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!

 

Written by Sean Heck – Originally Published on CobbleStone Software’s Blog

/by Sean Heck

Business continues to accelerate globally.  The resulting rapidly shifting regulatory environment generates increased risk along with more opportunities, propelling organizations to rely on contracts more heavily to protect business interests and assets.  General Counsel and legal teams have a chance to create a new perception of the legal department that moves away from the appearance of a cost center for the organization to the forefront of organizational strategy by leveraging contracts as a growth driver.

General Counsel has more opportunity than ever to drive value and achieve higher returns by reducing risk, improving efficiency, facilitating collaboration, reducing costs, and increasing revenue with improved contract oversight.  Legal documents may include product and material sourcing, distribution agreements, founder/partner agreements, merger and acquisition agreements, and more.  The growing challenge is the increasing complexity and volume of contracts combined with an inefficient contract management process.  This article identifies General Counsel’s toughest contract management challenges and discusses contract management strategies and tools that can position General Counsel and legal departments to contribute measurable value to their organization.

A Contract Management Abstract

Technology has rapidly advanced; however, too many organizations still rely on manual contract management processes and don’t know where their contracts, or the obligations within them, are stored.  This approach puts the legal department at a disadvantage when enforcing contracts and assessing risk, leaving them unable to meet their organization’s evolving expectations for success that are focused on probability, adaptability, compliance, efficiency, and cost-sensitivity.  General Counsel’s challenges also increase with poor contract management because the C-suite expects General Counsel to assume the role of business leader and partner, while also safeguarding the organization’s integrity and reputation.

A manual contract management system built around spreadsheets, shared storage, emails, filing cabinets, disparate legal management systems, or repurposed content management systems that lack data connection, do not provide the tools necessary to improve contract management quickly.  This approach increases risk and is the cause of missed opportunity, slow review and approvals, contract process bottlenecks, revenue leakage, and compliance failures.  Furthermore, manual contract management systems can’t provide General Counsel with the necessary data to answer the C-suite’s questions about milestones, market disruption, acquisitions, financing, and security.

An alternative to manual contract management is to implement a leading enterprise contract management system that integrates contract management software with document assembly, vendor management, and electronic signatures.

General Counsel’s 7 Toughest Contract Management Challenges

General Counsel’s core issue may be manual contract management processes and ineffective or non-existent technology, but the day-to-day symptoms may not be as apparent.  Following is a breakdown of the top challenges of legal departments and General Counsel. Examples show how contract management software features can help by revealing the clear correlation of challenge and remedy.

Challenge #1: Compliance

Remedy #1: Dynamic templates and clauses streamline document assembly and ensure the use of approved contract language and clause ownership.

Challenge #2: Meeting key dates and milestones

Remedy #2: Email, task, and calendar alerts ensure review, approvals, signatures, executions, and renewals occur on time, every time.

Challenge #3: Completing tasks, reviews, and approvals

Remedy #3: Intelligent workflows, electronic approvals, and e-signatures support on-time task completion and task escalations, timely reviews and approvals, and streamlined signing anywhere, anytime.

Challenge #4: Document storage, version control, and redlining

Remedy #4: A secure, cloud-based repository with unlimited storage ensures you have access to the most up-to-date version of contracts, documents, and agreements.  You’ll also have access to version history for faster negotiations and streamlined redlining with an MS Word integration.  The repository makes contract language analysis for compliance easy and will allow legal teams to ensure they are viewing every active contract so language and templates can quickly be updated in response to new regulations.

Challenge #5: Risk Assessment

Remedy #5: Contract artificial intelligence with machine learning analyzes contract language when new contracts are added and screens old contracts for sensitive data and red flags.  As contract volume, complexity, and risk increases, proactive risk assessments prepare General Counsel for contract performance reviews, renewals, and negotiations.

Challenge #6: Security

Remedy #6: Leading contract management software helps monitor milestones, penalties, discounts, business terms, and more.  Consistent monitoring and protection keep contracts GDPR compliant.  General Counsel is expected to collaborate with IT to ensure the security of corporate and client data and to have a process in place to address data breaches.  Configurable rules-based user permissions ensure only the right people have access to documents within secured contract storage that is accessible across different devices.

Challenge #7: Visibility and reporting

Remedy #7: Contract searching and reporting allows legal teams to find the correct versions of documents and see where they are in the contract process.  Intelligent, automated workflows create recurring contract reports and actionable recommendations based on real-time contract data.  More contract visibility helps General Counsel quickly analyze data to answer the C-Suite’s strategic questions.

Contract Management Adjourned

CobbleStone Software helps General Counsel and legal teams bring more value to their organizations while reducing the costs associated with contract creation, review, and contract lifecycle management.

With enterprise-wide capabilities, a user-friendly platform, fast implementation, and clear ROI within as little as 30 days, our legal contract management solution supports your organization’s overall contract administration process, so you can easily meet contract compliance regulations, centralize committal and contract management, and improve team collaboration.  To learn how CobbleStone can help your legal department drive value, request a free demo today.

