The role of AI

Contract Repository Explained: Why Is It Important for Your Business?

Do you often struggle to find old contracts? Does your legal team spend hours locating contracts in different drives, folders, and cabinets? If so, your contract storage may be disorganized.

A survey conducted by EY Global revealed that over 49% of businesses don’t have a defined process to store contracts after execution. The same survey also states that 90% of contracting professionals find it challenging to locate stored contracts when required.

So how do businesses make their contracts accessible, visible, and organized? The answer is simple- by using a contract repository. This repository centralizes business contracts and makes agreements searchable, accessible, and secure.

This blog provides detailed information on contract repositories. Learn how to use a contract repository to store and manage contracts over time and maximize your contract visibility. Let’s start.

What is a contract repository?

A contract repository is a digital dashboard that stores and organizes an organization’s signed contracts and agreements. Storing contracts in a repository helps maintain a single source of truth where all documents are handled in one place.

Legal teams use contract repository software to centrally manage the contract database. This software helps store, organize, track, and analyze contracts—all post-signing stages of the contract lifecycle management process.

A modern contract repository is an evolved version of a traditional ‘contract storage.’ While traditional contract storages can store contract data, they are inefficient in contract management. Let’s find out how.

Traditional contract storage vs contract repository

Traditional contract storage is an outdated mechanism businesses use to store contracts. This could mean anything from storing contract documents in cabinets to using Excel and Spreadsheets or even drive folders.

Therefore, it is possible to store contracts using traditional storage tools. However, these tools are not designed for contract storage, and using them for contract management decreases CLM efficiency. Wondering why? Here’s a head-to-head comparison between traditional contract storage and modern repositories to give you a better overview of the two:

Modern contract repositories are efficient, automated, and accessible compared to traditional contract storage mediums. Using a digital contract repository also has many other benefits like enhanced trackability, elevated analytics, and robust security. The coming section sheds light on the benefits of contract repositories.

5 Benefits of using a modern contract repository

Why is investing in contract repository software and centralizing your contract portfolio a good idea? Here are some key benefits of repository-based contract storage.

1. Unifies contract storage

Scattered contract storage makes agreements difficult to trace, find, and prioritize. Businesses with high contract volumes often spend a lot of time finding old contracts when required. The result is increased contract administration time and higher contract regeneration costs.

A central contract repository helps store all new and legacy contracts in the same place. Advanced repositories like the one offered by HyperStart are efficient in pulling contracts regardless of their age. Finding contracts becomes easy with powerful searching, sorting, and organization functionalities.

2. Enables analytics

Analyzing contract data helps understand an organization’s contract management performance. Certain contract data points also give insights into department-wise performance. For example:

Sales: Contract signing time helps understand customer onboarding efficiency.

Finance: Average contract value helps with financial forecasting and budgeting.

HR: Employee contract renewal dates help renew employment bonds.

Procurement: Vendor contract expiration dates help with vendor management activities like renewal planning, deal renegotiation, and vendor hunting.

Using a contact repository system helps analyze all this contract data and gain actionable insights from it. Data visualization tools integrated with digital repositories help turn contract data into contract performance visualization dashboards to help understand contractual performance at any given time.

3. Streamlines tracking

Tracking helps trace and fulfill contractual obligations, avoid legal penalties, and maintain positive relationships with counterparties. Traditional contract repositories don’t have built-in functionalities to track contracts.

A contract repository system effortlessly tracks key contract dates and other obligations. Contract management software like HyperStart automatically extracts important terms from contracts and generates alerts based on these terms. From never missing contract renewals again to tracking upcoming payments, digital storage is excellent in all matters.

4. Helps manage legacy contracts

Do you have a bundle of legacy contracts stored in cabinets, drives, and local folders? If so, a contract document repository can help you store all these agreements centrally and maintain a single source of truth.

Cloud-based contract repository software like HyperStart uses Artificial Intelligence (for PDF and Word contracts) and Optical Character Recognition (for paper and image contacts) to intake documents, extract information, and store and analyze legacy business agreements.

5. Enhances contract security

Contracts contain sensitive data on business, customers, strategies, and deals. Ensuring data security is often challenging with decentralized contract storage. Compromised contract security leads to compliance issues, NDA violations, and legal troubles.

Digital contract repositories fix this problem through advanced security features like access control, data encryption, and blockchain storage. These repositories make contracts easily accessible but at the same time secure through controlled access permissions. Repositories also track contract versions for a transparent audit trail and the utmost accountability.

Manage All Your Contracts in One Place

Skip contract hunting and easily find what you need with HyperStart’s AI-powered contract repository. Get a fully functional contract storage dashboard within 48 hours.

Book a Demo

Top 3 contract repository software solutions

Contract storage is just one part of the contract management process. You can get a single-module digital repository system or even go for an end-to-end contract lifecycle management software and digitalize the entire contract process. Either way, here are a few vendors offering both options.

If you want to know more about the top CLM solutions, check out our detailed blog on the best contract lifecycle management tools and get more information.

The table above shows that HyperStart’s contract repository solution is a competitive option for automatically managing contracts and contract-related tasks. The coming section discusses the key capabilities and functionalities of HyperStart’s agreement repository solution.

8 Key capabilities of HyperStart’s contract repository

Built using a 99% accurate AI engine, HyperStart’s contract repository software is all you need to store your business’ entire contractual information. Let’s understand the key features of this solution.

