Regardless of size, industry or turnover, if you’re in business there’s no escaping the fact that contracts play a vital role in every aspect of your entity. These contractual agreements can be between any number of parties and across multiple jurisdictions - the one thing they have in common is their centrality to the success or failure of your operation: contracts form the nexus of all business relationships. It makes sense to manage these agreements in the way that best manages your resources in both the short term and the long term…
Conversely, failure to maintain sufficient insight into contractual liabilities and relationships that affect your business is a well-established, commonly experienced operational risk, and the consequences can be dire indeed.
“Estimates indicate that the inability to properly manage effective contracts costs the buyers’ bottom lines 20% year-over-year.” (Forbes)
The very nature of business today gives rise to ever-increasing contractual difficulty - from intricately nuanced supply agreements to performance-led remuneration packages. It is no longer sufficient to sign something, stick it in a drawer, grab a coffee and forget about it. Contract management has been elevated from mere operational necessity for legal auditing, to “an enterprise-level core system addressing business risk, costs and the pursuit of revenue maximization” (Gartner*)
At Monax we believe contracts need to work for you. We believe in activating agreements to stand up and become the backbone of your business functions instead of just static points of connection. I mean, who doesn’t want to ramp up their sales cycle, be ahead of the game at the VC funding rounds or have compliance under full control?
There are a plethora of CLM offerings on the market, so just what is it that makes the Monax Platform the best choice for your CLM needs?
We live in the age of the programmable economy (to quote Gartner again) with revolutionary changes occurring across the global economy driven by technological innovations. It’s time for legal services to drive forwards, and the newly launched Monax Platform (MP) elevates contract lifecycle management to meet these changes. It does this by leveraging three distinct yet complementary technologies: solidity code, business process modeling (BPM) and blockchain.
The Monax Platform empowers your business with a truly agile and intelligent CLM system - the ability to respond to and take advantage of these programmable economy trends. Not only can users procure quality legal products to suit a wide variety of operational needs, the Platform gives users the ability to delegate and co-ordinate team actions on contracts, to track the state of play across every agreement the company is party to, and to perform necessary audits quickly and easily.
Imagine having access to a dynamic suite of smart contracts, programmed to select the correct metadata and clauses to then formulate a dynamic contract, at the touch of a button. OR .. sign up for Monax Platform and stop imagining!
The Monax Platform has an elegantly designed dashboard packed with features and consists of two key environments. One is
Monax Deal Space - enabling users to delegate and coordinate team tasks, automate repetitive actions, track developmental state of contractual obligations, perform audits on legal activities, and access quality legal products to suit business needs. The second environment is
Monax Legal Products Studio - enabling users to create, test and market their legal products to the community.
The Platform is built upon an open public blockchain The Agreements Network. It allows anyone to upload a contractual template plus a set of workflow process diagrams which then enable the user to graphicly define the legally relevant events which take place over the course of a contract (using BPM notation). This is explained in greater detail (with diagrams) here. The system then leverages blockchain technology to manage these actions without the need for a third party (for more info, see this blog and we can use the workflows to understand risk and drive automation in every kind of business. To see this tech in action, the best way is to sign up for a demo of the platform! (see the link below.)
The processing model built into the platform allows the user to track what stage they are at in the lifecycle of a contract (such as fulfilment/ order/ payment phase in a sale of goods example). This function addresses two key gaps in the current legal tech solutions. Firstly, it allows the consumer to visualise and understand where they currently stand in the fulfilment of each contract, then use the info to inform risk taking or other business decisions. Secondly, it gives the power to drive process automation. For example, the Monax Platform will seamlessly integrate with your accounting system so that when a contract requires payment, an API call will trigger an action to send an invoice through your accounting system.
The Platform has been 4 years in the architecture, and is currently in private beta phase. If you would like to be one of the first to experience this incredible new resource, just email [email protected] Welcome to the world of happy contracting!
(*The programmable economy is a term created by research firm Gartner Inc. in 2014 to describe the revolutionary changes happening in the global economy due to innovation)
Photo by MARIUS MASALAR on Unsplash.