Legacy data is the data from your legacy or your older contracts. These are contracts that have been executed prior to today. They may be current and still relevant or may not be (expired).
It is important to track legacy data for the following reasons:
- Information- much knowledge of the old contracts. This is lost if it is not in a new CLM.
- Reporting- can do triggers of contracts coming up for renewal, or supplier’s contracts with penalty clauses, etc.
- Adoption- CLM system is adopted if all the current and older contracts are in the new system.
- Revenue Recovery- police penalty clauses, etc.
- Compliance- track items that would be affected by changes in regulation
To read more about the benefits, download our white paper 7 Reasons to Load Legacy Contracts