Stop struggling to manage new data privacy regulations and wasting thousands, if not millions of dollars to inefficiently mitigate risk. Knowable quickly identifies specific contract data privacy language in your executed agreements so you can swiftly repaper your contracts, renegotiate terms if necessary, and demonstrate ongoing compliance using a single source of truth that centralizes and structures your contracts using contract data instead of contract text.
One and done.
Seemingly, every year new data privacy regulations emerge requiring enterprises to commit valuable resources to a year-long exercise of creating policies, playbooks, and templates that only serve as an incomplete, temporary fix to a problem that will inevitably surface again in short order. This strategy erroneously relies on CLMs and new agreement workflows to solve a problem that needs a longer-term solution.
For a permanent fix, organizations must focus on their executed agreements which contain a web of complex, frequently amended agreements that are often impacted by the new regulations. This problem is only solved with contract data.
- Scope with precision: Eliminate the potential for project delays and cost overruns. Convert your disparate repositories of executed agreements into a complete, accurate digital agreement database where you can easily store, organize and find in-scope contracts.
- Speed negotiations: Reduce objections and empower teams with the relevant information they need to manage your business relationships. Contract families provide full visibility into how terms have evolved over time and their impact on amendments and other ancillary agreements.
- Prove compliance: Be prepared for data privacy audits and other risk monitoring activities as they arise with a comprehensive database that maintains a historical record of each contract iteration in real-time. No need to repeat the arduous process again.
- Reduce costs: Keep your team focused on higher-value activities by spending less time searching for the right contracts and negotiating new terms. Data privacy remediation can be completed in just weeks, instead of months, saving thousands of hours and hundreds of thousands of dollars each year.
- Increase efficiencies beyond data privacy: Creating this foundation for data privacy compliance sets companies up for full-scale contract management across the enterprise for all contract types, providing additional opportunities to prevent revenue leakage and risk – all while reducing cost.