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The Advantages of Storing Contracts in the Cloud

A Secure Central Contract Repository The digitization of contract documents is not a new concept. Companies are increasingly replacing paper files with digital files that either exist in a local or a virtual environment. This provides numerous advantages, including the ability to prevent any significant consequences if an organization were to suffer a flood or other natural disaster, and the ability to have all documents centrally located, yet securely accessible, from virtually anywhere. Holding physical copies on site might seem secure, but if an unforeseen event were to cause physical damage to paper documents, they may not be replaceable. Should a disaster occur to a digital repository,

Learning From Past Examples Can Improve Future Contract Management Initiatives

One of the keys to successful contract management is the ability to analyze old documents, discovering key insights and leveraging them to ultimately make smarter decisions in the future. For example, an unsuccessful business relationship with one organization may have resulted from oversights during the contract development phase, and that information can be used to ensure certain mistakes are not made again. An article in the online publication Spend Matters suggests there are plenty of opportunities for organizations to improve their contract management strategies. Learning from past examples is one of the most effective ways to ensure success going forward, according to Peter Smith, the

Managing Contracts In The Cloud Could Become A Necessity

Documents and data have slowly moved from a physical to digital format over the past few years, and while many organizations have successfully managed to embrace the digitization of information by implementing innovative management and storage systems, some companies are still hanging onto traditional processes and solutions. There are a number of reasons why this may be the case, but it's become increasingly clear recently that this mindset is not sustainable and those who don't adopt modern document management practices will become less viable in the coming years. For example, managing physical contracts is becoming less economical by the day. Transitioning these important documents to dig

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