10 Key Elements for CLM #8 – Contract Insight
We are nearing the end of our series on the 10 essential components that every Contract Lifecycle Management solution should include.
So far we’ve covered the repository, contract authoring, clause library, redlining, negotiation, and review, signature, commitment tracking, and security. Now it’s time to examine how to make your contracts come alive and really work for you.
The information contained in contracts can be the key to understanding the success or failure of your business relationship with external parties. Unfortunately, many companies have limited ability to analyze that data and make informed decisions based on it. Did you ever wonder: How did a vendor agreement impact the bottom line this year? Were the terms of a large-sized sales deal favorable and worth repeating with other customers? How often is my governing law clause being used with standard language instead of being altered, and, if altered, what is the most frequent jurisdiction in use? Why is the cycle time on my sales contract much quicker than my purchasing agreements in the west coast?
This type of insight along with a variety of other contract intelligence is invaluable for propelling growth and future strategy. Unfortunately, getting at this data can be a barrier to deeper analysis, particularly if you are storing signed documents in a shared repository without any visibility. And even when companies do have a contract management system, it likely only includes rudimentary reporting capabilities that require custom built reports with heavy IT assistance and manual effort.
It doesn’t have to be this way. You don’t need to be a technical report writer or hire one full-time. In fact, one of the ways progressive companies can set themselves apart is by choosing a contract management solution, like Malbek Contrax™, with robust, yet easy-to-use, contract analytics and reporting capabilities. Building intelligent reports and searching for contract data should be as simple as finding products on Amazon along with contextual information at your fingertips, and with Malbek Contrax it really is that simple. When companies have the deep insight they need, they can make better business decisions and maximize future contract strategies.
If you are ready to take your contracts to the next level and use the powerful data contained within them to accelerate wise decision-making, Malbek is a great solution to consider. Request a Malbek Contrax demo, and we will showcase its powerful insights aligned with a simple and intuitive user interface unlike any contract management solution you’ve seen before. In the meantime, check out the complete ebook, The 10 Key Elements You Must Have in Your Contract Management Solution.