You probably don’t have to be reminded that the effective date for the European Union (EU) General Data Protection Regulation (GDPR) is just days away on May 25, 2018. Although you may think it doesn’t apply to your business, U.S. companies that collect personal data of EU citizens are required to comply with GDPR.
If you are like many organizations affected by GDPR, you may have been preparing for months and invested significant time assessing your operations to ensure your compliance. On the other hand, you may be like the majority of U.S. organizations that are required to comply with GDPR who have not spent quite as many hours preparing for the compliance deadline.
If you are trying to understand the GDPR, whether your company is affected by the GDPR, or whether your company is GDPR compliant, you are not alone.
What’s the key to reducing audit stress and streamlining the audit process? Gaining visibility and control over your contracts. Why? Well, if you know where your contracts are, and you have transparency into the contract lifecycle, any audit can be a relatively painless process.
To fully optimize your contract management system and experience real performance improvement, it requires three well-designed elements: processes, workflows, and technology. In combination, these elements organize contract management tasks and enable teams to use centrally-located contracts, templates, and standard clauses efficiently. An optimized contract management system improves coordination, collaboration, and communication among team members.
Contract management efficiency and consistency problems can be solved, in part, by standardizing your contract medium, templates, clauses, and processes. Doing so creates efficiency and generates greater returns on your investment of time, effort, and resources. Further, standardization plays a key role in ensuring compliance with business rules and regulatory requirements, minimizing financial penalties, and reducing reputational risks.
Employing a streamlined contract management system not only saves time when generating and negotiating contracts, standardized contract content speeds approvals, simplifies management of provisions, and creates more time in your day to focus on other strategic business initiatives.
Contracts, the information they contain and the way they are managed, drive the financial and operational performance of an organization and play an integral role in its success. As your business grows and demands increase, streamlining your contract management practices can enable you to reduce risks to your organization and provide a boost to your bottom-line.