Organizations typically need to establish a system for contract management. They must do this to make processes efficient. For example, a simple query could cause several minutes’ worth of delays if a company has no system for locating the latest versions of contracts. Having a traditional document management scheme also exposes a company to more security breaches than digital systems.
Investing in a contract management platform allows a company to maximize its workflow. It also provides other benefits—here are the security benefits you could expect from a data management system.
Digitalization of Confidential Documents
Many organizations still use paper, especially for confidential documents. It puts the company at risk for data breaches. It is still easier to swipe folders from a desk or a drawer than to break into a highly secure digital environment. With document digitalization, you provide one place for your contracts, protect sensitive information, and prevent unauthorized access of data all at once.
Locating and Sorting Sensitive Data
With a system like this in place, your software administrators will find it easier to identify names, phone numbers, bank routing numbers, and other private details that could compromise an organization’s security. Most systems have automated redaction which lets users decide what data they should redact.
The AI that this kind of software uses can help administrators select data points and define the rules for their usage and security. What’s more, after you set these rules, you can use the AI to automate it, reducing instances of data imports and hours spent analyzing.
For example, suppose that you’d want to automate the process of eliminating payment card information, bank routing numbers, Social Security numbers, and other personally identifiable information from consulting agreements. With tools like this, you also have more time to focus on data-driven or client-facing tasks.
Providing Different Levels of Access
One of the worst things that could happen to a contract manager is for data they handle to fall into the wrong hands. When this happens, the organization could risk data exposure, compliance issues, and even lawsuits from disgruntled clients or partners. A good data management system decreases the risk of handling sensitive information.
With the right software, you will equip your administrators with the tools to assign access to different groups of people. Choose a system that can also differentiate access based on departments, companies, jurisdictions, and more. When your software allows assigning access based on security groups, you can monitor how different teams or departments use the company’s software—no need to grant and revoke access to materials every time someone needs to view them.
Besides restricting access to specific employees, administrators can also use aspects of contracts like dollar amounts, contract types, and more. You can also control the level of engagement a user can have. For example, you can allow Employee A to edit contract data while only permitting Employee B to view it.
Organizations get insight into contract data, automate their processes, and facilitate better collaborations with their partners with the best contract management software. Tools like these also help them save time, which reduces their incurred expenses.
Data management software have plenty of user-friendly features that allow organizations to oversee compliance, unite and secure contracts, receive alerts, sign documents remotely using e-signatures, and increase overall productivity.
Trust Anapact to help you build and keep a system for your confidential contracts today! We provide a contract management platform for businesses looking to automate their processes and drive efficiency for their teams. See our product demo or contact us to learn more!