A handshake is considered a contract among respectable business people. Such a handshake naturally does not cover the details. This can come back to haunt you if your respective recollections of that conversation no longer align. Every agreement falls apart when the treaty is interpreted differently. Digital contract management offers the solution, with the guaranteed latest version available for all parties to see, with all the details.
Digital contract management avoids hassle as well as unnecessary searching. Contracts tend to be lengthy - finding the job you want in paper files, phew, that can take a long time. It is wise to digitise contracts for this reason alone. Supplier contracts in particular, but also rental, credit and service contracts are especially suited to digital contract management - if only because of the complex, frequently changing terms and conditions. The foundations for this are provided by document management systems, or DMS for short. ECM solutions are based on DMS processes in order to configure the contract files appropriately. The abbreviation ECM stands for Enterprise Content Management. These modular systems deal with capturing, managing, storing, maintaining and distributing documents in digital form. At the same time, ECM systems define customised workflows that automatically route documents through the system as desired.