EXCEL DOES NOT SUPPORT MULTI-LEVEL APPROVALS – WHAT RISKS ARE BUSINESSES FACING?
Contract approval is a critical step in risk management. However, Excel has no built-in approval functionality.
1. How does contract approval work when using Excel?
Typically, the process looks like this:
- Draft the contract → send via email → wait for feedback → revise → resend
- No system to track approval status
- No visibility into where the contract is “stuck”
2. Serious risks caused by the lack of an approval workflow
- Signing contracts without proper authorization
- Contract terms being changed after verbal approval
- No evidence or audit trail in case of disputes
- Management unable to monitor approval progress
3. How is multi-level approval different in a software system?
- Automatic routing between approval levels
- Clear validation of authorized approvers
- Recorded timestamps, approvers, and approval outcomes
- No possibility of “unauthorized signing”
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