#contractmigrationproject

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Why You Should Prioritize Merging Contract Records After a Merger or Acquisition

After a merger or acquisition, your team has a lot of details to focus on. It can be easy to allow merging your contract records to get lost in the shuffle. After all, both businesses likely have an effective contract management system in place that has allowed them to keep up with their contracts thus far. You can wait to merge those systems together, right? In reality, you need to put merging contract records high on your priority list.  Consider these key reasons why merging your contract records is important, and then read our guide to creating a contract migration project. Also, consider how failing to do so could create unanticipated problems for your newly-combined businesses. 

1. Merging contract records can make it easier to generate company-wide reports.

When you merge your contract records, you can quickly and effectively generate reports that cover all aspects of your company's contracts. If you keep your records in different depositories, on the other hand, you may need to generate separate reports for each company, then manually compile them. This can substantially slow down your ability to put together those vital records. 

2. If you don't merge your contract records, employees may not know which system to use.

In the early stages following a merger or acquisition, employees may automatically use the system they've always used as they create, negotiate, and manage contracts. As you restructure your business following those changes, however, you may shift certain business responsibilities to one partner company or the other. Employees may then not be sure which contract record system to use or where to store contracts. 

3. Failure to merge your contracts can make it difficult to find specific contracts and information, especially as your business grows in the aftermath of the merger or acquisition. 

When you begin merging contract records, you will store it under one standardized system that makes it easy to identify key information about your contracts. You'll be able to easily track the current versions of contracts as well as keeping up with where you can find those contracts. When they're located in separate repositories, on the other hand, it can prove difficult to find a specific contract. You may need to go through more than one system in order to find the specific contract you need. This can slow down your response time when dealing with clients. 

4. You don't want combined departments to have to search in two locations for information.

Many departments throughout your newly-combined business may need to access your contracts. You may have a specific department that takes care of compliance. Salespeople need to be able to access past versions of contracts. No matter who needs to access that information, you want them to be able to search in one location for it. Not only that, but you also want to ensure that employees have the right security permissions to access the contracts.

5. Merging contract records will ensure that all alerts and reminders end up in the right place.

Along with your merger or acquisition, you may substantially restructure some of your processes and departments. That includes your contract approval processes. You may have new individuals who need to approve contracts before they can be finalized. Alternatively, you may need to add something to the existing contract approval process of one business to fit the needs of the other. If you're still using separate contract management systems, those systems may have different workflows or processes. That could create additional steps or make it difficult to keep up with your contracts. Merging your systems helps ensure that all of those reminders end up in front of the right individual or team.

6. Merging your systems helps protect your security.

You want to use a secure contract management system to help protect your clients and their data. Merging contract records can both give your customer data more security and help tighten your internal security. Start by assigning the proper permissions to employees who need to access contract information over the course of their work responsibilities. You may need to prevent employees from accessing secure materials that are outside the scope of their job responsibilities. Salespeople, for example, may need access to only the systems that they work on. But employees responsible for contract implementation may not need permissions that will allow them to make changes to those contracts. Using a single system can decrease the risk of internal security holes in your system. It will also help protect your business and your clients.  Prioritizing the merging of your contract records is essential. It will help your business keep up with its responsibilities following a merger or acquisition. Don't let it wait too late! Instead, put merging your contract records at the top of your priority list. This will keep your workflows moving smoothly following a merger or acquisition. Also, try our software for a week to see why it’s the best new home for all of your business’s contracts.  Read the full article

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How to Prepare for Contract Migration Projects

There are multiple reasons you may decide to undertake a contract migration project. You may want to use a contract management software that more effectively manages your contracts. You might have recently merged with another company, whether through direct merger or buyout. Perhaps you have legacy systems that need to have their data migrated to a new system. Whatever the case, before you migrate your contracts to a new system (and our comprehensive guide can help), you need to take several steps to prepare.

1. Take a look at the scope of your project.

Do you have a relatively small business that needs to migrate over the contracts you've collected over a few years of operation? You may be looking at a relatively minor migration project. On the other hand, if you have a big business, then you may have a much larger project on your hands. Before you begin your contract migration process, make sure you fully understand exactly what you're undertaking and how long it's likely to take. The first step to prepare for contract migration is to set realistic estimates for how long it will take to complete your contract migration project. Keep in mind that you may need to manually check a great deal of your data. While your contract reporting tools can tell you a great deal about the integrity of the data, you may need to check over those results manually to ensure that no vital data was lost during the migration. This can take time, especially when you're dealing with a large quantity of data.

2. Decide whether you want to migrate your contract data gradually over time or all at once.

Once you have a feel for the scope of your contract migration project, decide how you want to proceed. You may want to migrate your data gradually over time or move it to a new system in one fell swoop. Each method has several advantages depending on the scope of your data migration and what you need it to accomplish.  Moving your data all at once: When you move your data all at once, the data migration process takes minimal time. You won't have any ambiguity as the migration drags on. Also, you're more likely to have a clear start and end date for the migration. Unfortunately, moving your data all at once can lead to higher levels of data corruption. If something does go wrong during the data migration, you may have more problems to deal with than if you move your data steadily over time.  Moving your data slowly over time: Choosing to move your data over slowly can allow you more time to sort through the data and make sure there aren't any compatibility issues before you complete the final transition. Often, a slow trickle contract migration project will ensure more accuracy and less confusion on the other side. You'll also have more time to make sure that every member of the team has a full understanding of the new system before you implement it. This method, however, can lead to disruption in your business for a longer period of time. You will also have to carefully check your systems so you don't miss any critical data during your migration. 

3. Make a note of any events or challenges that could have impacted your contract data.

Keep in mind that anything could have a significant impact on your contract data, no matter how you prepare for contract migration. If there are specific contracts that are more likely to have errors, then you should check those contracts manually after the migration. You may also want to pay particular attention to contracts that are still in the negotiation phase or waiting for approval during the migration. It’s especially important to ensure that you have the current versions of those contracts.  

4. Back up your contract data.

Data frequently gets lost during contract migration projects. In spite of all parties' best efforts to keep that information as secure as possible, losses can happen. Fortunately, you can back your data up ahead of time. If you take this step, then you can easily access the old data. You can also ensure that it matches up with your new system. 

5. Train your employees.

If you're using a new contract management system, your employees need to know how to use it effectively. Before you begin to prepare for contract migration tasks, consider your team. You need to make sure that every employee can effectively use that new system. Designate trainers on your team to develop a greater understanding of the contract management software. Then, they can answer any questions that your team members have once you fully implement your new contract management software.

6. Make sure you have a clear plan for communication.

Contract migration can turn into a complex process. In some cases, you may experience unexpected delays or challenges in that process. You may also need to establish specific downtimes for your employees. Set a clear plan for communication so that employees will remain in the know and can adapt as needed. Knowing how to prepare for contract migration properly can make a big difference in your overall success. With these critical steps, you can ensure that your business is ready for everything that lies ahead. So try our software for seven days as you explore migration possibilities. Read the full article