#contractmigration

When you merge or migrate your contract records, you may find that you end up with duplicate records in the process. Duplicate records are better for your business than missing records. But they can cause problems for your business, especially when you're trying to generate or analyze specific data records. You may also have duplicate records due to employee error: an employee who, for example, creates a new contract or new file for a client, rather than saving data in an existing file. Fortunately, you can analyze and identify duplicate records, get to the bottom of any challenges, and ensure that you have an accurate account of your business's contracts following your data migration. 

Step One: Define Unique Records

What elements define your unique contract records? Clearly define how you identify unique records in your system. You may, for example, have a clear contract naming system that makes it easy to identify unique clients. But if you have numerous contracts with a single client, you may have several files with similar naming systems. You may also have multiple copies of each contract due to variations that the contract went through before approval. Before beginning your analysis of any duplicate data after a migration, make sure you clearly define your unique records and how you can tell the difference between unique elements and duplicates.  

Step Two: Check Your Original Data

Before you begin your contract data migration, you should do two key things. First, you should back up your data. Second, you should have a solid idea of how much contract data you're migrating. This includes how many files you should anticipate on the other end. While a close look at your original data won't help you check for duplicates in your original data, it will help identify them after the fact.  A look at your original data will also help you determine whether your duplicate record resolution needs to be manual, automated, or some combination of the two. If you have a large amount of data to deal with, for example, you may need to automate at least a portion of the process so that you can streamline it. On the other hand, you may be able to handle small duplication checks manually. 

Step Three: Examine Contract Data for Duplicates

You can use an automated system to help identify duplicates or run a manual check, depending on the size of your data. Since you have a solid idea of what constitutes a unique record and what your original data looks like, you should be able to effectively sift through that data.  You can also set up your system to create a report during your contract migration that will allow you to check for duplicates and catch them as you make the migration. This report can automatically generate information about your data migration, including which files have made the migration and which contract records are likely duplicates. By keeping up with this report during the migration, you can cleanse data as it shifts from one system to the next, making a smoother transition. 

Step Four: Consult an Expert Concerning Those Records

Take a look at your suspected duplicate records. You may need an expert to evaluate those records. Consider: Which records actually need to be consolidated? If you're using an automated system, you may need to look through those contracts yourself. It won’t be immediately clear which records need to be consolidated and which contain unique information. You can also set your system up to help consolidate duplicate records automatically. For example, the system may be able to recognize full duplicates or data that has been corrupted during the migration. Allowing it to select the right records saves you time. How will you pick the survivor contract records?  Determine which records actually need to be kept, rather than deleted. You may note that some duplicate files have errors created during the migration process, while others are clean. If you're automating the process, consider what attributes survivor records need to have in common. 

Step Five: Consolidate Your Records

After a merger or acquisition, your team has a lot of details to focus on. It can be easy to allow merging your contract records to get lost in the shuffle. After all, both businesses likely have an effective contract management system in place that has allowed them to keep up with their contracts thus far. You can wait to merge those systems together, right? In reality, you need to put merging contract records high on your priority list.  Consider these key reasons why merging your contract records is important, and then read our guide to creating a contract migration project. Also, consider how failing to do so could create unanticipated problems for your newly-combined businesses. 

1. Merging contract records can make it easier to generate company-wide reports.

When you merge your contract records, you can quickly and effectively generate reports that cover all aspects of your company's contracts. If you keep your records in different depositories, on the other hand, you may need to generate separate reports for each company, then manually compile them. This can substantially slow down your ability to put together those vital records. 

2. If you don't merge your contract records, employees may not know which system to use.

In the early stages following a merger or acquisition, employees may automatically use the system they've always used as they create, negotiate, and manage contracts. As you restructure your business following those changes, however, you may shift certain business responsibilities to one partner company or the other. Employees may then not be sure which contract record system to use or where to store contracts. 

3. Failure to merge your contracts can make it difficult to find specific contracts and information, especially as your business grows in the aftermath of the merger or acquisition. 

