The improvement of OCR, Artificial Intelligence, and the plummeting cost of file storage have introduced new questions into the market such as “How do you improve our current storage of legacy contracts? Or can you extract information from that collection of contracts to make predictions about future relations? Where do you house the next few decades of contracts created? These are just some questions that many companies are asking themselves, as cloud platforms continue to mature and become more specialized.
Contract documents are different from many other documents in the fact that they are templated sets of information that follow roughly the same pattern, with some modifications along the way. This templated nature makes data points within a contract ideal for capturing in the creation process or by extracting with AI. This has brought about the development and advancement of Contract Lifecycle Management (CLM) systems.
As a decision maker for your company, if you are looking at capturing and sharing contract data across your organization, you want to start by bringing together all of the existing contract data from your File Sharing Servers, Email Boxes, Local Machines, and dozens of other innovations of necessity into a central location. Next, you want to generate a list of those file names coupled with the associated datapoints in an Excel document or other flat file format for import during the implementation. This is the first step to migrating into a new CLM. As a side note, this collection may grow to several gigabytes when it comes to decades of legacy contracts and provides a great backup prior to “the big move”.
Once you have the legacy contract data housed in a single location, you are ready to begin the data migration into a cloud platform CLM such as Agiloft or HighQ. How will you segment and blend these legacy contracts with a new CLM? What reporting and dashboards will best serve your contract management team? These become the next set of questions that Source Consulting Group can help answer during the implementation process of a CLM. Contract management in your organization is different from any other organization. Our experience will enable your team to discover the custom CLM design and tech stack integrations that will take supercharge your cloud contract archives.