The first best practice in our Contract Management Best Practices series requires leveraging a centralized and secure contract repository. Relying on manual and disparate systems - such as shared drives, emails, and spreadsheets – can cause you to fall into contract mismanagement pitfalls. Discover how contract management software can empower you to leverage a centralized and secure electronic contract repository.
What Is a Contract Repository?
A contract repository is where past, active, and in-progress contracts are stored either physically or digitally. A contract repository can include anything from a physical filing cabinet to a centralized and secure electronic contract repository provided by a leading CLM software provider. The first contract management best practice requires the latter for future-minded contract management success.
Streamline Contract Data Extraction & Identification
A centralized contract repository backed by contract artificial intelligence can empower you to streamline and automate your contract management processes by transforming static documents into dynamic documents that can adapt to each stage of the contract lifecycle. A centralized and secure contract repository can help you proactively identify opportunities, improve contract oversight, and manage risk with the help of robust artificial intelligence and machine learning.
With the ability to intelligently map imported contract data to user-defined fields, you can organize and easily search for necessary information as needed from a centralized and secure location. Moreover, leading CLM software enables you to create virtually unlimited contract records with amendments and flow-down functionalities that support ancillary documentation attachments - including subcontracts - for maximized contract organization and streamlined reporting.
Additionally, low-friction MS Outlook and MS Word integrations can help you maximize your contract management processes by streamlining contract collaboration and communications. While contract management software can support contract data extraction, a leading contract management software provider can coordinate bulk contract data extraction services for robust CLM software implementation ROI.
Protect Sensitive & Confidential Contract Data
Managing confidential and sensitive data within disparate systems, such as email and spreadsheets, can leave confidential and sensitive data 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 highly secure, web-enabled location.
You can easily identify crucial data – 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 in a secure location.
Maximize Contract Data Protection With Configurable User Permissions
Without stringent contract data permissions that allow contract management stakeholders to view only the necessary information that aligns with their responsibilities, you can run the risk of contract data falling into the wrong hands. Fortunately, a centralized and secure contract repository within a leading CLM software platform can enable you to configure user permissions to allow stakeholders the proper access to specific contract data – providing added security for sensitive and confidential contract information, including PCI and PII. You can retain optimized oversight over contract organization, permissions, version control, status tracking, and collaboration within a centralized CLM software platform.
CobbleStone Contract Insight® - The Go-to Contract Repository Platform
Implement the first contract management best practice of leveraging a centralized and secure electronic contract repository with CobbleStone Contract Insight – a leading source-to-contract management software platform that can empower your end-to-end contract lifecycle management success. Book your free demo to see CobbleStone Contract Insight in action!
CobbleStone's trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone Contract Insight has been a visionary 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 integrates with mission-critical applications, including MS Word and MS Outlook, for unified and seamless contract management. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
Are you interested in future-minded contract management software tools? Watch the 6 Critical Contract Management Tools for 2021 video below to learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success!
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