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Of custom workflows to automate tasks and processes associated with the management of financial contracts. This includes push notifications, due date reminders, approvals, and review tracking. 5. Version control: maintains a complete history of all versions of a contract, making it easy to track changes and revisions made over time. 6. Regulatory compliance: helps ensure compliance with applicable financial regulations and standards when managing and controlling contracts. This includes managing legal clauses and terms, as well as tracking important dates and deadlines. 7. Reporting and analysis: provides reporting and analysis capabilities to gain complete visibility and understanding of the organization's financial contracts. This allows you to track key metrics such as contract performance, risk and profitability. Clm webdox is used to automate and streamline processes related to contract management in various industries, including the financial sector. It offers a centralized platform to create, store, manage and track contracts throughout their entire life cycle, from creation to renewal or termination. E-book cover this content may interest you: the 4 most important contract management kpis for your company software aimed at the efficiency of banking processes every year, a bank in latam creates an average of 150,000 new accounts, of which there are around 4 to 5 contracts that each client must sign .
That is, banks on average manage nearly 600,000 contracts between natural and legal persons, which translates into complex processes that must be managed in the best way, to at the same time improve commercial relationships. To this we must add Germany Mobile Number List the contracts associated with credits, investments, the bank's own operations, human resources, and a long etcetera. In this sense, companies lose 9.15% of income each year due to poor administration of their contracts, according to the world commerce and contracting association (worldcc). This concept has been called by the worldcc as “loss of value” in contracts. To reverse the loss of value in the bank, a clm software like wedbox not only digitizes documents, but also completely takes over the entire process of creating and managing them, as it automates, consolidates and streamlines processes, files and communications to correct contractual management and compliance within the bank, taking control of new and old contracts and aimed at complying with both government regulations and the entity's own internal standards.
Due to the above, worldcc ensures that organizations that invest technological solutions in their contracting process obtain tangible rewards, including a +80% reduction in the average cycle time from offer to contract signing. What should we do after successfully implementing business automation solutions and other new technologies? After successfully implementing banking process automation solutions and other new technologies, there are several important actions that should be taken to maximize the benefits and ensure a successful transition. Some of these actions are detailed below: 1. Evaluate and optimize: conduct a comprehensive evaluation of the implementation and performance of business automation solutions and new technologies. Identify areas of improvement and opportunities to optimize existing processes. 2. Training and adoption : provide adequate training to employees on the use of new technologies implemented. Encourage adoption and familiarization with automated solutions, ensuring that users understand their functionality and feel comfortable using them in their daily work.