It is the question that every Chief Financial Officer wants to know, but the issue that every General Counsel wants to avoid: How many contracts does your organisation have and what is your total risk exposure?
This is such a hard one to answer because once signed, contract documents often end up in a variety of paper and electronic formats and in a multitude of document repositories (Windows file shares, document management systems, employee’s computers, paper filing cabinets, to mention a few) and the terms, conditions, obligations and commitments that were negotiated as part of those contrats are hidden from the Finance, Legal and Contract Management teams who need to keep track of them in order to avoid costs and maximise value from contracts.
While Contract Management software solutions have brought a great deal of automation and control to the contracting process, they often rely on contract milestone data to have been extracted at the point of contract creation or to already exist in some kind of structured format (ie a spreadsheet or database) in order to provide the alerts and actionable reports that allow contract professionals to manage contract milestones effectively.
If legacy contract documents have been stored without this structured milestone metadata being captured, then organisations have two stark choices to make about their legacy contract archives:
- Leave them as they are
- Manually extract the milestone data (and scan paper contracts, if necessary)
The first option clearly leaves the organisation open to any potenial risk that may exist within the contract environment – a point that is increasingly being identified by financial audits as a failure of internal control mechanisms.
The second option is often seen to be complex and costly. Scanning and manual profiling of contracts can be a time consuming and expensive option.
So what is the solution?
In September, Dolphin Software will change the way that legacy and third party contracts are managed on an enterprise scale forever. A revolutionary artificial intelligence-based module to Dolphin Contract Manager, called Dolphin AutoCapture, will allow companies for the first time to be able to discover where contracts have been saved throughout the enterprise, auto-capture key contract milestone data and upload legacy contracts and metadata in to the Dolphin Contract Manager system – all at a fraction of the time and cost of doing this work manually.
For a preview of Dolphin AutoCapture, please contact email@example.com