Written by Maria Votlucka – Originally Published on CobbleStone Software’s Blog

/by Maria Votlucka

5 Ways Law Firm Office Administrators Are

OVERPAYING FOR PRINTING AND COPYING

CASE STUDY:  How the Law Firm Pullman & Comley LLC, Saved $189,000,

Without Risking a Dime on IT Consultants, While Actually Improving

Up-time and Performance …

If document management, printing, and copying costs are burning a hole in your budget…

…And you’re wondering if you even have a handle on your total cost of ownership, which is more than you probably think.

…Then the information contained in this whitepaper is guaranteed to put a smile on your face.

Your eyes will be opened to hidden cost savings and operational efficiencies, both direct and indirect… without sacrifice to output quality, user productivity, security, or the environment.

…And how to streamline procurement, maintenance and management of hardware, software utilities, support procedures, and materials in every way.

Reducing Copier/Printer Management & Services Costs With Improved Efficiencies & Deadbolt Security AT ZERO Upfront Cost!

Sitting on YOUR Side of the Table as an Unbiased Vendor Neutral 30 Year Copier/Printer Industry Expert ADVOCATE FOR YOU

Document and Data Security

How less-than-best practices in device security, access security, document security and end of life security (Hard Drive Disposal) may be leaving you wide open to a data security breach, leaving your clients vulnerable, and your firm open to expensive litigation, and your reputation at risk.

 …Copier Analytics can examine this.

American Bar Association 2019 Legal Tech Report Finding: 

ONE IN FOUR Law Firms Have Experienced a Practice Threatening Security Breach…

And that percentage is climbing compared to previous years.

 

Copier Analytics’ Unique Contingency-Based Consulting Services

Document  Management, Printing & Copying Experts

Zero-Cost COMPLIMENTARY Total Cost of Ownership Analysis & TCO Report

To determine your security vulnerabilities and all components of your Document Management and Printing & Copying expenditure, and how much you can save.

Free Consult Here…

/by Jan Debassac

Copier Analytics — Your Invaluable Resource

By utilizing the resources of Copier Analytics, you can not only  free-up your internal resources — you can free-up significant amounts of money that can be reinvested toward your other primary objectives.

  • Your internal staff can avoid the time, effort, hassles, frustration, cost and stress of the steep learning curve when it comes to gaining a baseline and identifying  what opportunities exist for this commodity.  And relying on the vendors who maintain your equipment is like putting the fox in charge of the hen house.

● Giving you an almost unfair negotiating advantage… You’ll have an unbiased and objective team of experts at your side to construct and deliver an                RFP, negotiate, and deploy contract renewals, up-grades and wholesale technology migrations.

  • It gives you the power to blow away anyone who doesn’t have this advantage, because it compresses years of painful trial and error into an indispensable brain-trust that frees you from the drudgery of experimentation.

Forward-thinking administrators are using our Zero-Cost Complimentary Analysis NOW, because it’s the no upfront cost strategy for stopping printing and copying costs from burning a hole in your budget.

  • Instead of madly juggling your operational budgets and wondering where you can chop a little here and slash a little there… you can safely reallocate tens of thousands, or even hundreds of thousands of dollars in one fell swoop…

         …Along with getting productivity upgrades, enhanced technology utilization, enhanced deadbolt security, best practices, and environmental stewardship,        with improved efficiencies…

  • Instead of laboring under inefficient financial management of your printing and copying infrastructure, you can centralize billings and gain crystal clarity on where the money is going and why …
  • Instead of being plagued by an expensive, wasteful (and sometimes dramatic) supply chain for consumable supplies… your toner, ink, maintenance, and repair can become a non-event, arriving automatically, and just-in-time…  
  • Instead of being plagued by outdated, unreliable and less-than-secure equipment that robs your organization of productivity and morale… you can be at the top of your industry’s game. 

     From the experience of our many clients … this is what awaits you when you bring Copier Analytics’ unique contingency-based consulting services to bear.

Copier Analytics’ Unique Contingency-Based Consulting Services

Our proven 5-Step Process has saved our clients over $100 MILLION and Counting — Why not YOU?

Free Consult Here…

Document  Management, Printing & Copying Experts

Zero-Cost COMPLIMENTARY Total Cost of Ownership Analysis & TCO Report

To determine your security vulnerabilities and all components of your Document Management and Printing & Copying expenditure, and how much you can save.

/by Jan Debassac

Copier Analytics’ Unique Contingency-Based Consulting Services

Copier and Printer Management Consultants

Copier Analytics Deliverable

  • Total Cost of Ownership Analysis and Report.
  • Target pricing inclusive of required Service Level Agreement and equipment.
  • Validation of current practices and strategic technology recommendations.
  • Process improvement/change management strategy.

    We understand:

  • The current ‘Digitally Enabled’ Managed Print Services marketplace and technology.
  • The key issues and challenges faced by organizations in managing this commodity.
  • Regulatory compliance and environmental sustainability Initiatives.
  • The efficiencies needed to reduce paper output and consumption.

