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Contract Managment template management means data integrity assurance


If your organization uses multiple contract profile terms sheet templates, then you must be aware of how tricky collecting reliable data from all of your contract sources can be. Different departments within a company need to track data about different aspects of contract life-cycles, while normally being uninterested in others. The combined data collected by a company about each contract constitutes that contract's meta-data, or term sheet, if you will. If however, that contract meta-data is collected from different data sources, using different data collection standards, data integrity can be severely compromised.

Even the simplest of examples will drive my point through. Imagine two different date collection standards stemming from two departments that collect data about a contract. When generating a query, or a report that needs to access these date fields, the results are not guaranteed to reflect all of the contracts within the organization. Data standardization is the key to successful contract management, and a topic I write about often.

Although some meta-data can be harvested automatically from within the contract itself, it is usually manually fed into preset forms (templates) by different people in the organization. One form for the legal team, one for finance, etc. The way to ensure data-integrity when performing searchs, or generating reports, is to enforce a rigid template hierarchy, and a preset list of data entry options.

The template hierarchy begins with a basic default data set. This set is determined during setup stages by asking the customer to list the types of data it would like to be able to gather business intelligence about, across the entire organization. A template is created, and the ensuing form enforces correct data entry, and standard adherence. only top level admins can create, or make changes to such a template. Lower level admins from different departments of the organization have the ability to create additional templates that reflect the information their department needs to maintain, assuming not all of it is reflected in the basic data-set. This arrangment enables layers of information to be added to each contract without compromising the data required for cross-organizational reports, while enabling different departments maintain data-sets specific to their needs. In the interface this is translated into a tabbed look (see screenshot below) where the different layers of information are addressed, and displayed.

The rigid access rights management inherint to the openSourceCM platform, makes sure that admins cannot make system wide changes to the way data is collected, but can add department specific forms that still adhere to preset data standards. When generating reports on the openSourceCM platform, the user can select any fields they would like to include in the report knowing which reflect organization wide data, and which don't. Seting up an account on openSourceCM with multiple data templates is surprisingly simple, and we do it for you, or teach you how to do it on your own. Schedule a demo meeting with me to see how.

The opensourceCM SaaS based solution provides all of the above and much more. It offers a (single sign on) and encrypted secured access. Any folder in the platform can turned into a Negotiation Deal-Rooms available only to users permitted to access it. opensourceCM offers API (Application Processes Interface) connectivity to a wide variety of applications such as BOX.COM, SalesForce, MS-Dynamics, NetSuite, OKTA, QuickBooks, Zoho CRM, Dropbox, DocuSign to mention just a few.

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