When reading magazines, advertisements, or even this blog post our brain begins the process of recognizing the patterns that make up the characters. Our computer is able to do the exact same thing. Image-based documents can be converted into a language the computer understands for it to be able to read the document we need it to. This is where the Optical Character Recognition (OCR) tool comes into play. An OCR tool should be simple to use within a business software system that, in the long run, can save a company time.
This post was originally published 3/10/17. Updated 6/5/18.
Since 1967, the Freedom of Information Act (FOIA) has been providing the public with the right to request access to contract records and data from any Federal Agency. At the end of the 1950’s, the press and the public were consistently being denied information they sought out. The act was eleven years in the making after countless arguments on whether it was even necessary to begin with. After reluctance from President Lyndon B. Johnson, the Freedom of Information Act was signed into action and FOIA requests became a right for every citizen.
FOIA does not mean that all information requested is approved. All organizations, including public agencies such as cities, counties, municipalities, and state colleges and universities, who fall under the act have the right not to disclose information with good reason, such as if it falls under the nine exemptions. Particular information that is protected consists of any information regarding national security, law enforcement, and personal privacy.
Not every contract is meant to be viewed by every set of eyeballs in an organization. Organizational controls must be defined to determine if all contract management software users should be able to have free reign over the system or if permissions should be established within the application. Most contract data stored in a CLM system is confidential to specific departments and should only be viewed by certain users. Converting to digital contracts means no more locking important data in a file cabinet in an associate’s office.
No matter the industry your organization is in, contracts are a major component of daily operations. Contracts are created for business partnerships, labor, vendor transactions, customers, and more. Restaurant owners hire vendors for various produce and animal products. Human resources personnel create contracts when they hire employees and when there are changes to the employee handbook. Educators create contracts when enlisting the services or products of vendors.
Contracts are a part of doing business. Whether we're referring to a contract with a supplier, an employee, or a business partner, every single contract must be created, recorded, and stored. Before automated contract management software became a viable option, businesses, education institutions, and other organizations had to rely on filing cabinets and other means to store these contracts.
Contract management software is a must for many different industries. Before the development of contract management software systems, everything was done manually. This obviously had its drawbacks. Contract managers would be forced to store every contract into filing cabinets. Now, if there were just a few contracts this may have not been a major deal. However, most organizations deal with thousands of various contracts, making manual recordkeeping extremely difficult. Keeping all of these contracts in filing cabinets or boxes increased the chance of a lost file and, at best, reduced productivity as employees have to take the time to locate the contracts they need.
Written by Chris Bejsiuk, Marketing/Sales at CobbleStone Software.
Do you remember the days when there wasn’t sufficient technology to make our jobs easier?
Everything on paper. Office floors filled entirely of documents because people ran out of space - that is something I have actually seen with my own eyes. Messy offices tend to lead to misplaced documents, which could lead to dire consequences like, say, lawsuits.
So when did a solution for all of this arise?
In 1995, CobbleStone Software was created, and came up with the answers.
Cloud-Based Contract Management benefits your company the most when talking about contracts.
Why? It is the simplest and most secure way to share data and information with one another.
This is the age of technology, and there is no choice but to go along with it. What’s the saying, “if you can’t beat ‘em, join ‘em”?
Contract Insight™ offers the simplicity every company needs.
Demolishing filing cabinets, ripping out drawers, rummaging through mountains of papers, and scanning your calendars for expiration dates - I’m sure you’ve managed to lose important documents because there was no organization. It has probably caused you a great deal of stress.
Imagine all of your contracts being stored in a singular place – with no problems.
With Contract Insight™ Contract Management Software, this is what you are given.
Contract writing and authoring can be the easiest or most complex step of thecontract lifecycle management process. Whether the contract is going to contain a minimal amount of information, or if it is going to contain hundreds of different terms and clauses; writing all of these contracts can be a daunting and time-consuming process. Because of this issue, select providers of contract management software have a solution. By using contract templates, your authorized users can easily author a new contract by using rules-based text and clauses. This feature is beneficial in many ways, but a few of the key benefits can be outlined in more detail below.