Contracts are the lifeblood of any organization — they are key to getting business done. Organizations large and small have countless active contracts at any given time, with terms and obligations to monitor and risk to mitigate. So, how are all of these businesses storing and managing their contracts?
Some companies have “legacy” contract management software tools consisting of a series of filing cabinets in which hard-copy agreements collect dust in folders labeled ineffectively by the name of the counterparty or deal. Alternatively, more modern contract management software tools may use the digital equivalent of the file folder: a hierarchy of folders on a local drive in Microsoft® Outlook or SharePoint, or perhaps a cloud storage tool like Dropbox or Box that captures all contractual documents.
