DocLogix Sealing Contracts with Inbuilt Two-Way Signatures
In the testing times of COVID-19, contracts management got the required attention from the organization leaders. The lockdowns and social distancing norms have further accentuated the need for a holistic contract lifecycle management (CLM) solution that spans the entire contract lifecycle, including the two-way signature capability within the solution. The CLM solutions that are readily available in the market seem to provide limited capabilities like storing the contracts in a centralized location and easing the workflow while missing on the two-way signature and quick adoption to different markets and industries. There are only fewer players like Vilnius- based DocLogix who can provide these missing links to make the CLM solution wholesome and address the current needs of the organizations.
2021DocLogix has been in the document and process management industry for the past 17 years. Their DocLogix platform is built like a Lego system, and contract management is one part of the Lego. This can be used as a standalone solution, or a client can choose to have multiple parts as per their requirement. The DocLogix contract management solution comes with a set of templates to speed up the process of contract creation. This is helpful, especially within an organization where various teams keep generating new contracts based on their requirements, increasing the legal team’s burden to monitor each one separately. Having a fixed template for generic requirements helps in reducing the workload of the legal team.
At any moment, the legal team can see a visual representation of every contract’s status within the system. Besides, the creator of the contract will receive messages about the actions performed in the document. Organizations can be assured of the security of the contracts as well as compliance with internal company procedures and national legal requirements. However, the functionality that stands out for DocLogix, which has been missing from other CLM providers in the market, is two-way signing. Organizations currently need to install a third-party application to get the contract digitally signed by both the parties. “The two-way signature feature is inbuilt in our solution to have the contract signed digitally by internal and external stakeholders,” says Natalija Jonušienė, CEO of DocLogix.
Natalija draws attention to the key challenge of adapting the CLM and document management solution to different markets. To address this issue, the company educates their employees and encourages them to gather information from external subject matter experts and partners and come up with new approaches to make changes in the platform. This enables the company to stay up to date with rules and regulations of different markets, which can then be translated into making DocLogix solutions adaptable and scalable. The DocLogix platform can be readily adopted by companies in industries like manufacturing, finance, governance, and energy, among others.
The DocLogix platform has been getting a lot of traction from various markets across geographical borders, and the story is almost the same. Organizations are usually looking to do away with their traditional paper-based solution, and they also require consulting from DocLogix regarding the CLM solutions. And Natalija’s advice is simple. “Organizations need to start with the basic solution, understand and move slowly to the big resolution of the problem,” she says.
DocLogix is developing a box solution in congruence with a customizable CLM solution for better customer experience and fostering improved flexibility. While the current solution is closing the entire lifecycle with the ability of two-party signature, future solutions will enable organizations to communicate within and outside the organizations to speed up the process further. “We have created an external document signing portal to sign documents with a qualified electronic signature, which is valid in the Baltic States. The company is also aiming to modify and configure its two-way signature capability for the markets it serves.