As contract management specialists, one of our focuses is on data and information. As a result of the large amounts of information being shared around the world, there are now are various pieces of legislation that have been put into place to protect personal information. The level of protection and the information protected varies depending on the Country or state, or groups of Countries as in Europe – these laws dictate user sharing of information as well as how companies and organisations can hold and use that information.

The fundamental obligations on organisations where legislation already exists can be summarized as:

1. Only collect information that is needed for a specific purpose
2. Apply reasonable security measures to protect it
3. Ensure it is relevant and up to date
4. Only hold as much as you need, and for as long as you need it
5. Allow the subject of the information to see it upon request
6. The subjects have the right to request, on demand, the erasure of the information, including any copies, links or replication.

Practically, any organisation that has paper based systems will find these requirements very difficult to uphold. In our research and consulting work, merely finding contracts and documents can be a challenge – let alone knowing where all the underlying information exists. And for those organisations that work in silos and are regionally dispersed, it would take a herculean effort to find it all, organise it and make the information visible.

Digitising the processes, from collecting the information, to storing it in a structured database, and then tracking and auditing the use of it, encrypting it, and then using it to contract or communicate, all falls within the ambit of a mature Contract Management System capability.

So if your organisation is struggling with the requirements of storing and keeping your customers information (individuals or organisations) in line with legislation, either existing or upcoming, we would like to open up a discussion. Contact us today so we can discuss the effects of these laws and digitization on your company, and how we can help you become part of the Digital Revolution.