1. Single-click import

Bulk import your contracts from multiple sources such as Salesforce, Gmail, Zoho Mail, Google Drive, OneDrive, and others to maintain a single source of truth. HyperStart connects seamlessly with your legacy systems for single-click import. The dashboard is ready within 48 hours, saving you from juggling between platforms to find contracts.

2. Auto extract metadata

Extract key dates, contract values, expiration dates, counterparty names, and other contractual information automatically through a robust and 99% accurate AI engine. With a record of handling over 1 billion contracts, HyperStart’s AI model is fine-tuned for precise data extraction. This gives you instant access to all contract data in a single-stop contract dashboard.

3. Automated tagging

Tag key contract data within the document with OCR-based auto-tagging. HyperStart’s OCR engine is trained to detect and tag important clauses. This helps locate key contract data within the document effortlessly.

4. 2-second retrieval

Get on-demand access to all contracts and easily find specific documents through AI-powered search. This feature turns your contract repository into a searchable database where you can use advanced search options to retrieve contracts based on entities, dates, and other elements.

5. Contract filtering and sorting

HyperStart’s contract repository makes locating contracts easy through advanced filtering, sorting, and organization mechanisms. Filter contracts based on advanced filtering options like counterparty names and other data. Create custom filters and sort contracts as per your requirements. You can also organize contacts in folders and subfolders for easy retrieval.

6. Data visualization

Turn your contract data into a visual dashboard and make informed decisions using charts and graphs. HyperStart pushes contract repository data into dashboard analytics to help you gain detailed overviews of your in-flight and signed contracts—making contract reporting and analytics easy.

7. Data security

Secure your organization’s contracts from data leakage through advanced security mechanisms. Being a leading CLM solution provider, HyperStart offers an AICPA SOC 2-compliant repository for secure contract storage. Practice granular access control and share contracts only with authorized users with further control on view, redline, and edit levels.

8. Automated tracking

Leverage AI to ensure compliance with legal obligations and streamline contractual processes through HyperStart’s automated contract tracking solution. Generate automated reminders for contract renewals and other important obligations. This feature helps you stay ahead of renewal dates and fulfill all regulatory requirements automatically.

Contracts Made Available at Your Fingertips

Store, organize, analyze, and track all your contracts in one place through our AI-powered contract retrieval. Cut down contract admin time by 80% and focus on what matters.

Book a Demo

By now, you know why a digital contract repository is important. However, a few additional factors must be considered while storing contracts in a digital contract repository. Let’s take a look at these factors.

Additional factors to consider for digital contract storage repositories

Regarding digital contract repositories, there are a few critical factors to keep in mind. Considering these factors helps ensure optimal contract storage, retrieval, and availability whenever required. Here are these factors:

Access control: Contract repositories with granular access control help increase contract visibility while ensuring the integrity of sensitive information. User-based access control is a must-have feature for all repositories.

AI-led automation: Digital contract storage solutions with AI enablement help minimize contract storage, organization, and sorting time. AI helps with all contract storage processes—minimizing contract admin time.

Audit trails: Being able to run audit trails on contracts helps maintain transparency. Version control and change logs help keep the contract repository transparent, accountable, and secure.

Integration with third-party systems: Connecting your contract repository to external systems like CRMs and HR software helps automatically push signed contracts into the repository. This way, you can ensure all your contracts end up in the same place.

These were a few additional factors to remember while using a contract repository. Now that you know what’s important and what matters in contract storage, you are all set to implement a contract repository system and centralize your contract storage.

Manage all contracts in one place with HyperStart

Unorganized contracts are harmful to your business processes. They act as bottlenecks in contract management and hamper overall operational efficiency. Your business needs an intelligent, efficient, and feature-rich contract repository solution that streamlines contract storage.

Simplify contract storage and retrieval with HyperStart—your one-stop solution for contract lifecycle management. Our contract repository software helps overcome contract chaos and keep your agreements organized. Book a demo with our team today to start streamlining your contracts.

Frequently asked questions

Centralizing contract storage aims to help contract managers and other business teams find contracts easily. Moreover, contract centralization is also important regarding contract visibility, security, and traceability.
Yes, digital contract repositories can handle large contract volumes. You can use these tools to store thousands of contracts in one place and simultaneously ensure optimal contract searchability.
AI technology helps make contract repositories structured, searchable, and analytical. AI-based contract management software features like automated metadata extraction, insights, reports and summaries, tracking, alerts, and security management help optimize CLM processes.
Yes, contract repositories can store legacy contracts with ease. All you need to do is upload all your existing contracts into the repository. Many contract management software vendors offer AI and OCR-based contract repositories to help you import all types of contacts—PDF files, Word documents, images, and paper agreements. Legacy contracts can be imported from multiple sources like CRMs, HRM software, finance systems, email tools, and cloud storage.
Yes, online repositories are highly safe and secure for storing contracts. Modern contract repositories like HyperStart comply with regulatory requirements, including those of SOC, GDPR, and ISO. Thus, storing contracts in an online repository is safer than storing them in filing cabinets.

Try first. Subscribe later.

Boost your legal ops efficiency by 80%.

1 Schedule a call
2 Scope out challenges
3 Test with a custom PoC