Not only big corporations have issues with lost & unsearchable contracts. Now we also know that NSA cannot locate their contracts – an agency that prides itself on searching within vast stores of data. Want to know how your company can fix the issue?
According to the article below, NSA is claiming that, for external contractors, large portions of its $10.8 billion budget are tracked primarily through paper indices not searchable even by relatively broad topic. In addition, the agency’s response appears to be saying that they don’t even have a designated place to store paper copies of contracts, but place them in folders with other documents.
This inability to find basic contract information is a surprising claim from an agency that prides itself on its ability to search through keywords to connect the dots within vast stores of data.
Here are some basic tips for getting basic contract management in place:
The ability to drive business value from proper management of contracts comes from having all contract information in one centralized place, having it well organized specially for this purpose, ensuring it’s accurate and up to date, and making it available to users who need it. Most importantly, it must be in a form that supports action—a form that enables rather than prevents innovation and responsiveness.
Deploy Contract Management & Contract Discovery solutions to fix the problem with lost contracts, unsearchable contracts and missing metadata. We can help you – please check out our solutions.
Read more about NSAs failure to locate contracts.
Contract Business Intelligence