Contract Management Software: The Ultimate Storage Solution

Contract Management Software: The Ultimate Storage Solution

Many things fluctuate in business. Markets ebb and flow, training needs change, and customer bases shift. One thing that that never changes, however, is the fact that business generates documentation. There is no way to avoid it – the course of doing business is a route lined with invoicing, contracts, and agreements. The methods of generating and handling that documentation has evolved over time, though, as technology has advanced.

Historically, businesses have used manual filing systems. These generally consisted of an ever increasing collection of cabinets in each department, housing countless sheets of paper, meticulously curated and stored by hand. Each sheet was either printed in-house, or shipped from elsewhere, using the postal system or a courier company. That meant that each sheet of paper in the manual filing system had a cost attached – paper, ink, delivery, a percentage of the cost of the filing cabinet, a percentage of the cost of the premises, and a percentage of the cost of the staff that filed it away.

In order to refer to an invoice, or to work on a contract or agreement, staff would first need to locate the documentation. That would rely upon every part of the documentation chain – from courier and postal services to in-house filing clerks – working perfectly; never losing or misfiling a page. It would also add to the overall cost, with the task of locating and returning documentation taking up the time of business personnel.

Technological advances mean that these manual filing systems are thankfully a relic of past business methods. In today’s corporate environment, we are increasingly able to operate our commercial enterprise without relying on paper at all. Once we take the burden of physical pieces of paper out of the equation, we are free to streamline and speed up our processes, with the end result being visible improvements of the bottom line.

Cloud-based storage

Making the move to paperless operation does not end the need for documentation in business. Instead, it means that documentation is digitised instead of printed, and can therefore be stored on computer servers instead of in filing cabinets. This in itself saves space and resources, but technology has also allowed for the development of ‘cloud storage,’ which means that the storage of your digital documentation can be securely outsourced.

To use cloud-based storage is essentially to use the servers of a hosting company, so your business is outsourcing the combined cost of buying and maintaining computer servers, as well as the straightforward task of document storage. When organising cloud-based storage directly, these fees are usually levied on a consumption basis, rather than at a flat rate, so capital expenses can be reduced.

Concern about cloud-based storage largely centres on the fact that outsourcing documentation in this way increases the risk of data security breaches, due to the fact that the potential attack surface area is larger than it would be if data were held on-site. While this is technically true, it is also the case that reputable cloud-storage providers are regulated, and required to comply with the highest standards of data protection. These providers lead the cutting edge of technology development in the arena of data storage and protection, meaning that cloud-based storage, under the right circumstances, places your valuable data and documentation in the care of data security experts.

Outsourcing data storage has a number of other benefits, including:

  • Faster recovery and continuity of service in the event of natural disaster

If your documentation is digitally stored on a server, off-site, then your business is better able to weather and recover from a natural disaster that strikes the area in which your premises are located. In addition, most reputable cloud-based storage providers use several back-up servers in different locations so, should one be affected by natural disaster, your data remains safely accessible, with minimal disruption to service.

 

  • Reduction of energy consumption, making progress toward carbon neutrality

In today’s marketplace, businesses that are agile and environmentally friendly have a competitive edge that eludes traditional, unwieldy, and unsustainable business models. Steps such as energy consumption reduction and a move toward paperless operation goes a long way to enhancing the reputation of your business, as well as making real and tangible savings in the long term.

 

  • Centralisation of data for businesses in multiple locations

Part of creating the kind of commercial agility that is expected of businesses in today’s market is ensuring that your enterprise can conduct business quickly, efficiently, and on-the-go. When your data is digitally accessible from a central repository, it means that authorised personnel can log in from anywhere, using a web-enabled device of any kind. This is invaluable for all businesses wishing to streamline their operation, but is also vital for every organisation at a time when global pandemics have highlighted the importance of being able to work from home.

The Contract Management Software storage solution

Contract Management Software packages, such as Symfact, provide businesses with a central document repository using cloud-based storage. This means that everything is available to the personnel that need it, instantly and around the clock, through permission-based access control. There is no need to wait for an employee to find a document in a filing cabinet, nor to wait for documents to be physically delivered. Your entire corporate document library – including contracts, intellectual property, company governance and policies, and legal entity documentation – is stored, organised, and available for data analysis through customised reporting features.

This type of storage solution does more than simply reduce the costs and environmental impact of commercial operations. It also provides businesses with the opportunity to increase profit, by delivering vital overview information at the touch of a button, and through automated reporting processes. You can use these features to spot problem points in your workflows, and to highlight those business areas that are not performing at optimal levels. Decision pathways are better informed by detailed data reporting as a result, and improvements to the bottom line can soon be seen.

Call Symfact today to organise your Contract Management Software demonstration, and begin exploring the advantages this ultimate storage solution can provide for your business.