Archiving and retaining contract data can prove challenging without the proper tools and procedures. Contract data archival and retention processes can vary based on categorization, legality, and compliance variables. Fortunately, leading contract management software can help sort through noise with the help of a secure contract repository, automated workflows, and timely notifications.
Contract Data Archival and Retention
Contract data archival and retention is the process of storing information and files within defined locations for established periods, including data backup. The established period of contract data retention depends on data categorization, legality, and compliance. Upon completion of a retention period, data can be deleted or transferred. Data can then be migrated to tertiary or secondary storage.
Data Archival and Retention Policy
A data archival and retention policy clearly details an organization’s procedures for categorizing, archiving, retaining, migrating, deleting, and backing up data. Each organization may require varying requirements within these categories based on data categorization, legality, and compliance standards. A strong data archival and retention policy enables compliance, maintains a clean repository, improves searching, and increases storage capacity.
Data Archival and Retention From a Secure Contract Repository
Managing confidential and sensitive data within disparate systems, such as email and spreadsheets, can leave confidential and sensitive contract information vulnerable to data breaches. Fortunately, a centralized contract repository proffered by a leading CLM software platform can empower you to protect confidential and sensitive contract data within a web-enabled, secure contract repository.
You can easily identify contract data that is ready for archival and retention – such as financial information, phone numbers, emails, locations, counterparty information, clauses, milestones, and key dates – with the help of robust CLM software search features. By leveraging a contract repository offered by a leading contract lifecycle management software provider that is SOC 1, SOC 2, Privacy Shield, and HITRUST compliant, you can confidently know that your contract data resides within a secure location until closed contracts are ready for transferring or purging.
Automate Workflows for Consistent Contract Data Archival and Retention
Tracking and managing varying contracts for archival and retention with manual processes can prove stressful and increase risk. You can find yourself struggling to notify the right people at the right time. Fortunately, intelligent contract workflow automation reduces bottlenecks by enabling you to assign responsible stakeholders to contract data that is ready for archiving, retaining, and purging. Notifications can be configured within the CLM system and via email to alert assigned CLM software users of contract data ready for archiving or purging based on key dates, compliance standards, and other variables.
Rather than automate contract purging, which is not encouraged, you can automate workflows for the right stakeholders to review closed contracts ready for purging within a manageable timeframe, helping reduce risk and accidental contract data deletion. Moreover, leading contract lifecycle management software supports audit trail history with trackable status changes for enhanced contract data task management oversight and data policy accountability.
Streamline Contract Data Archival & Retention with CobbleStone®
Don’t waste any more time with inefficient contract data archival and retention processes that can leave your organization exposed to undue risk. Streamline contract data archival and retention with CobbleStone Contract Insight – a leading CLM software, trusted by thousands of contract management professionals. See industry-leading contract lifecycle management software in action by booking your free demo with a CobbleStone Contract Insight expert.
CobbleStone's trusted, award-winning, leading contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone has been a leader in CLM software for over twenty years and is trusted by thousands of contract managers. CobbleStone's user-friendly, robust, and scalable solution seamlessly connects with external applications, including MS Word and MS Outlook, and offers VISDOM® AI with machine learning for natural language processing and risk management. Moreover, CobbleStone's IntelliSign® eSignatures can make one-off and bulk electronic signing a breeze. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
To stay up to date on best practices, industry news, and CobbleStone Software updates, be sure to subscribe to our blog and YouTube Channel.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.