UK business is traditionally paper-driven – and no more so than in the case of contracts. Consider the first thing that comes to mind when you think of a contract: probably, you’re thinking of reams of paperwork, dizzying clause numbers and a physical signature on the dotted line.
But just because something is traditional doesn’t mean it’s best practice. Contract accuracy is vitally important and carries both legal and operational implications in case of error. Such consequences – which may result in financial penalties – leave a bewildering conundrum when you consider the limitations of a paper-driven document.
Human error, inaccuracy, document loss and storage costs are the tip of the iceberg when it comes to paperwork problems. Electronic Data Capture (EDC) solutions, such as Formation Software, are designed to solve the problem of reliable data collection in businesses, which have a large paperwork dependency. They allow a business to recreate any paper document in a digital format for completion on a mobile device and storage in the cloud. Companies can build a suite of contract documents including non-disclosure agreements, company policies, partnership agreements, sales agreements and employment contracts.
There is no limit to what can be built and EDC solves many of the issues associated with its paper-based cousins. All data within a digital form can be recorded using a tablet or mobile device on either Android or iOS. Data validation rules ensure that the correct information is being recorded in the correct sections, eliminating the margin for human error. There is also no danger of document loss as the cloud-based hosting retains your forms securely online for as long as they are needed.
Why this matters
The fastest-growing parts of the global economy are those which haven’t been afraid to adapt to change. In February this year The Daily Telegraph reported that the digital economy was growing at 32% faster than the rest of UK industry. Technology is driving growth and efficiency and EDC solutions promise cost savings, improved data capture and more reliable contract management.
Digitising your contract management isn’t about throwing a spanner into your existing operational set-up. In actual fact, it’s more about augmenting what you have already, integrating with your systems and turning already successful businesses into companies which are geared towards the future.
Nick is Software Sales Manager at Stroma Software a provider of software solutions focussed on the Electronic Data Capture (EDC) market