CorePlat Platform New Feature: Electronic Contracting
One of the largest retailers in Eastern Europe, Magnit, has introduced a digital form of an agreement with suppliers, which will allow to exchange documents online, automatically register conditions and verify data.
Magnit partners will be able to fill out a form with conditions, create disagreement protocols, sign an agreement and applications, as well as transfer documents through CorePlat.
Today, Magnit has about 5 thousand partners. A typical supply contract consists of 14 pages and 13 more appendices. Reconciliation of such an array of data previously took 40 minutes and another hour went to register the contract in accounting systems. Transfer of paper analogues took about 10 days. In addition, the retailer was forced to keep all paper documents for 10 years in the archive.
Innovations will allow Magnit to reduce time and material costs. According to the retailer’s plan, more than 1 million paper sheets will be saved in the next ten years.
The system was already noted at the ECR AWARD competition held in December 2019, which annually brings together retail and FMCG industry professionals. The project won the nomination “Best Innovation Case”.