Why Contracts aren’t Documents
Earlier this year I joined Exari, a leader in contract lifecycle management solutions. There was one very important thing the founder, Jamie Wodetzki, imparted on me in the interview process.
Contracts aren’t Documents.
Contracts AS documents aren’t very effective- difficult to search, more difficult to track amendments, etc. over time.
Contracts are, in fact, data.
At Exari, we view contracts as data. We enable customers to maintain a view of their actual documents, but decompose those documents into the data contained inside them and the structures and how they change over time. By doing so, we give customers deep insight into their data.
We use our own products. We know the renewal cycle for each customer, any terms that may be outside our normal language, when renewals occurred for how much, any amendments like upgrades or changes in service levels. All in dashboard form. Oh and of course there is a link to the actual signed document in case we get lonely.
To manage contracts effectively, you have to see them as data, not documents.