The processes and diligence to keep key data current are often lacking. The centralised asset licence repository may not be updated with business-bought software documentation. The priority is to get the agreement or renewal concluded.The transaction history itself may be lost or stored online making visibility to legal or commercial stakeholders almost impossible.
There are two key elements to ‘Source of Truth’ processes
– the due diligence to collect and record the information
– the historical record of communications and control documentation.
LOCS can provide both, by developing (and undertaking if necessary) the processes to maintain the data, and, by uploading the data to a ‘source of truth’ spreadsheet or tool (see ComplyMan.co.uk).
The aim is to provide a ‘source of truth’ that your commercial, technical and legal team can rely on and that will provide a fingertip base for cost control, efficiency initiatives and savings.