Running a data-driven business is essential to remain competitive today, and businesses that rely on data-driven decisions insure themselves for long-term success. Nurturing and analyzing data across functional departments work as a driving force to provide strategic and operational insights.
One such area of data analytics that needs a spotlight is contract data. Currently, it is not utilized properly as businesses are not equipped to trust their contract data. This is due to:
- improper contract classification
- legacy systems
- fragmented contract lifecycle management modules
The above factors lead to unstructured data from multiple sources.
A typical Fortune 1000 company has as many as 20,000-40,000 active contract agreements at any given time, according to World Commerce & Contracting (WCC). Imagine the contract compliances, hidden obligations, urgent audit requirements, and changing regulations that make these contracts vulnerable to unforeseen risks. During an adverse situation, businesses either face monetary and reputational consequences of not being able to access contract data or end up spending a fortune in finding and extracting required data stored in paper, image, and PDF contracts.
Leveraging the most invaluable component of contracts – Contract Data is the foundation for data-driven successful contract management. It paves the path for business intelligence with the necessary insights for businesses to improve control, governance, and visibility.
Embedding AI into Contract Analytics helps drive efficiencies in the contracting process while improving the depth and breadth of information captured about the contract assets. This information further leads to reduced contract turnaround time, better decision making, increased visibility into contract performance, and a clearer view of potential risks.
Download our latest eBook to know how AI-powered Contract Analytics helps businesses gain and sustain competitive advantage. It thoroughly discusses the following:
- Advanced Contract Analytics gains importance in organizations
- Lack of contract insights leads to loss
- How Analytics help in certain business areas?
- How AI-led analytics add value to contract management?
- The technology behind contract analytics
- How AI-led analytics help businesses gain & sustain competitive advantage?
- What is the role of Analytics in reducing employee redundancy?