The International Association for Contract and Commercial Management (IACCM) is a non-governmental, not-for-profit, organization that helps establish best practices when it comes to contract and commercial management. The ultimate goal of establishing and promoting these best practices is to “raise professional status and practices worldwide.” The IACCM is comprised of 34,000 members across the world, 12,800 corporations, and represents every major industry.
The IACCM provides training and certifications for:
- Contract and commercial managers.
- Supplier relationships managers.
Because the IACCM is such a major player in contract management, we thought we’d see what they have to say about cloud storage for contracts and other crucial documents.
Perceived Risks Associated with the Cloud
Switching to a cloud provider, while having some obvious operational and efficiency benefits, can shift the locus of power from your offices to your cloud provider, or at least that is what customers fear. It is important to ask the right questions before considering the cloud option to make sure you don’t lose more control than you are comfortable with.
When assessing the security of cloud storage, look at how well it promotes confidentiality, integrity, and availability. By using a third party to handle these important aspects, a high degree of trust is involved, and you should only consider highly trusted and reputable cloud service providers. Make sure that due diligence and data backups are performed regularly. If there is a situation where you need to access backed-up data, make sure that you are able to do so quickly.
It is also important to avoid what is called “vendor lock-in.” How difficult would it be to switch to a competitor once you’ve signed on? Will they be helpful in transferring your data or will they fight you every step of the way? Make sure that every contract between cloud provider and cloud customer includes provisions that guarantee to support data relocation at both the beginning and the end of their business relationship.
For more information from IACCM read this article from their official website.
Why Trusted Cloud Computing Services are a Good Option
Though cloud-computing and storage is not totally risk-free, overall it does substantially increase efficiency and can lower overall risk. There are dozens of options on the market today, and not all are created equally. Amazon Web Services embodies the industry standards for what a large (or small) organization should look for in cloud computing and storage. For example, make sure that your vendor meets such standards as ISO 27001:2013 for security.
Other benefits that accrue with cloud computing and storage include increased savings, top-of-the-line security, increased accessibility, ease of sharing and collaborating on information, and automated data backups and recovery. (For more information on benefits: http://online-storage-service-review.toptenreviews.com/top-ten-advantages-of-using-online-storage-services.html)
The benefits offered by a carefully chosen cloud provider are ideally suited for contract management, allowing for real time authoring, collaboration, signing, sharing, etc.
To learn more about how cloud storage can change the way you manage your contracts, fill out the form on this page to chat with one of our contract management software specialists, or call us at 844-693-7446.