If you’re a major multinational enterprise organization doing business across multiple jurisdictions and legal systems, there are few things more complicated than getting your contracts signed. That’s where Oneflow’s new approval flows feature comes in.
In this article, we’ll cover;
- What are approval flows?
- How do Oneflow’s approval flows work?
- How can multinational enterprises use them?
1. What are approval flows?
Approval flows are pretty much what they say on the tin. When you send a contract out to be signed, you can add in an approver who will take a look at the contract and make sure everything is fine before it’s signed.
This can be particularly useful if, for example, you’re a seller who wants to have your sales manager approve a larger discount before you send out a contract. In the case of multinational enterprises, however, the use case for approval flows is far greater: it can help you avoid legal disputes by having your legal team look over the contract first, avoiding long, drawn out email threads or discussions.
As Cécile Makala, a Customer Onboarding Manager at Oneflow, says, “approval flows are good for internal collaboration and to be less dependent on other’s time constraints”.
But first, how do Oneflow’s approval flows actually work?
Read also: New internal approval flows
2. How do Oneflow’s approval flows work?
Using Oneflow’s approval flows is as easy as ABC. Within the platform, all you have to do is:
- Add all colleagues you want to look at the contract to it and mark them as ‘approvers’
- This is optional, but set up an approval order
- Send the contract with a message, if you so wish
- Your colleague or colleagues receive an email letting them know that there’s a contract for them to approve
- They approve it, or suggest edits inside the contract if they need to, then it goes on to the signatories.
It really is as simple and hassle-free as that.
Read also: Why Oneflow is a contract management platform for everyone
3. How can multinational enterprises use them?
We can all agree that multinational enterprises can face extremely complex challenges when getting their contracts signed. For example; a company doing business in Germany with a company in China might well have to adhere to certain local regulations in both countries, as well as at the EU level. This is particularly true if the contract involves importing physical goods to Germany and into the EU’s customs union. You get the idea. It can get very complex very quickly.
This is where approval flows come in. With Oneflow, you can now get that crucial second set of eyes on your contracts. That could be a salesperson from a local or regional office, or one or more people from your legal team having a look at the terms and conditions.
Once the small print has been checked, verified, and approved, you can send it on to the signatory. This is a great example of Oneflow’s approval flows in action.
This is just one example of how a multinational enterprise can benefit from approval flows. There are countless other ways too. It all depends on how you want to use it, and what your specific pain points with the approval of your contracts are.
If you want to find out more about how Oneflow’s approval flows can help you, click here to speak to one of our team today.
