There can be multiple contracts strewn across various parts of an organization, and even if they are collected and housed in a central repository, the key information in these contracts remains buried away.
Brightleaf understands that companies are primarily run by contracts, buy side as well as sell side, and having access to them, including all the salient information within, can dramatically impact your ability to make informed decisions, find revenue, reduce risk, and ensure compliance.
Listed from the simplest to the most comprehensive, full-featured solutions, there are 4 primary ways to get your arms around your contracts.
- Shared file folders – putting them in a central place. Shared folder has proper permission and can be accessed by selected individuals within the organization that have a need to know, it can serve as a useful, secure central repository.
- Generic document based systems – this system makes it easier to administer the control process on a file by file basis. It tracks versions of the documents, keep masters and companion documents organized, and ensure all users follow the rules that you have laid out.
- Specific contract based repositories – Contract management systems which track contracts as well as the key information within them.
- Contract life cycle management systems – a CLM allow users to draft, negotiate, execute and centralize contract storage and management.
But an important question is still unanswered, how to get all the important information extracted and loaded on these systems? Brightleaf can help!