Contract Analytics Software

What is Contract Analytics?

Contract analytics is the application of data analysis tools to extract and understand information hidden within contracts, providing insights into terms, obligations, and potential risks. Businesses leverage contract analytics for risk identification, obligation tracking, compliance tracking, financial analysis, and more. 

Current trends indicate that artificial intelligence is revolutionizing the process, streamlining contract management and enhancing risk mitigation across the entire contract lifecycle.

What is Contract Analytics Software?

Contract analytics software is a tool that utilizes artificial intelligence, particularly natural language processing, to extract and analyze information from legal contracts. By processing vast amounts of contract data, it identifies key terms, obligations, and potential risks. This software helps organizations streamline contract management processes, improve decision-making, and mitigate legal risks by providing actionable insights.

Benefits of Contract Analytics Software

Contract analytics software offers numerous advantages for organizations.By leveraging contract analytics software, organizations can achieve significant operational efficiencies, reduce risks, and drive business growth. Here are some key benefits:

Enhanced risk management:

Identifies potential risks and liabilities embedded within contracts, allowing for proactive mitigation strategies.

Better decision-making:

Provides data-driven insights to support informed decisions related to contract negotiation, renewals, and termination.

Improved contract performance:

Tracks key performance indicators (KPIs) to measure contract effectiveness and identify areas for improvement.

Improved compliance:

Ensures adherence to legal and regulatory requirements by detecting potential non-compliance issues.

Enhanced revenue generation:

Ensures adherence to legal and regulatory requirements by detecting potential non-compliance issues.

Importance of Contract Performance Management

Contract performance management is the ongoing process of monitoring and evaluating how well contracts are being executed. It involves tracking deliverables, measuring performance against agreed-upon terms, and managing any issues or disputes that arise. The goal is to ensure contracts deliver maximum value while minimizing risks and maintaining compliance. By actively managing contract performance, organizations can optimize business operations, improve decision-making, and strengthen relationships with contract partners.

The Icertis Contract Intelligence (ICI) platform is uniquely suited to this task. It features a hub for all data related to contracts — providing enterprise-wide insights that help your business maximize value and minimize risk. The Icertis contract management platform brings together full lifecycle information from contract processes and integration with enterprise contract management systems. This single source of truth is then layered with pre-built analytics to surface performance metrics, which help track governance and compliance, measure actual spending against budgets, calculate savings and benefits from contracted transactions and track progressive improvements in renewals.

With this information at hand, you can reduce risk by avoiding missed obligations, plug leakage by ensuring all negotiated terms are fulfilled, and improve overall contract performance by identifying areas for future commercial improvement.

Advanced Analytics

Gain valuable performance insights on all areas of contracts from legal, finance, sales, and procurement. Our contract management software includes a full-featured analytics module that enables insights on data such as cycle times, deviations, savings, risks, expiry, renewal statistics, and procurement and sales metrics on contract revenue and spending. The platform comes with many best-practice metrics for different contract types across the sell-side and buy-side.

Platform users have leveraged the platform’s analytics tools to identify and address:

1. Bottlenecks in contract approvals

2. Underperforming suppliers

3. Inconsistent commercial terms from a single business partner

4. Rebate structures that are not advantageous for the company

Contract Analytics Reporting

Get robust operational reports on contracts and all related information such as historical negotiation documents and purchase orders or SOWs executed against a contract. Users can receive default reports or easily create and configure new reports based on needs, during or after implementation. Powerful search features—which can search against both contract language and metadata such as region and total contract value–enable on-the-fly reporting.

Executive visibility is enhanced through high-level reports showing an enterprise-wide contract profile. Personalized searches can be saved and quickly exported to Microsoft Excel. Users can search contracts, master data, and any other relevant document type and select which results to display before exporting.

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