Aug 25, 2020 | Blog
Negotiation process management, contract creation, project work – they’re all intensive processes that require consistent, clear collaboration. Unfortunately, in the era of COVID-19, social distancing, and remote work, this isn’t quite as easy as it might have been once upon a time. Getting all the collaborative stuff done is harder than ever with us not always able to see one another face to face. But there are a whole suite of technological tools available to help streamline things including Google Docs, Slack, Microsoft Teams, and Zoom. But what can these tools specifically do for you? Read on to find out.
Working Together in Real Time
One of the best parts about all of these different tech tools is the fact that they can help you and your stakeholders collaborate together in real-time. That may seem like a small detail, but it ends up being a huge benefit. You can share ideas, develop plans, negotiate terms, and offer proposals right on the spot rather than having to wait for an email or phone call back. In addition to allowing immediate feedback, digital tools like Google Docs and Teams allow you to get an entire group in on the work. All able to put in their two cents and make changes, bring up concerns, or ask questions in a way that’s visible to all. The end result is that everyone can also figuratively be on the same page at the same time, too. Better for stress levels but also better for productivity overall.
Encourage Interdepartmental Efforts
Related to the real time work aspect, all these amazing digital tools can also go a long way to making you actually work better and more broadly. Unlike in-person engagement, collaboration online takes just the click of a button. Rather than having to organize schedules and meetings to work with other departments, they’re just a Skype call, group chat, or link away. This maximizes the amount of interdepartmental work you can get done and involvement of all stakeholders. This means fairer deals, more innovative solutions, and greater opportunities for cooperation down the road. Of course, it also benefits outside parties and employees past simple negotiation as there’s better communication and transparency.
Help Avoid Negotiation Gridlock
Ease of access, increased engagement and interaction, quicker communication, etcetera altogether add up to the biggest benefit of technology on the business process: it limits the potential for negotiation gridlock. After all, negotiation gridlock is the result of one or more steps in the negotiation process either slowing or failing. Too confusing legalese or unagreeable terms, lack of stakeholder involvement, inefficient collaboration; all can throw a major wrench in getting a deal decided, done, and finalized. But these issues are more easily dealt with when technology is involved. The transparency they allow (document history, real-time editing, etc.), the speed of communication, and visibility to large teams encourage trust, respect, and efficiency that pushes negotiations forward. Add in a full SaaS service that can help parties focus on actual terms and alignment, and you have a winning combination.
About Intellext™
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.