Electronic contracts are considered a foundational solution for enterprise digital transformation, serving as a crucial step in driving the growth of contactless electronic transactions.
Digital transformation is not just a trend but a mandatory requirement in the digital age. Many businesses, especially small and medium-sized enterprises, are accelerating their digital transformation to join the Industry 4.0 wave. However, the reality is that not all businesses succeed.
According to a McKinsey report, over 70% of businesses fail in their digital transformation efforts. Lack of leadership commitment, insufficient knowledge of digital transformation, and shortages of resources and finances are common obstacles faced by many Vietnamese businesses. In particular, the biggest bottleneck for many businesses is a lack of information about digital technology. Many business owners do not know what digital transformation is, where to start, and which technologies and solutions are best suited for their business.
Electronic contracts as a lever for digital transformation
Applying appropriate digital processes and technology solutions helps businesses optimize operations and gradually achieve solid digital transformation. In this process, businesses need to identify that the first and most important step in digital transformation is to digitize documents, build an electronic document system, and thereby form a paperless digital working environment. And contracts are one of the important documents that need to be prioritized when digitizing processes.
Regarding electronic contracts, the legal framework has been and continues to be perfected. The Law on Electronic Transactions No. 51/2005/QH11 recognizes the legal value of electronic contracts: “The legal value of an electronic contract cannot be denied solely because it is expressed in the form of a data message.“
In addition, Article 33 of the Law on Electronic Transactions 2005 requires an electronic contract to meet the following conditions to be considered valid:
- Content integrity: The electronic contract must ensure the integrity of the content, and the information cannot be changed or deleted.
- Document authenticity: It is possible to authenticate the information of the signer and the signing time in the long term, meeting the storage requirements for each type of contract and document.
- Accessibility: The electronic contract can be read and accessed using a legally agreed-upon encryption method between the two parties.
Smart eContract – Intelligent electronic contracts for all businesses
Smart eContract is an electronic contract solution developed by SAVYINT to serve the needs of digitizing and automating electronic contract signing processes for all organizations and businesses on multiple platforms (software, apps, web, etc.). Parties to an electronic contract do not need to meet in person, saving time and avoiding risks related to the transportation and storage of paper documents.
Automated processes, 100% paperless
With just a single software, businesses can create documents, customize approval processes, digitally sign contracts, send, receive, and store electronically, ensuring a seamless, automated, and 100% paperless process.
Review, edit, and sign anytime, anywhere
Smart eContract allows for easy use on mobile devices such as laptops, tablets, and mobile phones. In addition, the software supports common digital signature forms such as USB tokens, remote signing, and mobile device signing, helping organizations and businesses operate easily, intuitively, and process documents and sign contracts anytime, anywhere in just a few minutes.
Save up to 90% of time and costs
With a traditional paper contract, businesses have to bear various costs such as: operating costs, printing, transportation, and manual storage costs. Not to mention the loss, dependence on third-party carriers, or other objective factors that can cause the contract to take many days to complete.
If applying electronic contracts, all operations can be performed on a network environment. As a result, the contract signing process is not interrupted, minimizing risks due to the usual delivery process, and shortening the processing time to the maximum for organizations and businesses.
Ensure legality, reliability, integrity, and accessibility
The Smart eContract intelligent electronic contract software allows the standardization of input digitized documents into documents with formats such as TIFF, PDF/A, and also supports advanced signature standards such as CAdES, PadES, XadES, and integrates with the TrustCA Timestamp digital signature and long-term validation technology standards LTV, LTANS to serve long-term storage and authentication of electronic documents, thereby ensuring the reliability and integrity of signed electronic certificates.
Smart eContract – FAST, SAVING, SECURE!
Contact SAVYINT today to own a quality electronic contract solution!
