A contract repository is a central storage point for your contract data. Previously, companies would use a filing cabinet or a dropbox system. Of course, trying to locate a specific contract this way means digging through many files. However, when there is a contract repository, data is found through a simple word search. This is due to the data being in one place. Plus, automatic reminders let you know when a document needs attention.
With contract repository software, e-signed contracts are then sent to a central archive. To begin with, this is an important and time-saving function. Therefore, it’s crucial to check for this when you choose a contract management solution. With contracts and documents stored in a central location, you can also view the current stage of the contract. This is possible whether it is signed or not.
Equally important to success is the need to include smart archiving. Precisely’s secure storage platform keeps all your contracts in one place. You can therefore locate contracts easily for retrieval and renewals.
Precisely’s AI identifies contract metadata to let you create tags and reminders for your documents. In the meantime, you can also set reminders for any event in the contract lifecycle. For example, renegotiation or expiration.
Not only can your team use metadata to locate contracts, but they can also apply it to strategy. For example, you can identify the largest contracts and see where to assign resources. Also, you can set up many contracts for one company with different renewal dates. This helps you better manage your time. By using your contract repository as a strategic tool, your company keeps one step ahead.