer by e-mail as an attachment. By uploading an executed, fully signed PDF document, the integrity and validity can be checked. Therefore, the uploaded document is compared to the originally stored, signed document:
The live demo covers all required legal steps to provide legally binding document signatures in business processes. Test this on your own using the live demo:
If you have any questions about this demo, the technical requirements, legality or if you are thinking about implementing this into your workflows, please don't hesitate to contact us. Our team is more than happy to help you.