Legacy contracts can be a treasure trove of valuable information for a company. They contain hundreds of important, actionable obligations which need to be tracked and managed. Those are the reasons why migration is so important for every organization and is considered one of the best practices in contract management.
Contracts carry an enormous amount of information, and knowing what has been committed in past can drive better future business decisions. Legacy contract migration into a CLM is the way that can yield benefits from having a single and unified repository to identify & mitigate the risks. Legacy contract migration into a CLM leads to a structured database that can help in identifying hidden or forgotten information that can result in additional revenue recognition or obligations which could have caused heavy penalties to the organization. Also, it is an effective measure to track any compliance or regulatory changes.
It is a four steps process that needs to be followed to migrate legacy contracts:
Step 1 – Scan all the paper documents into a computer base file
Step 2 – Convert the scanned documents into text from the images (OCR)
Step 3 – Extract data points from these contracts
Step 4 – Ingest documents and data points into the CLM
Contract migration and abstraction services are designed to get you results quickly and affordably for all your contract management needs.
With Brightleaf Solutions, your department can easily access key legal and operational provisions from all your contracts for upload or analysis. We’ll help you better manage obligations, reduce risk, and expedite contract fulfillment cycles. Try our services now!