Many organizations revolve around documents. While we may print less and less, we still need to create documents to share with customers, employees and partners to make sure that our businesses continue to operate efficiently. Whether it is a new customer sales contract, employee offer letter, or partner agreement, creating documents can be time consuming, error prone and inconsistent. Additionally, once that document is created, getting the right approvals before it is sent to the intended recipient can be difficult.
Here’s just one example of how this might look in a company not too different from where you work: Joe manages a large, enterprise sales team. For every transaction, his team must create a new sales agreement with terms that are up-to-date and include the most recent products and pricing. Using old or incorrect data can cost the company money and lead to long and unsatisfying customer experiences. Even worse, if incorrect terms are included, or omitted from the sales agreement, the company could be at risk.
Joe’s organization has several different types of agreements – with terms that are directly tied to the product(s) being sold. Under the previously accepted process for new sales agreements, each sales person would take an agreement template stored on their computer and update the data for the current customer and then send via email for approvals. This method had a number of challenges and problems:
- Frequently the agreement template the salesperson selected would not match the right product or service that the customer was purchasing – including terms not appropriate for that specific deal.
- Manually entering information like the company name meant there was a lot of time wasted in reentering data and it was very prone to errors.
- The approval via emails meant there was no visibility into where the document was in the approval cycle leading to long delays and challenges in determining who had an agreement and whether they’d approved it or not.
All of this resulted in agreements that took a long time to create and approve and frequently contained errors in data or terms – largely inefficient for the organization, frustrating for the customers and risky for the business.
But, there is a better way – K2 and HotDocs. By implementing an integrated solution, Joe’s sales team is now able to log in to their sales portal. From there they select the correct document from their library of HotDocs templates and complete the necessary information. By using these templates, the organization knows that the most current and appropriate terms are in that document – reducing risk of non-compliance. In addition, using dynamic HotDocs templates speeds up the document creation process as HotDocs works within K2 to quickly generate the necessary document, or suite of documents. Because K2 is able to tie into almost any line of business system, they also can pull information about their customer from existing systems – eliminating the need to complete any manual data entry and reducing errors. Finally, upon completion of the document, K2’s robust workflow engine can route the document for approvals – providing visibility every step of the way – no more searching emails for documents or making phone calls to find out where an agreement is in the process.
So, while there will always be a need for documents in the workspace, the way we create and use those documents can improve significantly with K2 and HotDocs. If your organization could benefit from this type of automation, we have several opportunities for you to learn more:
- Attend one of our upcoming Automate to Accelerate workshops for a live demo of the integrated K2 and and HotDocs solution. You’ll hear from an existing K2 and HotDocs customer on the benefits their business has realized using both solutions together. Upcoming sessions are:
- If you’re not near a live event, watch a recent webcast here on new client intake specifically for law firms.
- If you have any questions or want to be in contact with us, please email HotDocs@K2.com