When you begin merging contract records, you will store it under one standardized system that makes it easy to identify key information about your contracts. You'll be able to easily track the current versions of contracts as well as keeping up with where you can find those contracts. When they're located in separate repositories, on the other hand, it can prove difficult to find a specific contract. You may need to go through more than one system in order to find the specific contract you need. This can slow down your response time when dealing with clients. 

4. You don't want combined departments to have to search in two locations for information.

Many departments throughout your newly-combined business may need to access your contracts. You may have a specific department that takes care of compliance. Salespeople need to be able to access past versions of contracts. No matter who needs to access that information, you want them to be able to search in one location for it. Not only that, but you also want to ensure that employees have the right security permissions to access the contracts.

5. Merging contract records will ensure that all alerts and reminders end up in the right place.

Along with your merger or acquisition, you may substantially restructure some of your processes and departments. That includes your contract approval processes. You may have new individuals who need to approve contracts before they can be finalized. Alternatively, you may need to add something to the existing contract approval process of one business to fit the needs of the other. If you're still using separate contract management systems, those systems may have different workflows or processes. That could create additional steps or make it difficult to keep up with your contracts. Merging your systems helps ensure that all of those reminders end up in front of the right individual or team.

6. Merging your systems helps protect your security.

There are multiple reasons you may decide to undertake a contract migration project. You may want to use a contract management software that more effectively manages your contracts. You might have recently merged with another company, whether through direct merger or buyout. Perhaps you have legacy systems that need to have their data migrated to a new system. Whatever the case, before you migrate your contracts to a new system (and our comprehensive guide can help), you need to take several steps to prepare.

1. Take a look at the scope of your project.

Do you have a relatively small business that needs to migrate over the contracts you've collected over a few years of operation? You may be looking at a relatively minor migration project. On the other hand, if you have a big business, then you may have a much larger project on your hands. Before you begin your contract migration process, make sure you fully understand exactly what you're undertaking and how long it's likely to take. The first step to prepare for contract migration is to set realistic estimates for how long it will take to complete your contract migration project. Keep in mind that you may need to manually check a great deal of your data. While your contract reporting tools can tell you a great deal about the integrity of the data, you may need to check over those results manually to ensure that no vital data was lost during the migration. This can take time, especially when you're dealing with a large quantity of data.

2. Decide whether you want to migrate your contract data gradually over time or all at once.

Once you have a feel for the scope of your contract migration project, decide how you want to proceed. You may want to migrate your data gradually over time or move it to a new system in one fell swoop. Each method has several advantages depending on the scope of your data migration and what you need it to accomplish.  Moving your data all at once: When you move your data all at once, the data migration process takes minimal time. You won't have any ambiguity as the migration drags on. Also, you're more likely to have a clear start and end date for the migration. Unfortunately, moving your data all at once can lead to higher levels of data corruption. If something does go wrong during the data migration, you may have more problems to deal with than if you move your data steadily over time.  Moving your data slowly over time: Choosing to move your data over slowly can allow you more time to sort through the data and make sure there aren't any compatibility issues before you complete the final transition. Often, a slow trickle contract migration project will ensure more accuracy and less confusion on the other side. You'll also have more time to make sure that every member of the team has a full understanding of the new system before you implement it. This method, however, can lead to disruption in your business for a longer period of time. You will also have to carefully check your systems so you don't miss any critical data during your migration. 

3. Make a note of any events or challenges that could have impacted your contract data.

Keep in mind that anything could have a significant impact on your contract data, no matter how you prepare for contract migration. If there are specific contracts that are more likely to have errors, then you should check those contracts manually after the migration. You may also want to pay particular attention to contracts that are still in the negotiation phase or waiting for approval during the migration. It’s especially important to ensure that you have the current versions of those contracts.  

4. Back up your contract data.

Data frequently gets lost during contract migration projects. In spite of all parties' best efforts to keep that information as secure as possible, losses can happen. Fortunately, you can back your data up ahead of time. If you take this step, then you can easily access the old data. You can also ensure that it matches up with your new system. 

5. Train your employees.

If you're using a new contract management system, your employees need to know how to use it effectively. Before you begin to prepare for contract migration tasks, consider your team. You need to make sure that every employee can effectively use that new system. Designate trainers on your team to develop a greater understanding of the contract management software. Then, they can answer any questions that your team members have once you fully implement your new contract management software.

