Contract Insights

Are you aware that the GDPR (General Data Protection Regulation) was enacted by the European Union to help protect consumer information?  Yes, the GDPR is a good step forward in safeguarding the data of individuals.  In the United States, there have been comparable attempts by both the federal government and states to protect data of consumers including (but not limited to) healthcare privacy data protection (such as HIPAA), the Children’s Online Privacy Protection Act, Family Education Rights and Privacy Act (FERPA) and various similar state-enacted consumer protection laws (to name a few). 

The federal and state governments are indeed taking noteworthy steps in the interest of protecting consumer data.  However, California has notably stepped up the game with the California Consumer Privacy Act.  The California Consumer Privacy Act (CCPA for short) creates new consumer rights related to the access, management, and deletion of personal data that is collected by a business. 

When implementing contract management software, organizations often have copious amounts of contract data that needs to be searched, analyzed, and populated into their new contract management system.  Data extraction is a tedious task that can be time-consuming and overwhelming for contract management professionals.  Leaving this task to software professionals who are familiar with data extraction, and who use AI technology to streamline data extraction processes, will allow for a better, faster implementation process.  Discover five reasons why your organization should choose contract data extraction services.

Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.

Because a contract comes with both opportunity and risk, contract management must include both data analysis and risk prevention. 

Contractual agreements contain critical information that can have positive and negative effects on an organization.  Without procedures in place to identify and monitor contract risk, organizations can be at a disadvantage, possibly leading to higher costs, compliance violations, and, in many cases, unfavorable lawsuits.  Learn to prevent these situations by utilizing a strategy to help assess the risk associated with your contracts.  Early identification and prevention will allow for you and your team to address concerns early on rather than waiting for negative consequences to transpire.