Documenting deals faster and better
Documenting the various stages of a deal is a precise job. It often takes lots of time, a scarce good for all parties involved. Technology has now made it possible for all dealmakers to document deals faster and better. The key? Transaction document automation.
Read here how it works!
Transaction document automation
Automatic creation of transaction documents is done online with ‘web based tools’. This means easy access: no need to install applications or software. Users create their own documents in a secured environment. And they do it by simply answering questionnaires in the tool.
Although many transaction documents are of a legal nature, users do not have to be legal experts. Customer friendly creation tools use distinct language in their questionnaires. They also provide guidance where things get a bit technical.
Advisor or not, you can do this yourself!
So, documents are built on the basis of answers given in questionnaires. Good questionnaires are interactive. This means that the system decides on the basis of previous answers which follow-up questions are asked to the user. As a result thereof, the tool produces a useful document with only content relevant in the user’s situation.
All types of documents are suitable for automation and they can be produced in both draft and execution copy form. Documents usually come in pdf and in Word format. This enables users to easily update documents after their creation.
Imagine a Friday afternoon, drafting that one document on the basis of something used in a previous deal. "Let’s get this document out before the weekend!", you say to yourself. That seems realistic until.. this deal appears to be a little (or actually a lot) different than last time. Hours of drafting lie ahead!
With a document creation tool it can take users only a few minutes to create documents of excellent quality. From both personal as well as transactional perspective a good deal.
A good document creation tool accelerates your deal
Document automation enables parties to maintain speed in the entire deal process. It also frees up their time for value adding negotations and other important actions. Being complementary to other digitised and automated parts of the deal process (such as virtual data rooms), it is no surprise that many see document automation as a must-have for their transactions.
Writing is a true profession and documenting a deal is a precise job. Manually drafting transaction documents involves risks of making errors. Those often result in substantial time spent correcting. Sometimes textual errors even negatively impact the deal, before and after the closing.
With automated document creation all parties to the deal can be sure that the content of their documentation is accurate and error-free.
Error-free and all important clauses are in your documents
Moreover, by using the questionnaire as a virtual check list, users can be confident that all important clauses are in their document after completing the questionnaire. This is especially helpful for those who lack relevant in-depth knowledge. Think of an agreement or other legal documents created by someone without legal knowledge. To many this is a reason in itself to work with a document automation tool.
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