Companies employ different strategies for managing contracts and, like most things today, technology can provide a helping hand. Huron Consulting Group has released a Q-and-A interview with Managing Director Jeffrey Catanzaro that explores some of the newer options.
Catanzaro said the emerging technology has focused on the need to take an inventory of a company’s contractual obligations.
There are now tools that search repositories, discover contracts and extract document metadata to inject transparency into the process, said Catanzaro. The tools are classified as “c-discovery” for contract discovery. Catanzaro said a company may have any number of agreements stored in a repository, which isn’t helpful if there is an immediate need to determine what the contractual obligations say.
