The Beginning of the Journey - Company Templates: what they do and why using Monax makes them more powerful
When you own or operate a business, you find that a number of agreements get used repeatedly, such as agreements with customers and agreements with repeat suppliers. These are Company Templates. Just like any other process that gets repeated time and again in the course of business operations, Company Templates become the obvious subject of efforts to streamline and, to whatever extent possible, efforts to automate.
Companies already recognize the repeatability of their Company Templates. When a company uses the same terms repeatedly, they usually turn these sets of terms into forms that are designed to allow the company to reuse the same terms but fill in the who and when variables that are specific to that agreement. Using a form streamlines the agreement formation process for any repeatable set of terms.
But what about after the agreement is formed? Companies also make efforts to streamline the execution process wherever possible. For example, all customer relationships and the agreements that govern those relationships are usually managed by the same personnel and housed in the same location. Many external processes, like periodic payments, can be automated. Internal processes can also be automated. For example, a digital product is often automatically delivered to you after payment is verified and accepted.
Meanwhile, the agreement itself sits in a file. It serves only as a record of the terms agreed to, and it is only consulted in the event of dispute or confusion. This part of the process is equally repeated and repeatable. But streamlining that consists of filling in blanks on a paper form involves no digitization and therefore does not lend itself well to further automation and integration. While the surrounding processes are ever more automated, the agreements that give rise to those processes remain stale and inactive.
How Monax broadens your options:
Monax will give your Company Templates a power and flexibility they never had as paper forms. Streamlining will no longer stop with the creation of a form. Instead, using the Monax Product Legal Studio, the process agreed to by the parties becomes digitized.
The formation process gains signature collection functionality. No more tracking down disparately executed copies stored in email attachments or paper files. The Monax Platform records the signature collection process. With the Monax Platform, there is a complete log of each signature: when it was provided, by whom, and to exactly what terms.
The Monax Legal Product Studio adds even more functionality to the execution process. Instead of just writing down in words exactly what obligations each party will perform and in what order, you design a digital model of that process. The digitized process model becomes part of the agreement. Each task then becomes a digitally structured event. This allows the task not only to be automated but to be automated within the order of events established by the model. For example, without the aid of human management over the parties in the performance of their tasks, automated payment can now be a process that does not begin until goods paid for have been accepted or verified as authentic. The model you create for your Company Template holds parties to the implementation process to which they agreed. Tasks can now be coordinated across platforms through integrations: tasks performed on one system can be implemented in multiple systems and recorded in a decentralized location that is accessible to all parties. The ways in which integrations can increase the functionality of the model know only the bounds of our imaginations.
Photo by Huaihang Tang on Unsplash