Trakti is a cloud based contract negotiation platform that helps reduce costs for customers. The Peer To Peer contract management platform helps to support the entire life cycle of a negotiation. Winner of the 2016 Italian Fintech Award, Trakti was incubated at startup bootcamp’s fintech accelerator program in London. The company rolled out it’s beta product earlier this year and it was validated with 5 different pilots. Enthused by it’s success the company has launched the full version last month and currently has five paying customers.
Finalizing contracts between individuals and enterprises can be quite challenging as deal makers need to process large amounts of data dispersed in emails, documents, pdf files and phone calls. This is time consuming and expensive for companies in the long run. Trakti on the other hand offers a customizable negotiation and contracting cloud based engine that allows companies to connect, negotiate and close business deals faster.
Some of the Benefits of using Trakti are:
- A Business Negotiation Process which is streamlined and efficient.
- Save time with increased productivity levels among employees.
- Data backup for compliance and future business negotiations.
- The platform integrates with block-chain for monitoring.
Try Trakti today at www.trakti.com/how-it-works
Automation – The next logical step in deal making ?
While sales management software like Trakti makes life simpler for businesses, some of the large organizations like Goldman Sachs have turned to automation to increase productivity. The firm recently revealed that more than half the due diligence steps that investment bankers go through while managing an IPO have now been automated. This in turn has saved thousands of human work hours for the company and delivered huge savings. The company has been using a software known as Deal Link built by a former employee to fill in forms and generate reports needed for managing an Initial Public Offering (IPO).
Similarly, JP Morgan announced earlier this year that it was using a machine learning platform to extract information from financial deals which would normally take humans thousands of hours. The software program called COIN stands for Contract Intelligence and does a thorough job of analyzing loan agreements. The software surprisingly reported less errors than humans and did a pretty efficient job. And the best part is that it never needs a holiday like it’s human peers. You can read more about JP Morgan’s experience with automation here.
Financial service companies around the world are investing billions in the promise of automation. JP Morgan last year unveiled it’s own cloud computing platform called Gaia which was built after studying similar platforms in use at Apple and Facebook.
Bots For Negotiating Contracts
Some firms are even building bots to help close deals and finalize contracts online. These are expected to be rolled out early next year and could drive another round of retrenchment in the IT sector. Automation and machine learning is driving the next wave of change in the financial services sector.