Using Monax for Simplification of Corporate Processes
Business operations necessarily include a number of repeated processes. Your company’s corporate governance documents, for example, are likely to contain several, like procedures for calling meetings or for recording votes. Generally speaking, each of the oft-repeated processes dictated by corporate governance documents bears little or no relationship to the subject matter to which it is applied; the process required to initiate board action without a meeting remains the same for each board action regardless of the nature of the action to be taken. The action to be taken is the subject of other documents that do not consider the corporate processes involved in the execution of its terms.
In the current world of paper agreements, digitized processes are not included as part of an agreement at all. In some cases, the process is at least described in the prose of the agreement, but processes unrelated to the subject matter of the document are never brought to bear, even when the process is an integral first step necessary to legitimize the desired end product.
Enter Monax. Just like any other process that gets repeated time and again in the course of business operations, corporate governance processes should be streamlined and automated. The Monax Legal Product Studio incorporates a digitized business process model into each template. The model initially organizes and later tracks the tasks involved in forming and executing the terms of the agreement. The person who uploads the prose is free to design whatever process would be most useful to realize the goal of the agreement; he or she is free to include as needed steps that are not described in the prose. The user can create a model that incorporates any number of corporate processes required to properly carry out and monitor performance of the obligations contained in the prose.
Users can piece together modular processes they create, e.g. corporate processes, regularly used payment processes, regularly used distribution processes, etc. Once the user has modeled out the process for corporate action without a meeting, for example, the user can incorporate that task flow into any larger process as needed.
Including a corporate process in your models simplifies the execution of that process. Let us consider as an example signature collection. Each process that requires signature collection from board members, officers, shareholders, or any combination thereof can be accomplished by using the modeler to create a signing task that applies to all parties to the agreement. Each signature collection process then becomes a Monax-Platform-and-email-based automated process whereby the platform uses both its interface and email integrations to notify participants of tasks that are ripe for fulfillment.
Not only is the process itself automated, but the record keeping also becomes a seamless process. Let us continue with our signature collection example. When a signing task has been completed by the signing party, an event log is created. The event log provided by the Monax Platform notifies each party of the precise date and time each user’s signature was collected. This event log provides the evidence needed to bind each signing party to the terms of the document. Monax provides an event log not just for signing tasks but for all tasks. Voting is equally easy to track and prove, as would be the establishment of a quorum, the appointment of an officer, and the submission of a filing form to the secretary of state or other relevant state entity. Monax simplifies the organization, tracking, and record-keeping related to each task included in the model.
The usefulness and corresponding monetary value of a template that includes a business process model far exceeds the usefulness and monetary value of its hard copy counterpart.
A consumer in possession of a Template that includes a business process model holds a far greater value than does the holder of an old-school paper agreement. Incorporation of process models into a template changes (1) the value proposition offered to the consumer by the Template creator as well as (2) the value proposition offered by the Template consumer to its customers. Over time, that digital asset accumulates data that will give you unprecedented insight into the value to your business, and that can be monetized in its own right. With Monax, you can upgrade the value of all of your company’s agreements.
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