Challenges with Traditional Contract Management and Analysis:
Businesses are increasingly creating and storing incredibly high volumes of data. However, the ability to discover useful relationships and interact with all this data is often very limited. This has been especially true for contracts – with traditional contract storage and management, key insights were locked away and out of reach for general counsels, compliance officers, business executives, and other key stakeholders.
This left organizations with numerous challenges preventing them from fully understanding the risks and opportunities hidden within their contract portfolio:
- Extremely difficult to discover patterns and relationships across large volumes of contracts without painstaking manual review
- Corporate contracts also tend to be dispersed across different departments – making it very difficult to achieve consistency
- This lack of visibility leads to increased risks and lower levels of compliance with corporate standards
- Missed opportunities to negotiate for better outcomes based on learnings from across the entire contract portfolio