"Big Data" is a hot topic these days, especially amongst those charged with business and regulatory compliance. Wikipedia defines Big Data as "a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools." The article goes on to say that, "The challenges include capture, storage, search, sharing, analysis."For many companies, including but not limited to financial institutions, much of the data they need to report on is buried in their contracts. These contracts can be very complex documents. Looking at the challenges listed above, the first is "capture." If the data from contracts is being captured by re-keying data points into a database, the margin for error is very high, not to mention that it's a costly and time intensive undertaking. In order to keep costs down, you may look to inexpensive, untrained resources to handle the task. In that case, the error rate goes up.
By automating your contracts process you eliminate manual re-keying of data. With an enterprise document assembly solution, all of your data is automatically captured as you create your contracts. When integrated into a contract management solution, the data is stored, searchable, and available for analysis in one system, thereby addressing three of the additional challenges. With a contract automation solution such as Exari, that data and the documents are also shareable (the final challenge) through a number of tools such as sites, wikis, discussions and blogs.
Documents contain by nature, unstructured data. By storing the completed document in a contract management system, you can utilize full text search to suss out the data you need. However, if you automate the creation of those documents in the same system, the data points also become available as structured data. This simplifies any necessary reporting, whether to board members, shareholders or regulators.
To see how Exari's document assembly and contract lifecycle management solutions can help with your data burden, request a demo.