Welcome back to our four-part series uncovering the truth about Contract Lifecycle Management (CLM). We’re debunking common misconceptions encountered in the CLM evaluation process with the help of some new puppet friends.
If you missed the first post, check it out here. Otherwise, let’s explore why tags are an effective replacement for folders.
Myth #2: Folders are the only good way to organize your contract repository.
Most in-house legal professionals have a contract repository, but organizing and maintaining it can be difficult and time-consuming.
Folders have long been an organizational staple. While they are great for sorting certain materials on your shared drive, they can backfire when relied on for contract storage. Folders can hide your data, turning what should be a quick search into a wild goose chase.
If you're looking for a way to streamline the process, tags are the answer.
Tags are keywords or phrases that you can assign to contracts, documents, or other files in your repository. You can use them to categorize contracts by type, subject matter, client, or any other criteria that makes sense for your business.
For example, say you have a contract with ABC Corporation for professional services. You could tag that contract with "ABC Corporation," "professional services," and the date of the agreement. Now, whenever you need to find that contract, you can run a search for any of those keywords and quickly retrieve the file.
At LinkSquares, we opted to build a flat tagging structure to provide total visibility into your contracts. With our smart and customizable tagging system, teams can search across their whole contract repository in seconds and get right to what they need. Tags can be set up to mirror existing folder structures, so there’s no need to recreate the wheel. Keep your files organized and easily searchable using the structures you know and love.
You also don’t need to sacrifice the comfort of grouping your like-agreements. LinkSquares offers legal teams the ability to group related agreements with parent-child hierarchies, surface active terms with Governing Summary, and quickly tag and label agreements based on key contract information.
In short, tags save you time and energy that you would otherwise spend sifting through mountains of documents. They're also flexible enough to be used in any way that makes sense for your business. Sounds like a win-win.
That’s all for now! Join us next week to learn the truth about your Optical Character Recognition (OCR) process and why you need a human involved.
