Contract Management Reporting for Your Executive Team

Contracts are integral to the corporate strategic decisions the C-suite must make regarding partnerships, mergers and acquisitions, and business expansions. Reporting gives the C-suite the necessary backdrop from which it can make informed decisions, assess legal implications, and negotiate favorable terms that align with strategic objectives.

If you’ve been sharing Excel spreadsheets to explain the value your legal team offers or combing through thousands of contracts in search of insights, it’s time to step up your game.

Modern contract lifecycle management software includes customizable, AI-powered reporting tools that can search contract text in seconds. These tools assess the details of each term and clause to create more in-depth, informative reports that improve strategic decision-making while showcasing the value of your team.

Here are five ways your legal team can start reporting to your executive team.

1. Contract obligations overview: Provides a comprehensive overview of key contract dates and terms, including renewal and termination dates, so executives can understand the organization’s legal obligations and plan departmental budgets accordingly
2. Risk assessment report: Details and prioritizes potential legal risks in contracts, such as noncompliance with regulatory requirements, according to their severity and likelihood
3. Compliance report: Evaluates organizational compliance with contractual obligations and regulatory requirements across contracts, highlighting deviations from contract terms and conditions and suggesting remedial actions to reduce legal exposure.
4. Performance metrics report: This report assesses contract performance in terms of critical metrics such as contract cycle time, negotiation success rate, and contract value realization, providing insights into the contract management process’s efficiency and highlighting opportunities for improvement.
5. Auto-renewal report: Tracks upcoming renewals to ensure continuity in business operations, prevent budget surprises and unexpected disruptions, and identify opportunities for cross-selling and upselling.

Comprehensive, up-to-date contract reporting empowers executives to make smarter business decisions that optimize business performance and profits. But legal teams don’t have time to flip through thousands of contracts or laboriously compile reports. Fortunately, with the right technology, they don’t have to.

LinkSquares includes a powerful, flexible reporting module equipped with AI that extracts key information from contracts in a flash. Our tools have helped legal teams reduce their report generation time by up to 60%.

Ready to see how LinkSquares can help power your contract management reporting? Get a demo today.

Check back next week for five more reports!