The Download July 2024
Third Pillar A Globe Company
"Your Partner in Enabling Business Growth"
The Cost of Opportunity: How Businesses Can Make the Most From Every Decision
Hey Reader,
Throughout history, businesses have come in many shapes and sizes, all to varying success. Mom-and-pop stores have become full-blown retail giants, streetside cafes, and household names. The beauty in business lies in knowing that success can come from anywhere. The art of achieving that success is knowing where to look.
With the rapid growth of technology, companies are continuously expanding their vision and finding new areas to grow. While cutting costs and lowering risks are top priorities, improving existing infrastructures and prioritizing customer experiences can be equally rewarding, if not more.
Still, with limited budgets, time constraints, (and the occasional pushback from more traditional practitioners), businesses have far more opportunities to grow but only some choices are worth pursuing. It’s no longer a straightforward “will the company grow” but a more complicated “how much growth can we expect” given the available choices.
This month’s newsletter is all about making the most of what you already have. Seizing opportunities, weighing options, and maximizing choices are all part of growing business. Making sure that what you are doing is in the right direction is absolutely essential.
In this issue, we’ll be discussing:
As your partner in enabling business growth, Third Pillar is here to give you the latest technologies & capabilities that businesses need.
All the best,
Did You Read That Right? The Cost of Agreements Gone Wrong
In 2008, a Russian man received a credit card application form with an enclosed agreement contract in his mailbox. After filling in the form and returning the signed agreement, his application was processed and the man became a proud owner of a credit card with 0% APR and protection from any bank fees.
What the bank did not realize is that when he signed the application form and agreement contract, he had changed parts of the agreement to his benefit. The bank just accepted the contract without checking for any changes and it ended up becoming a costly mistake.?
This is just one example of agreements going wrong, with many more cases going under the radar than most companies realize. When there’s a disconnect between parties, negotiations can drag on and cost precious time and money for everyone involved.
That’s where contract management platforms, like Docusign, come in to help simplify the process. These platforms offer a streamlined solution to mitigate such risks by ensuring transparency, security, and accuracy throughout the contract lifecycle.
By digitizing the entire process, from drafting to signing and storage, Docusign reduces the likelihood of errors like the one the bank encountered in 2008. It provides tools that enable parties to review contracts thoroughly before signing, flag any discrepancies, and maintain an audit trail of all changes made during negotiations. This not only enhances compliance but also fosters trust between parties.
Moreover, these platforms automate reminders for renewal dates and other crucial milestones, preventing oversights that could lead to unintended renewals or lapses. Such features are invaluable for businesses looking to streamline operations and reduce the administrative burden associated with managing contracts manually.
While the costs of agreements gone wrong can be steep, the benefits of implementing a robust contract management platform like Docusign are clear. It not only safeguards against costly mistakes but also enhances efficiency and accountability across all stages of contract management.?
For any business serious about protecting its interests and maintaining strong relationships with partners and customers alike, investing in a reliable contract management solution is a wise decision.
Discover how to create, manage, and commit smarter agreements by booking a demo with us
Losing Money Under Your Nose: The Dangers of Fraud?
Fraud. It's a constant threat across industries, silently draining profits while eroding trust. In financial services, banking, and real estate, the consequences of fraud can be devastating. But what if there was a way to sniff out fraud before it happens, right under your nose?
This is where graph technology steps in as a game-changer. Here's how:
The Traditional Struggle: Siloed Data, Missed Connections
Legacy fraud detection systems often rely on isolated data points and reliance on relational databases. Transactions sit in one system, customer information in another, and connections between entities remain hidden.?
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This fragmented approach makes it easy for fraudsters to exploit loopholes. Imagine a complex money laundering scheme spanning multiple accounts and shell companies. Traditional systems might miss the red flags, leading to significant financial losses.
The Power of Graph: Connecting the Dots
Unlike siloed databases, graph databases excel at uncovering hidden relationships within data. They visualize information as a network of interconnected nodes (entities) and edges (relationships).?
With Graph, you can analyze transactions, customer profiles, and other data points across your entire system, revealing hidden connections and patterns that might indicate fraudulent activity. Whereas traditional relational databases require a lot of steps to find the relationship between two sources of information.
This isn't to discount the use of relational databases. Both formats are highly important within their own use cases. However, Graph is especially useful for relating two multiple sources of information and identifying important patterns that could flag potential risks.
For example, in an industry like banking and finance, a relational database is important to ledger all transactions for a given account. Graph databases, on the other hand, is more useful to check if flag an account’s suspicious activities like repeat transfers to other accounts, frequent access to malicious websites, or transactions between malicious parties.
Graph technology doesn't just help you find fraud; it streamlines the entire process. By connecting the dots quickly, investigations become faster and more efficient. Additionally, the ability to analyze complex relationships reduces false positives, saving your team valuable time and resources.
The Power of Relationships (Beyond Fraud)
There are a lot of benefits to analyzing the relationships between different points of data. Aside from detecting fraud, it can also be used to help analysts paint a picture with the available information, creating a data profile that is both easy to analyze and simple to process.
There are a lot of relationships that happen around business. That is why graph technology also has other use cases across different industries such as:
?See how you can make graph technology work for you. Learn more here.
Third Pillar Awarded as Docusign SI Growth Partner of the Year
Third Pillar was awarded the Docusign Solutions Integrator (SI) Growth Partner of the Year for its remarkable implementation projects and services.
In a panel discussion, Third Pillar's COO, Jen Garcia, was invited to share about the company's success and the value it brought to its partners.
Since its inception, Third Pillar has been a strong proponent of intelligent agreements, CLM, and e-signature in the country, delivering the best and most secure solutions to enterprises.
For years, Third Pillar has worked closely with Docusign and has become the first Filipino company to become a Docusign silver partner, a testament to the company's commitment to transforming agreements.
Discover how Third Pillar and Docusign are shaping the way you do business by clicking here: https://www.3rd-pillar.com/partners/docusign
How AI and Automation are Revolutionizing Businesses
Third Pillar’s podcast on enterprise technologies, best practices, and market trends back again for another insightful discussion! In this episode, we interview Mr. Mark Edioma, Third Pillar’s Head of Automation, to talk about AI’s increasing role in business.
Want to join us in our Podcast? Feel free to connect with us and let’s discuss the future of technology.
Watch it on YouTube: https://www.youtube.com/watch?v=3PtCPmPIAK0