Contract management professionals oversee important contracts and agreements, which contain sensitive data. Given the importance of keeping such classified data confidential, your users should be familiar with the rules pertaining to data access and classification. Learn how AI-based contract management software can help your contract managers categorise, safeguard and protect data.
Contract management software enables intelligent data redaction
Locating and sorting sensitive data such as personally identifiable information (PII) and payment card information (PCI) is critical to avoid non-compliance and compromised security. Contract management artificial intelligence can help software system administrators identify data such as names, phone numbers, email addresses, bank routing numbers, locations, dates, counterparties and other potentially private details. This functionality can help users decide whether or not such data should be redacted.
With contract management software enhanced by AI, system administrators can select desired data points and define rules for their usage and security, based on contract types. Once these rules are set, they can be automated, reducing tedious data import analysis.
Contract management software supports advanced access control
The last thing contract managers want is for data to enter the wrong hands. If unauthorised personnel have access to sensitive contract data, your business reputation can be seriously put at risk, possibly leading to compliance issues, data exposure and even lawsuits. Reputable contract management software helps companies like yours decrease any risk associated with sensitive data.
Contract management software enhanced with artificial intelligence gives organisations visibility and oversight regarding data access. System administrators can assign access to information to different user groups – such as individual employees, departments, jurisdictions, companies etc. This function enables enterprises to assign and monitor access based upon security groups. Additionally, administrators can assign access based on aspects of a given contract, such as amount, contract type and other highly configurable options based on data fields. And the level of data access can also be controlled. For example, an organisation may give some users permission to view and edit contract data while allowing others to simply view it.
Enhanced contract lifecycle control with contract management software
Governance and control of contract data are not the only benefits of contract management software. Contract Insight’s array of user-friendly features empowers organisations to manage contracts more efficiently and effectively. Users can secure and unite contracts and relevant documents, successfully oversee compliance, track costs, receive alerts, sign with E-signatures, reduce costs incurred by due to out-of-date contract administration, and increase productivity.
Four helps small and multi-national organisations enrich the way they work. From supply chain to procurement and contract management, we have decades of experience helping companies forge ahead in the global market.
John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.