     Our Benchmarks Provide Answers to Key Questions:

  • Is this a competitive market price for the services being provided?
  • How do services, service levels, & terms compare to the market?
  • Device security, access security, document security and end of life security ( Hard Drive Disposal)?
  • Document management (ECM)- create, store, and secure documents more efficiently?

Document and Data Security

How less-than-best practices in device security, access security, document security and end of life security (Hard Drive Disposal) may be leaving your firm wide open to a data security breach, leaving your clients vulnerable, and your firm open to expensive litigation, and your reputation at risk.

 Copier Analytics Can Examine This …

Document  Management, Printing & Copying Experts:  

Zero-Cost COMPLIMENTARY Total Cost of Ownership Analysis & TCO Report

To determine your security vulnerabilities and all components of your Document Management and Printing & Copying expenditure, and how much you can save.

Free Consult Here

Our proven 5-Step Process has saved our clients over $100 MILLION and Counting — Why not YOU?

 

/by Jan Debassac

Copier Analytics

Copier and Printer Management Consultants

Our entire business is about reducing the cost of your Copier/Printer Management & Services Costs With Improved Efficiencies & Deadbolt Security AT ZERO Upfront Cost!

Copier Analytics’ Unique Contingency-Based Consulting Services

Our proven 5-Step Process has saved our clients over $100 MILLION and Counting — Why not YOU?

Our Value Proposition:

FIRST, upfront we will do a Zero-Cost No Obligation COMPLIMENTARY Total Cost of Ownership Analysis and TCO Report — To determine your security vulnerabilities and all components of your Document Management and Printing & Copying expenditure, and how much you can save.

  • There are no costs or fees for the analysis and report.
  • Copier Analytics will bear 100% of the risk.
  • Offsite, we’ll devote our full resources to do all the work necessary. You will receive a no-cost & no-obligation report identifying your current true TCO and how much you can save.

 If you choose to implement the savings… our contingency-based method means… a small percentage of those savings pays our fee. 

If we don’t find (and deliver) you savings, YOU PAY US NOTHING!

Document and Data Security

How less-than-best practices in device security, access security, document security and end of life security (Hard Drive Disposal) may be leaving you wide open to a data security breach, leaving your clients vulnerable, and your firm open to expensive litigation, and your reputation at risk.

 …Copier Analytics can examine this.

Document  Management, Printing & Copying Experts

Zero-Cost COMPLIMENTARY Total Cost of Ownership Analysis & TCO Report

Free Consult Here…

/by Jan Debassac

Harwood Andrews is the largest regional law firm in Victoria, Australia and is home to a diverse team of 170 talented individuals, including lawyers, special counsel and support personnel. Harwood Andrews is recognised as a progressive legal firm, striving to provide positive commercial solutions to their clients. As testament, they have received numerous nominations and award wins in 2016, 17 and 18 for the Regional / Suburban and State firm of the year by Lawyers Weekly and Australasian Law Awards.

After being awarded the 2017 Lawyers Weekly Regional/ Suburban firm of the year, CEO Andrew Barnes commented, “it was largely due to the implementation of digital products that give our clients a new way to connect with us.” Harwood Andrews had developed a range of online services in 2017, as well as our interactive client portal, Hubshare.

/by Rebecca Welsh

Founded in 1903, Bishop & McKenzie LLP is a leading client focused Canadian law firm who offer a broad range of legal services. Based in the province of Alberta, Bishop & McKenzie’s lawyers have grown with their home, to build a firm exuding values of excellence, effort and respect for people. They believe in a co-operative
approach to problem solving, working with their clients to meet objectives, and as a full-service firm, cover many areas of practice using all the resources at their disposal.

Bishop & McKenzie implemented Hubshare in June of 2018 and have predominately been using it to improve their client communications and collaborative working. Users were able to grasp and start using Hubshare almost instantly, meaning workflow was uninterrupted and the lawyers could smoothly transfer existing and new clients onto the platform.

/by Rebecca Welsh

“Hubshare was the standout choice because it not only offered the features we need along with iManage integration, but also it is an intuitive easy top use interface. Our decision was also based on the transparent Hubshare model that is financially sound without any expensive data commitments or hidden costs.” – Madgwicks Lawyers

/by Rebecca Welsh

Steele Raymond LLP is a UK law firm with a large presence in Bournemouth and the surrounding areas. Having practiced law for around 40 years and recently achieving their 15th consecutive year as a Top Tier firm in the Legal 500 UK Edition, Steele Raymond have proven their excellence in this ever-growing and challenging industry.

Before implementing Hubshare, Steele Raymond predominately relied on email and another solution to cater their file-sharing needs, however when preparing for GDPR, it became apparent this did not meet compliancy requirements.

After considering numerous data room providers, the firm found that unlike others, Hubshare was very easy to implement and cost effective. “During the demonstrations of Hubshare, we found the platform was very user friendly and this was very important for us”, explained Yvette Moss. “You don’t expect fee earners and support staff to be IT specialists, they are experienced in what they do. Any software product put in front of them, really needs to be easy-to-use and we found Hubshare was the best out of all of them”, she finished.

/by Rebecca Welsh