Why you should start managing digital contracts
Digitizing contracts has become a recurring activity within organizations, due to new regulations and to the pandemic we have experienced.
In such context, the Public Administration is clearly going digital and is starting to create and preserve documents according to these new guidelines. This approach is extended to contracts as well.
Working from home is one more reason that has led private organizations to use solutions which can manage documents digitally.
What are the advantages of choosing digital contracts?
- Digitization makes it easier to control documents: when paper documentation is used, information can often be chaotic and incomplete;
- The environment benefits from reducing or eliminating paper documents
Dematerialization processes: where to begin
When facing the dematerialization process, regulations need to be taken into consideration in order to guarantee the document prerequisites of integrity and immutability. The phases of the document life cycle are:
- Creation
The creation of a document implies its drafting as well as its receipt in digital or analog formats. - Signing
Signing a document means affixing the electronic signature which can be simple (FES), advanced (FEA) or digital (FD), depending on the nature of the document. - Archiving
Archiving a document means inserting it in a regulated archive or in an IT Protocol system: the latter is a task for Public Administrations and it is certainly a good practice for companies too. - Preservation
Compliant digital preservation plays a fundamental role both in preserving the content of a contract in the long term and in ensuring its immutability and integrity.
The contract lifecycle
Creation
- Creation of the contract by using the ERP system or a Microsoft Word document.
- Archiving is automatic thanks to document management softwares or from Word to Archiflow.
Collaboration
- Changes can be made by multiple users.
- Tasks can be assigned, deadlines and notes can be seen in order to keep track.
- The document is saved in Archiflow and Microsoft Word.
- The final version can be in PDF format.
Approval
- Internal approvals from multiple users.
- Private and public notes can be added.
- Structured workflows help define the process.
Sottoscrizione
- The document can be signed both by internal and external stakeholders.
- The document shows how has to sign it and the contract can be sent right away.
- Once the signed contract arrives, it is archived according to regulations.
Conservazione
- Digital contracts are preserved according to current regulations.
- The document keeps its legal value over time.