6. Make sure you have a clear plan for communication.

Whether you've decided to switch to a new contract management system or you're in the middle of a merger, your business still needs to maintain daily operations. You want to be sure that you're able to keep up the regular flow of business despite your data migration. No matter what changes you make internally, your clients expect the same high quality of service you've always provided. Read our contract migration project guide for help with your project from start to finish. As you start, there are several steps you can take to keep up with your normal business tasks and responsibilities.

Create a Plan for Your Migration

Attempting a data migration with no plan in place to maintain daily operations could prove catastrophic for your entire business. By creating a plan ahead of time, you can more effectively migrate your data. Proactively planning also protects the normal tasks your business needs to complete each day. Make sure you have a solid understanding of: The scope of the projectHow long you expect it to takeHow you'll keep up with normal work tasks during the migration project You also want to ensure communication with your entire staff. This will ensure that everyone knows what to expect during the migration project.

Migrate Data at the Right Time

Data migration will often cause some disruptions to your normal work processes. That does not necessarily mean, however, that you have to give up your business's usual efficiency. Instead, make sure you choose the right time to migrate your data. Some businesses choose the trickle method: they migrate data gradually over time, allowing for effective testing for the quality and integrity of each data set before moving on to the next set. Other businesses may choose the "big bang" approach. This approach migrates all of your data over at the same time, in one fell swoop. This method allows a fast swap to a new system. But it may make it more difficult to properly check the integrity of your data and your contracts before beginning to utilize the new system. It can also be too interruptive if you also need to maintain your daily operations. Whichever system you use, make sure you choose the time that is as convenient as possible for most of your departments. Do not, for example, schedule a data migration in the middle of the workday during your busiest sales season. That’s when multiple members of your team may need to access the contract management system at the same time. 

Set Clear Priorities

Make sure you assign clear priorities to the data that needs to be migrated fastest and most efficiently. High-priority data might include: Currently active contractsContracts that you're currently negotiatingContracts that you may need to refer back to in the near futureLease agreements and vendor contracts Other documents, including legacy contracts, can often wait until a later stage of the migration. While this data is still important for your business, it can wait until more critical data has been migrated over. 

Clearly Designate What System to Use When

If you're combining two businesses and migrating to a single data system, both businesses may want to continue using their existing systems until the migration is complete. This will make it easier for each business to maintain daily operations keep up with its own contracts during the migration process as well as clearly designating which company is responsible for taking care of specific responsibilities.  Set a clear date for when you expect your employees to start using the new system. Before that date arrives, make sure every employee has a clear understanding of how to use that system and what will need to change about their workflows and processes to complete the migration. 

Put Training on the Schedule

Increasing numbers of businesses and software providers are moving to cloud-based systems in an effort to improve their overall performance and capability. Your contract management software is no exception. If you decide to embark on a contract migration project (and we have a complete guide to help you get started), then storage on the cloud is one of the key advantages. There are several benefits to cloud-based contract management software, regardless of the size of your business.  What are the benefits of migrating to cloud-based contract management?

1. Using cloud-based contract management software means that you don't have to worry about physical storage at your location.

Physical servers might not take up as much space as paper files, but they need considerable space nonetheless. When you use cloud-based contract management software, on the other hand, you don't have to worry about making physical space for a server--which means your business can operate at a higher level of space efficiency. 

2. Your team can access cloud-based contract management software from anywhere.

When you store your contracts and other vital information on physical machines in your office, your employees need to be in the office to access it. Cloud-based software, on the other hand, ensures that your employees can access that vital information no matter where they are. This can provide a number of advantages to your productivity. Salespeople can access contract management software while meeting with potential clients. They can easily connect directly with your business's contract management software to access templates or answer key questions about the specifications you have for your contracts and services. They can also begin filling out those contracts on the spot while speaking with the client.  Your team can work remotely. Team members may need time to work from home or to be able to work on the go while traveling. When you use cloud-based contract management software, your team members can work from wherever their travels may take them. 

