Companies conclude business-relevant contracts with external partners such as customers and suppliers. For smooth and secure processes, the question is therefore not whether external parties are integrated into the workflows, but how. In order to digitize business processes in a well-thought-out manner, companies need to involve all parties. The use of a smart contract archive provides the foundation for this. The digitalization of the associated processes builds on top of that.
The contract management software Fabasoft Contracts supports companies in digitizing the workflows associated with their contracts without. With the product's own “External Area”, legal representatives, customers, and suppliers can be easily integrated into the system. The following blog article shows how companies can make their coordination processes efficient and transparent, and thus reduce their manual workload.
What is the “External Area“?
The "External Area" is a smart data room within a file that is used to exchange information with external stakeholders. The partners are granted access and log in using two-factor authentication. To ensure that only a single version of a document exists (keyword "single point of truth"), those responsible move the documents to be shared to that room. To maintain an overview of the information, a link to the document remains at the original storage location without breaking the defined filing structure.
Depending on the authorization granted, people can either only read the documents in the External Area or edit them themselves, including signing them. By working together in one digital location, those involved avoid additional workload, as well as risks arising from the insecure exchange of email attachments or the manual comparison of different document versions.
The three most common use cases of the External Area:
1. Taking note of information
Here, the use of the External Area is like a "one-way street", as the focus is purely on sharing content. Internal persons use it to make information or documents available to partners for their information. Those responsible can use electronic workflow signatures to ensure that everyone involved has actually seen the affected document.
At the same time, it is also possible for external parties to provide the necessary documents themselves, such as certificates.
2. Negotiating together
If there is a need to coordinate or negotiate contracts, the internal managers work with their partners on a joint document in the cloud without media discontinuity. All stakeholders with the appropriate authorization can edit, comment on and sign content directly in the External Area. Thanks to versioning and the time travel function, changes can be identified quickly and seamlessly, even for large contracts.
3. Signing contracts digitally
The most common use case is most likely the digital signing of contracts. The integrated advanced and qualified electronic signature in accordance with the eIDAS Regulation enables contracts to be signed securely and quickly at the touch of a button. The contractual partner receives an invitation to participate directly in the signing process. This can be defined individually - either ad-hoc or as a ready-made workflow. The status of the process can be tracked at any time. All tasks to be completed can be found in the personal worklist and are also sent to mobile devices via e-mail and push notifications.
This direct integration of partners makes work much easier for companies. For example, if a business is affected by the German Act on Corporate Due Diligence Obligations in Supply Chains (LkSG) and has to inform several thousand suppliers at once or ask them to sign, this is done automatically thanks to digital processes.
One place – many applications
The External Area of Fabasoft Contracts creates the ideal environment for an uncomplicated, seamless and secure exchange with customers, suppliers and other external parties. This saves companies valuable time, minimizes their risk and maximizes transparency in their contract management.
