Contract and data protection management platforms primarily help to save costs and time and simplify the day-to-day handling of data protection and contract law matters. This results in the following advantages:
1. increased customer confidence and improved compliance improved compliance
- Compliance with data protection and contractual provisions has a positive impact on your corporate image and is a positive decision-making factor in many discussions.
- Regular monitoring of all data protection and contractual provisions and adherence to them has a positive impact on your overall compliance.
2. overview and cost control through centralized management of contracts and data protection documents.
- By managing all contractual documents in one central location, you get an overview of your contractual obligations and can better control costs. In addition, you can ensure that all data protection documents are up-to-date and legally compliant.
- Exciting fact: Companies can save up to 30% on contract costs by using contract management software (AXDRAFT, 2021).
3. protection against data loss and misuse through security measures taken.
- This is especially important for personal and sensitive data in important (data protection) documents and contracts, and is also mandatory by law. By using contract management software, you can protect your contractual documents from data loss and misuse. Contract management software usually offers a variety of security measures, including encrypted data storage, access control and user management.
4. maximizing the investment of employees' time by working efficiently.
- By automating processes, you can save time and reduce the workload of your employees. Not only does it save time by making it easy to find contracts, but it also makes it easier for colleagues to collaborate more quickly. This allows you to focus on more important tasks and increase your efficiency.
5. improving efficiency in the company by actively minimizing the risk of penalties and other foreseeable events
- This is another area where contract management software can help. The software makes it easy to ensure that all documents are up to date and meet legal requirements, which allows for better compliance management. This is not only noticeable on the balance sheet, but also promotes secure business operations.
- Exciting fact: Companies that use contract management software can see a 15% increase in productivity compared to those that do not (Aberdeen Group, 2005).
In summary, established contract and data protection management platforms offer a variety of benefits, including cost savings, simplification of day-to-day work with data protection and contract law issues, increased customer confidence, and strong compliance. In addition, the management of contracts and data protection documents can be centralized, enabling improved cost control as well as protecting against financial penalties. Especially for personal and sensitive data, security measures taken ensure protection against data loss and misuse.
We teamed up with our partner heyData to talk about the biggest benefits and faux pas of data protection and contract management. Here you will find the list of the biggest faux pas.