The explosion of data over the past few years has transformed business practices.
Forbes reports that more data has been created in the past two years than in the history of the human race. By 2020, it is estimated that 1.7 megabytes of new information will be created every second for every person on the planet.
Staggering statistics, indeed, but they’re not incredibly surprising. What is surprising is the estimation that less than 0.5 percent of all this data is being analyzed and used.
But businesses are catching on. They’re starting to see that it’s not enough to just collect data and monitor activity. Without the ability to take informed action from it, data is meaningless. To this end, we’re seeing a whole new class of tools and job titles in the growing field of business intelligence and data analytics.
Many businesses, however, overlook contracts as a key source of business intelligence that could inform their tactics and strategy. Smart contract analysis helps companies conduct proactive monitoring of contract performance and business impact. You can easily rank and score contracting performance to track anything from conformity to contracting best-practices. It helps simplify benchmarking by tracking contract process and effectiveness against industry-standard KPIs and metrics.
An intelligent contract management solution that offers the latest in data analysis technology can have a direct impact on the bottom line. It can help identify patterns and trends in areas such as pricing, payment terms, and lapsed contracts. It can also help improve the contract management process by analyzing expiration and renewal dates, language related to governing law, confidentiality provisions, indemnities, and compliance with SLAs.
Our recently launched cloud-based contract lifecycle management (CLM) solution Revvy Contract Management is much more than a contract repository and data collection tool—it’s a business intelligence and data analysis machine. Revvy Contract Management provides superior analytics that help measure and improve contract processes and performance outcomes. It helps companies understand both current and future states and contract results so they can make swift, intelligent business decisions.
Collection and monitoring of data is only a small piece of the puzzle—having true, actionable insight into the data you’ve collected allows that data to work for your business.
Request a demo to see how Model N Contract Management can benefit your organization.