Marie Kondo would make a great lawyer. If ever there was a need for some tidying up it’s with the documents flowing through a company’s legal department. What Kondo knows and what every CFO should understand is that the act of tidying isn’t superficial. When it involves digital management systems. It can lead to a transformation of cluttered and inaccessible information allowing a company to focus. Its attention on the essential insights hidden in the documents. Consider the following common scenarios General counsel gets an email asking what the business’s rights are on a particular contract. A search of the filing cabinet and online Canadian Email Lists repository produces nothing. The archive room holds some backdated copies of the contract but not the first or the latest. The cloud server is a nightmare backup where no one can find anything.
If ever there was a need for some tidying up,
Another day the legal team asked to draft a new contract for a standard service negotiated many times. But there is no clear precedent or playbook and the portfolio of similar contracts reveals a large range of variances. The document must essentially created from scratch an inefficient process and worse. One that introduces inconsistency additional risk and potential value loss. Large corporations can have thousands of contracts built into their operations and even small enterprises can be gulf email list dealing. Knowing where each agreement stands with regard to renegotiation payments and terms of renewal has long been a phenomenal feat, even in the age of digitization.
Consider the following common scenarios spark joy
But if the electronic system is not designed for the whole business, is not utilizing the latest in machine learning, or is not easily searchable, the company is missing out on added value to say nothing of the value lost in archives that may still be awaiting digitization .What CFOs and legal teams alike understand is that contracts are more than just agreements. Embedded within their pages is the history of relationships and activities that over time give an enterprise its value. These include agreements, decisions, and commitments to achieve goals. Everything in a business relates back to its contracts. But the most important aspects of these legal documents are inaccessible in most companies today. Either the contracts are hidden away in filing cabinets or they might as well be because they’re trapped in digital systems that are almost as hard to search.