Is Covid-19 Compromising our Ability to Search and Analyze Contracts?
The ability to locate, search and analyze contracts across an organization has been significantly compromised by the “new normal” created by the Covid-19 global pandemic. Many basic functions of document organization and management for attorneys at law firms, corporations and consulting groups have presented new challenges. Contractual information is often residing in numerous Contract Management Systems (CMS) across the enterprise, written by third parties. This information is in electronic, PDF or paper format dispersed across multiple storage platforms. Often times, this data is not accessible through the main CMS.
Home Offices Foster Decentralized Data Storage
While there had been hope a few months ago that a work environment significantly predicated upon accessing organizational information remotely would be temporary, it has become apparent that there may be permanent changes as we adapt to new workplace realities.
During the pre-Covid-19 era, a corpus of contracts that needed to be identified across an organization could be accessed (often with effort) by searching through a CMS (if one exists), various servers and data storage platforms, and sometimes even file drawers for paper documents. If you needed assistance, a person in IT could be located for support.
Working from Home May Present Additional Security Risk
To further complicate the tasks at hand, the past few months have made these seemingly basic tasks far more complicated for law firms and corporations. There is now a need to comply with contracts directly related to the pandemic, such as insurance coverage claims for business interruption and numerous compliance requirements such as vendor management security oversight. The support people that usually would be available to assist in these functions are no longer just a stroll down the hall. They too are working remotely and are fully burdened with keeping the organization operating in a functional and secure environment. Security issues have been made even more difficult by the elevated attention to cybersecurity as more of us are working from home, making it potentially easier for hackers to breach organizational defenses.
Is There an Efficient Way to Analyze Documents in a Variety of Formats that Reside in Numerous Locations?
Planet Data’s Exego Intelligence Software as a Service (SaaS) contract analytics platform enables organizations to identify, search and analyze large collections of documents completely, accurately, and efficiently. Exego Intelligence provides the ability to integrate and search all the contracts across the organization at the clause level both textually and conceptually (i.e. clauses with similar meaning but different text) utilizing machine learning AI.
Planet Data is ISO 27001 Certified, providing our clients with a high level of security for their Confidential and Private data in these challenging remote working environments.
Jul 20 , 2020
Howard J. Reissner, Esq.
CEO – Planet Data