Contract Management Reports: Real-Time vs. Static

By Justin Perkins, Solutions Engineer at Contract Logix

The problem we often find when dealing with data in a digital age is what happens the second we take it on the go? We download a file containing this great set of reportable information but just like computer hardware the day after purchase, it’s already be obsolete. This is a constant problem with contract management reports and data being shared via local files (i.e. an excel export) and over email because you start to get away from the real-time source of truth.

Download Top 10 Contract Management Best Practices to learn more.

Instead of dealing with static (i.e. stagnant) contract-related information, why not leverage a core repository of living breathing contract data? That’s a key driver and differentiator of our intelligent contract management platform. It provides always up-to-date and real-time information to help you check the pulse of your contracts and contract management processes. Our platform lets you easily create and save personalized contract management reports to help assist your everyday contract administration needs at the drop of a hat. It gives you access to the information from the source so that you can report it with real-time accuracy and confidence.

Not only are you dealing with living, breathing data, but it overcomes the problem businesses often find with excel-based data sets which is the inability to learn more about the related records. For example, what happens if an executive sees something concerning in static report that they want to learn more about?  Inevitably, they’ll ask more questions and search for more answers than the static report can address.  If your contract management reports have real-time access to the actionable data they’re presenting such as viewing the information in Contract Logix, the executive can now drill into the report and get immediate answers and insights to make accurately informed and data-driven decisions.

If the contract management reports you are sharing or viewing are removed from the foundation of data they are built on, you won’t ever have the same real-time data accuracy and business velocity you can experience with Contract Logix. Our intelligent contract management software allows you to fully drill down into every single key datapoint in the system.  This makes the data you are viewing actionable.  You can view key trackable criteria such as dates, risk factors, revenue, contract documents, related tasks, contract stages and status, scheduled alert notifications, etc. This also allows you to find out what is happening with your contracts, contract management processes, and how items are being addressed.

Takeaway

The day to day benefits of leveraging a contract management solution like Contract Logix’s is that it allows for mass visibility of real-time data associated with every contract in the core repository. Track, report, and view any critical details you need to support your job in real-time without the need to constantly and manually build new contract management reports externally in an unlinked fashion. Then drill down and get a holistic view of every record the second you find the need. This is what Contract Logix brings to the table for its clients every day. Our contract software allows you to save time, improve accuracy, and increase velocity of your contract management and ultimately your business.