3. Cloud-based systems remain operational even in conditions that may prevent you from accessing your physical office.

Sometimes, disaster conditions can prevent you and your team members from reaching your physical office. Widespread illness, natural disasters, and other challenges can all close down your physical office, making it impossible for team members to come in and access those systems. Following a severe natural disaster, you may need time to repair your workplace. When you use cloud-based contract management software, on the other hand, your team members can work from home or remote locations when they can't access the office. 

4. Cloud-based systems provide outside backups.

Data backups are critical to maintaining the vital information you need to keep your business running smoothly. That includes backups of the contracts your business uses for daily operations. You need to know: What you need to contractually accomplish for your clients.What your vendors need to provide for you.The terms your subcontractors have committed to meeting.  If something happens that causes your internal systems to go down, including malware or viruses, a cloud-based system can provide backups that will enable you to access that vital information. 

5. Cloud-based storage systems offer plenty of room for every copy and version of your contracts.

Your contracts may go through multiple incarnations before you and your contractual partner sign the final copy. You may also create multiple contracts with the same partner over your years together. Whether it's a vendor that you use on a regular basis or a client who has been with your company for years, you need a clear historical record. When you use a cloud-based storage system, you have plenty of room for a copy of every version of your contracts. That means you can always go back and refer to previous versions if you need them for any reason. This can be a highly effective way to track contract variations over time or to learn more about the services you've offered in the past. Also, you can go back to previous versions of contracts as you're negotiating and finalizing your deals. 

6. Cloud systems provide strong security.

In today's society, cybercrime is prevalent across every industry. One in five small businesses will suffer a cyber attack each year, and the costs of those attacks can prove astronomical. You do not want to see your company's contracts compromised, especially if that means allowing an outside attacker to access private client information. With a cloud-based system, you get a strong layer of security that will help protect against cyber attacks. 

7. Your cloud-based contract management system will provide the IT support you need. 

Migrating all your contracts to a single repository is a critical step for your business. Whether you need to merge legacy systems together or you have recently gone through a merger or acquisition, it streamlines how you do business. Many business owners, however, worry that they will face unnecessary downtime and other problems during the migration process. With the appropriate planning, you can protect your business and migrate your contracts to a single, highly effective repository. This will help you meet your contract management goals. 

Set Up a Separate Contract Migration Project

Migrating your contracts to a single repository is its own project and should be treated as such. It can be complicated, whether you're migrating several contract repositories at the same time or you're migrating a single existing contract repository to a new system. Set up your contract migration plan as a separate project and treat it accordingly. You may need to: 1. Assess the Scope of the Contract Migration Project Just like when you take a look at a project for a client, you need to take time to assess the scope of your contract migration project. How big of a project are you looking at? How many contracts do you need to move, and how many systems are you bringing together? Take a solid look at what you expect to happen during your contract migration. This includes any potential obstacles that may occur during the contract migration process. Be honest about how long you expect the project to take and just how big a project it is to handle. With this precaution, there’s less risk that you will face unexpected challenges later. 2. Evaluate Your Team Once you have a clear view of the scope of your project, take the time to evaluate your team and their skills. Ask: Who on your team will be responsible for managing the contract migration process? What role will each team member play?Do your team members have the skills needed to help? This includes migrating those contracts, identifying and removing duplicate records, and checking data integrity.What does your team's schedule look like? Do you have time to factor in your contract migration?Do you need to bring in additional help to aid with the contract management process? You may want additional help if your team doesn't have enough time in their schedules to properly handle the project.   Also, evaluate the system you're moving to and the challenges it may present, as well as the ability of your team to meet those challenges. Determine what customer service and assistance the contract management system's internal tech team will provide during the migration process. Then, you can get a better idea of what skills your team members may really need to accomplish that migration.  3. Create a Timeline Just like when you put together a project for a client, your team needs to know how long they have to complete the contract migration. Consider: When do you need to have your contract migration completed?  You may have a very specific timeline in which to complete your migration. For example, you're using a legacy system that will no longer be supported after a certain date. Alternatively, you might be dealing with a subscription service that you don't want to renew again. You may also find yourself restricted by an upcoming busy season. That means you need to have all your contracts in the new system and everything up and running smoothly.  How much time do you have to dedicate to your contract migration project?  Your contract migration project will require employees, resources, and time. Look at how those needs fit into your schedule and what you need to do in order to effectively manage your migration and prevent it from interfering with other projects, especially those related to your clients. How long is the project likely to take?  Consider factors like both the system you're transferring data to and the system you're transferring data from, since these can put limitations on the speed of your project. Do you need to manually check for data duplication? Do you have automated processes in place that will need to run before the migration is complete? Make sure you have a solid timeline in place that will let you know how long it will probably take to migrate your contracts to the new system. 

