Digital transformation is a business jargon that we hear in every meeting we walk into. Consulting companies have set up large practices around it. Education institutions and business schools offer learning programs of all durations. However, digital transformation means different things to different people.
Using an RFID-enabled toll payment tag is a digital transformation for someone on a road trip. Using the face recognition app DigiYatra and electronic boarding pass cuts it for air travellers. In business, invoices are going electronic, and most payments are received and made electronically. Court cases are filed electronically, as are contracts signed.
We at EisenVault support this digital transformation journey of enterprises. One use case that legal and commercial departments use is our – Contract Lifecycle Management Software (CLM). This helps customers sign, create, review, approve and share contracts for signing digitally. Several EisenVault customers use the Contract Lifecycle Management Software(CLM) feature of the Document Management Solution.
The following is how the document management solution is used by EisenVault customers:
Templates – EisenVault allows users to store templates. This helps in creating contracts from the stored templates by inputting the required information and initiating the contract lifecycle management.
Collaborative Editing – The document management solution users can launch the editable document within the system and collaboratively edit it with multiple users. All changes are updated and stored in real-time.
Approval Workflow – The drafted contract can be shared or forwarded to users within EisenVault using the integrated workflows. There are several options for preconfigured workflows, including sending to a single approver and sending to multiple approvers. Simultaneously or sequentially. Rule-based or more complex workflows can be custom-built.
Contract Sharing – The final contract draft can be shared with users of EisenVault for signing or emailed from the document management system to external signatories.
Contract execution – EisenVault is integrated with eMudhra and offers a variety of options for signing, including Aadhar-based signing, token-based signing or signing by drawing your signature or writing your name.
Contract storing and archiving – Executed contacts can be stored in the document management system with meta-data details of the type of contract, the parties with whom the contract has been executed, and the contract expiry of there is one.
Contract expiry tracking – The expiry date on the meta-data filed triggers reminders to the relevant/subscribed users at predefined intervals.
Integrations - The contracts can be integrated with other solutions like ERPs and case management suites through APIs to help trigger responses/verify if the contract is live with any vendor with that business being transacted.
In a nutshell, corporate law departments and lawyers, and business owners have been effectively using EisenVault with all its enterprise document management features, including Contract Lifecycle Management (CLM). These help them ensure they draft, approve, executive and track contracts and never miss a renewal or termination.