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Contract Lifecycle Management Desired Functionality - Secure Storage and Search

Hi Everyone. In the next couple of posts I am going to write about the desired functionalities one would like to see in his/hers CLM application.

Today we will shortly talk about Secure Storage and Search.

When considering this topic I believe that one should consider the following:

  • Capture and store all existing and future contracts, whether they are non-negotiated online terms or signed agreements, in a central secure location. In opensourceCM every account has its own instance in Amazon Web Services. All documents are OCR'd and indexed making it easy to capture and store documents.

  • Key Word/ Smart Search - the ability to search by for example vendor name, contract type, partial names, industry, range of dates/years and much more. In opensourceCM the ability to manage and track the meta-data of each folder or contract is amazing offering the organization better control on its contracts.

  • Ability to create reports using a variety of facts viable to different departments in the organization. Based on the Mata-Data designed in the application opensourceCM enables the creation of relevant and timely reports to different stakeholders in the organization. opensourceCM is an enterprise level application and as such it caters the whole company.

  • Analytical ability – for example, categorize and search vendors by their industries and types of services to avoid duplicate /similar functionalities between vendors. Using opensourceCM powerful search engine one get relevant results both in the documents and data stored in the Meta-Data fields.

  • Implementation of an unified organizational storage process – for example, requirement to complete categories (possibly drop-down menus) before storage is finalized so later they can be searched by such categories. Part of an "approval processes" or work flow templates that one can design in opensourceCM and can enable the organization to efficiently manage its documents.

opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also provides the ability to find words, values, phrases, terms of art or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign on) and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library with office365, BOX.COM, SalesForce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.