Design a Plan

Once you have evaluated the full scope of your contract migration and set it up as a project within your system, you need to design a plan that will help keep you on track throughout the migration. Ask: What is the goal of this project? Like any other project, you need to have a clearly defined goal for your contract migration. In this case, it’s to have all of your contracts contained within one contract repository so that you can easily access the information you need when you need it. Secondary goals might include: Ensuring the data is clean and undamaged.  You may need to start by creating a data backup as you prepare for your project. Then, you will have clean copies of your contract data to refer back to if something fails to migrate correctly to the new system.  Creating a clear organization system that will establish how contracts are stored.  You may need an intuitive naming system as well as a storage method that makes sense to every member of the team who must use that system. This is essential if you're migrating over data from different companies.  Maintaining security both during and after the migration.  You do not want to lose valuable data or leave it vulnerable to hackers, who may choose to use it for their own purposes.  Aligning your contract storage system with your company's other goals and plans.  Your contract repository can help streamline many of your business practices and make it easier to ensure compliance and full implementation of your contracts. It can also help your company up with billing and other critical financial matters.  Setting up workflows and reminders in the new system that will keep business flowing smoothly. Your business needs to flow as smoothly as possible during the transition and afterward. Make sure that your reminders, workflows, and alerts are set up in the new system before you finish the migration.  What risks does the contract migration present to the company as a whole? When you migrate your contracts, you may face some risks. As you design a plan to migrate over your contracts, make sure you carefully consider those risks and take steps to mitigate them as much as possible ahead of time.  Does your current contract repository pose a known security risk?  If you're using legacy systems or outdated contract software, you may find that your existing enterprise contract management system poses a substantial security risk to your business. Migrating to a new, updated system, especially one that already has vital security in place, can help mitigate that risk.  Do you have a risk of unexpected downtime during the migration?  If you plan to move all your contract data over at once, you may have a period of downtime. You can control this downtime, to some extent, by planning your migration for a time that works best for your company. You may not want to schedule a migration for the busiest part of your day or for a time when you know you can expect increased amounts of business.  What resources will you need to accomplish your contract migration? Put together a list of all the resources you will need in order to fully accomplish your contract migration. This includes the time, manpower, and the physical resources you may need to accomplish your migration. Consider: How many people you will need in order to accomplish the migration. Clearly designate which team members you will need to have and what responsibility those team members will need to complete. You may need to block out those team members' schedules during the contract migration. Alternatively, you may need to designate a chunk of time each day to work on migration-related tasks.  How long you anticipate the project taking.  You already have an estimate of your timeline for contract migration completion. Make sure to include this as part of your plan so that you can schedule the right employees at the right time.  What machines you will need to use during the migration.  You may want to designate a particular machine or machines to handle the data migration. You may not be able to use this computer for other purposes while you're handling your migration to the cloud. If you currently store your contracts on an in-house server, you may need to dedicate that server to the contract migration process. Make sure to check with your IT team to learn what load those machines can handle and how it will impact the rest of the company. What virtual space you will need to handle the migration.  Consider elements like your network security as well as upload speed. Do you want to conduct your contract migration over a separate network from your usual processes? This can help increase upload speed as well as providing you with an additional layer of security, since you can more easily monitor exactly what devices are connected to that network throughout the contract migration process.  Are there any additional resources you will need to complete your contract migration project? Consider all the details of your project and what resources you may need to finish it effectively. If you will need to work after hours or on weekends, consider what resources will need to be made available to your team in order to maximize efficiency.  Create a clear budget for your contract migration. Make sure you establish what that budget is intended for. Also, leave some room in that budget for overtime if the migration takes longer than intended.  How do you plan to set up training?