Contract management professionals oversee important contracts and agreements with sensitive data, clauses, details, and information. Given the importance that such classified data is kept confidential, rules pertaining to data access and classification must be precisely and carefully reviewed. Learn how AI-based contract management software can help contract managers to categorize, safeguard, and protect data.
Intelligent Data Redaction
Locating and sorting sensitive data such as personally identifiable information (PII) and payment card information (PCI) is critical in the avoidance of compliance issues and compromised security. Contract management artificial intelligence can help software system administrators to identify contract data such as names, phone numbers, email addresses, bank routing numbers, locations, dates, counterparties, and other potentially private details. This functionality can help users decide whether or not such data should be redacted.
With contract management AI, system administrators can select desired data points and define rules for the usage and security of said data points based upon contract types. Once these rules are set, they can be automated with contract AI, reducing instances of wasted time performing tedious data import analysis.
Suppose that, as a rule, XYZ Company would like to automatically have personally identifiable information, payment card information, bank routing numbers, and social security numbers identified to be eliminated from consulting agreements. An AI-based CLM tool could identify classified data, and then subsequently notify contract managers to withhold the information based upon an organization’s preferences and regulations, giving contract management professionals from XYZ Company the time to focus on more data-driven and client-facing facets of the field.
Advanced Access Control
The last thing contract managers want is for data to enter the wrong hands. If unauthorized personnel have access to sensitive contract data, organizations can be put at risk – possibly leading to compliance issues, data exposure, and even lawsuits. Reputable contract management software helps organizations decrease the risk associated with their sensitive data.
Contract management software artificial intelligence equips organizations with visibility and oversight regarding data access. System administrators can assign access to information to different groups of people (such as individual employees, departments, jurisdictions, companies, etc.).
This function makes it so that organizations have the option to assign and monitor access based upon security groups. Thus, access does not always need to be granted to a sporadic group of individual users. Additionally, administrators can assign access based on aspects of a given contract (such as dollar amount, contract type, and other highly configurable options based upon fields).
Furthermore, the level of data access can be controlled. For example, an organization may assign some users with permission to view and edit contract data while allowing others to simply view it.
Enhanced Contract Lifecycle Control with Contract Management Software
Governance and control of contract data are not the only benefits of contract management software. Now that you know how a reliable source-to-contract platform can revolutionize data security, it is time to enhance every aspect of your organization’s contract management lifecycle with CobbleStone’s Contract Management Software, Contract Insight®, an award-winning leader in contract management solutions.
Contract Insight’s array of user-friendly features empowers organizations to manage contracts more efficiently and effectively. Users can secure and unite contracts and relevant documents, successfully oversee compliance, track costs, receive alerts, sign without difficulty with E-signatures, reduce high cost due to out-of-date contract administration, and increase productivity.
CobbleStone’s contract management suite is trusted by thousands of contract, risk, legal, procurement, and sales professionals around the globe. Request a free demo of our acclaimed contract management, procurement, and eSourcing platform today!