Documents play a central role in organizational communication.Companies that work for profit or non-profit document important boardroom resolutions and decisions meticulously and circulate them among all the stakeholders to keep them abreast of developments. Companies can conclude business deals and sign agreements only when their document fulfills the criteria. All these activities involve several hours of manual data entry and employees' productive time. Most of the time, companies expect employees to recreate them several times as and when there is any requirement or business opportunity. Electronic document management systems , however, help organizations save time and money and effortlessly promotes end-to-end document management.
Types of documents and their significance in organizational settings:
Enterprises generally develop and deploy documents such as business agreements, non-disclosure agreements (NDA), tender notices, business proposals, project blueprints, contract renewal agreements, IT and administrative financial expenditures, and company financial audits that discuss income, expenditure, profit, and loss statements.
Role of document automation for efficient contract management.
The user-friendly electronic document management system possesses advanced document management features. Organizations can create any customized business document without writing code on a document management platform. Companies can store proposal documents or business blueprint documents in a centralized digital document repository. Companies can save these documents as templates and share them with multiple stakeholders without wasting time recreating documents afresh.
Document creation is a child’s play on the no-code document management platform:
No-code document management platforms are very efficient at automating document creation. Users can drag ready-to-use fields to create custom documents on a blank document and save them as templates for multiple uses.
Promotes compatibility and organizational agility:
Companies can share contract renewal agreements or technical documents instantly. Online document management promotes organizational agility and adaptability, where users can access documents on any device, including mobile phones, for quick document use and fixing electronic signatures.
Workflow automation facilitates instant Document-Sharing:
Organizations can bundle multiple documents and share them with several users to accelerate the project delivery phase. A recipient can easily navigate through the documents bundled as a workflow one after the other for filling in details and fixing eSignature.
Multiple document-sharing options:
No-code contracts management systems offer multiple document-sharing options; companies can share a job description even with anonymous customers on any social platform or online community as a link. Companies need not spend time searching for email addresses to share this document.
What is document analytics, and how does it help organizations leverage their advantage over conventional platforms?
Electronic document management systems allow businesses to customize their dashboards.Dashboard analytics shed useful information for companies to track and analyze documents to make necessary interventions to clear roadblocks toward successful contract management.
Customized document settings:
Electronic document management systems allow users to customize document settings.This feature is essential and useful for companies that compete against time to meet delivery deadlines. Enterprises can set document expiration dates, expecting the document recipient to act before it expires.
Custom dashboard analytics:
Enterprises can customize a dashboard that categorizes documents as completed, deleted, archived, expired, voided, and drafts. Dashboard analytics shed useful insights on the document status. A project manager can assess the project's progress with the help of this analysis.Document analytics also allow companies to find the contract status. If any user or stakeholder denies signing a contract, the document sender receives a notification stating the ‘recipient’ denied signing it. This information is useful for the project manager, who can interact further with the recipient to reach a consensus.
Auto-reminders and notifications:
Online document management systems exhibit amazing features that keep the document owner informed about the document status. When a stakeholder completes signing a contract or project proposal, the platform dispenses a notification that the signing process is complete. A document owner or sender receives such notifications whenever the recipients deny signing the document or when the canceled document expires. A no-code document management platform issues reminders stating the document expiry date, alerting the project manager to act quickly on it.
Interactive and collaborative platform:
Collaboration and negotiations are inherent parts of business management, and electronic document management platforms possess exclusive features that make this software highly interactive. A project head can engage as many stakeholders as possible on one platform at a time to discuss, negotiate, and edit any contract or project proposal online.The interactive platform allows the manager to project the document in its virtual form and chat simultaneously with the stakeholders.This feature helps the project manager bring all the concerned parties onto the same page to edit the document online. When the stakeholder interests are carried out, managers can proceed further to conclude the business deal.
The digital audit trail helps to uphold transparency:
Online document management platforms maintain a thorough digital logbook and ledger that extensively documents the name of the document author, the date and time of document creation, the number of times a document is modified, and the names of the other users who modified the document. This process upholds digital transparency and enhances trust among the stakeholders while signing a business proposal.
Authentication and document safety:
Digital document management systems for contracts adhere to stringent document safety norms. It follows a two-step user authentication process to reach only the intended customer. Organizations can share business proposals or tender documents securely on this platform, which fights document fraud.
Global compliance and user privacy:
The AI-enabled document management platform follows global compliance norms, and it legally signs any document electronically, as many countries around the globe have enacted laws making eSignatures valid. Companies can save time and money spent on creating paper-based documents. Document management platforms are free from manual errors, and document automation helps companies reduce delays in completing projects.
Important Takeaways:
Digital document management platforms allow companies to customize the entire document management process. The custom dashboard offers document analytics that projects a detailed report on the document status in graphical and pictorial form. Project managers can gain and leverage insights to remove roadblocks and fight document transaction delays. The best Electronic document management systems are transparent and follow standard global compliance practices. These platforms uphold transparency to enhance stakeholders’ trust. Interactive document management platforms encourage collaboration and provide ample scope for business negotiations. Companies that switched to no-code document management platforms enjoy an edge over conventional players related to operational excellence. For other informative blogs, visit our website.
