How to Capture Value from Data in Contracts
By David Parks
At Contract Logix, we believe that the data in our customers’ contracts is their most valuable contract management asset. That’s because contracts contain an incredible amount of insightful and strategic information such as dates, terms, contacts, vendors, partners, customers, payment schedules, insurance requirements, and much, much more.
Unfortunately, manual contract management solutions like spreadsheets and shared folders render your contract data virtually useless. And solutions that require you to tag certain keywords in your contracts barely scratch the surface of your data’s value and breadth.
That’s why we take a unique and very focused approach with our customers to help them understand, manage, and leverage data in contracts and their related documents. It’s one of the biggest and most compelling reasons for implementing our contract management software.
Download the Essential Guide to Unlocking the Power of Your Contract Data eBook to learn more.
Our contract management solution transforms your contract data into fast, actionable, and accurate insights. Insights that empower legal teams to mitigate risk, sales teams to sell faster, procurement groups to gain vendor and process visibility, finance to drive profitability, and IT to assure access.
Let’s look at 4 ways you can effectively manage, leverage, and get value data in contracts how it is a huge win for any organization.
1. Manage Contracts the Way YOU Want to Manage Them
How do you manage or group your contracts today? Is it by organization, contract type, contract, or another approach? For example, a lot of companies use shared folder structures to manage contracts. They might group them in folders by vendor or customer. The challenge is what if you need to look at them in a different way such as by contract type?
With our intelligent contract platform, you can look at all your contract data and information however you need to look at it. The relationships between all your contracts, contacts, organizations, and related documents are automatically rolled up into the system so that you can group and view them however and whenever you want.
2. Search, Filter, Analyze All Your Data and Document Language
With our solution, all contract data is centralized and uniquely structured and searchable. It works just like your favorite search engine. You can search for information by any relationship such as organizations, contracts, documents, contacts, dates, etc. You can then run custom reports on any of that data.
This is superior to other solutions on the market that require you to enter keyword tags for your contracts for certain datapoints to be searchable such as NDA or California Best Efforts Clause or Acme Vendor. How do you know what keyword tags are important that you’ll want to use for your searches? How do you ensure everyone enters the right tags so the data is complete? With Contract Logix, no keyword tagging is required.
3. Flexibility to Configure the Data to Your Specific Needs
With the flexibility of our contract management software, you can tailor the type of data captured and how it is presented in the system so that it’s aligned with your organizational requirements. You can create your own record types such as contract types, contact types, organization types, and supporting document types.
You can also customize and group the data captured in those record types, drag and drop different fields you want to capture or report on, rearrange screen layouts, and organize the data based on different relationships. This is a very flexible way to leverage data in contracts.
4. Monitor and Optimize the Performance of Your CLM Process
The key to refining and improving an organization’s contract management is by setting benchmarks and tracking KPIs. The platform captures this data for you and presents it in graphical dashboards.
You can view and track key metrics such as the number and type of new contracts per month, number of requests for contracts, aggregate value of different contract types, number of contracts by internal or external organization, how long it takes for each stage in the contract cycle, etc.
The data contained in your contracts, associated documents, and other related contract management assets is extremely valuable. However, your ability to tap into that value all depends on how you manage that data. Many contract management solutions do not effectively harness your contract data in a useful way. At Contract Logix, our contract management software intelligently unlocks the power of your contract data so that you can realize actionable and strategic business insights from it. Let us show you how to leverage data in contracts.