Keep Your Contracts Safe with Proper Contract Management System

by | Published on Jan 16, 2019 | Document Conversion / Scanning Services

As a provider of document conversion service, we know that businesses deal with various forms of data and all these data needs to be converted into digital format to ensure automation of workflow. It is an ideal way to minimize your administrative burdens and use your time and resources for core business activities. Businesses have a pile of important legal documents like sensitive client records, contracts, reference materials, communication documents and so on. These data should be kept safely stored, organized and streamlined systematically as they are the evidences for future litigation. With the help of a reliable data processing vendor, all these data can be transformed into electronic format for quick access and easy tracking.

Proper Contract Management System

Contracts are valuable for businesses and must be managed well. Without a good contract management repository, your team may miss deadlines that can affect new revenue opportunities or a chance to renegotiate for favorable terms. Proper contract management can enhance productivity. It helps to proactively manage your contracts and also improve performance. The following are some steps to implement a good contract management repository:

    • A controlled document repository: Companies that do not have a centralized document repository may have all their contracts scattered in various places like emails or filing cabinets. These contracts can be consolidated and arranged in a secure place for easy storage and access. Not having a proper place to keep contracts can lead to misplacement of contracts or losing the most recent version and this could have disastrous consequences for your business. So make sure to safeguard sensitive information with the latest security protocols like data encryption, access control, and multifactor authentication.
    • Set up an organization framework for your data: Finding contracts becomes easier if you have a systematic way to identify data. To create specific data fields like company name, signees, addresses and more, there are tools available in contract management software. These data points can be used to create lists, run reports, generate e-signature templates and establish milestones alerts. Create a high-level guide or tag library, defining which content needs to be tracked to avoid any confusions. The framework should include:
      • Standard naming conventions
      • Procedure for updating, deleting or renaming files
      • Storage guidelines
      • Acceptable date and time stamp format

Make sure to implement proper alerts and notifications when you upload files to the repository. When physical documents are digitized, you can tag your documents based on signee, status or any relevant category that is suitable for your business. Keep your staff up to date about the latest features and functions of the repository system.

  • Automated process: Proper contract management helps to minimize unnecessary tasks so that your team can spend more time working on higher value projects. Developing an electronic system for your contracts helps to track files and share agreements between members of your legal department. It also helps to manage deadlines and maintain oversight over documents that needs to be reviewed by various parties before execution.
  • Optimize document security: Contract security begins with storing crucial documents in a password-protected system. It provides additional security and make sure to install security cameras to guard the building. Another method to store data is by using cloud storage system. It protects data from human as well as natural threats. It takes up less space and also saves cost.

By outsourcing the task of data processing of your legal documents, you can focus more on the other crucial activities of your law firm. These vendors have well-trained and experienced legal and litigation operators who can handle legal data entry requirements for your law firm. They also maintain accuracy greater that 98% and confidentiality of legal documents. Hire a reputable data entry services provider that can offer customized services according to your requirements at affordable rates and also ensure high confidentiality for client information.

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