The Importance of Data Storage in Contract Management

On September 2011, eWeek Senior Writer Chris Preimesberger reported that analysts of the IT industry estimate that about 30 to 40 per cent of IT shops have no disaster recovery systems in place or don’t know how to implement existing ones correctly. Processes for proper testing of data recovery systems are often overlooked as IT departments wrangle with pressing action items such as maintaining servers properly, troubleshooting user problems, and maintaining the overall smooth performance of all systems. In the field of contract management, this lack of attention to data storage could prove fatal if a disasters were to happen.

Given the advances in bandwidth and storage capacity, business need to take a look at the advantages of backup replication that cloud-based contract management system solutions can offer.

Go Beyond the CD Backup

Companies of all sizes are known for just keeping copies of their contracts in the server and some copies on CDs that are stored in basements. Still, this process does not guarantee the security of your data. Under a worst-case scenario, all of your contract info still relies in one place: your company building. The events of 9/11 shocked us in many ways and should have taught us a lesson in effective retention of contract data. While it has been widely reported about the property damages from this infamous terrorist attack, little has been reported about the loss of the data that was stored in the several in-house data centers. If your data storage is limited to in-house servers and CD copies, a natural disaster would do away with all of your data.

The Advantage of Cloud Solutions

By using Software-as-a-service or web-based contract management software, you can easily access information from anywhere using a standard web browser with fast, reliable performance and high security. Companies such as Contract Logix put a lot of effort in securely hosting your data in servers that have Intelligent HVAC cooling, uninterrupted redundant power source, multi-level security and firewalls, 24 x 7 monitoring, and a responsive technical support team. By using a cloud solution, your firm not only no longer needs to invest in software and hardware for storing its contract data, but also is guaranteeing that its data will survive a disaster due to cloud-based data replication.

Choose the Right Contract Data Storage Solution

Despite the benefits of using a cloud-based contract management software, using just any software is not the solution. You need to choose a suitable and reliable software that meets your needs. Generic SaaS systems may not be the most appropriate solution and that’s why it is important that your service provider is capable of providing consulting services to tailor your contract management solution.