A quick run-through of the ACC Legal Operations event—Using Analytics to Improve Contract Lifecycle Management
Zycus recently participated in the ACC Legal Operations event (format: Shark Tank) on Analytics and Contract Lifecycle Management in Chicago on 5th June 2017.
The event witnessed leading contract analytics providers talk about how contract management systems optimize operations and drive continuous improvement. They discussed how the latest AI-based developments in contract analytics improve contract lifecycle management.
Next-generation contract management systems, such as Zycus iContract, provide great insights into the post-award phase of a contract’s lifecycle. Such insights are imperative to track obligations, optimize compliance, and minimize risks. This improved visibility into each of your contracts enables you to:
- Use data from existing contracts to build more robust contracts in the future
- Renew only the well-performing contracts
- Identify and correct contract non-performance
Post-award contract analytics offers benefits such as increased revenue and performance with lower risks by allowing you to:
- Minimize revenue leakage by tracking utilization against contract values
- Threshold trigger notifications for revenue optimization or re-negotiations
- Leverage old contracts and common performance criteria
- Create performance analysis based on old contracts to track external party performance over time
- Drive risk analysis and risk prediction
Practical application of AI to optimize post-award contract management is a great intersection of leading-edge business practices with cutting-edge technology.
The event ended with a sneak peek into Zycus iContract’s capabilities to perform post-award analytics efficiently.
