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5 min read

Unleash the Power of Your Business Contracts Through Analytics

In the complex world of business agreements, data is at the helm of every contract. This data serves as a gold mine for businesses that seek to make informed and strategic decisions. The key to unleashing these gems? Contract analytics.

Contract analytics are an integral part of the contract management process – from scrutinizing contracts and turning that data into actionable data-driven decisions. The most dynamic legal teams understand that a robust understanding of their organization's contracts – including risk profiles, renewal dates, and more – propels their business forward.

Enterprise legal management (ELM) tools revolutionize how legal teams break down their agreements. At its best, this software leverages generative AI and machine learning to analyze contracts, a centralized contract repository to house agreements, and dashboards to visually present contract data.

AI in contract analytics

With AI, legal teams can now transform contract analysis from a daunting task into a strategic strength. With the help of machine learning and natural language processing algorithms, contracts can be reviewed, analyzed, and understood in a snap. Beyond just saving time, AI allows legal teams to extract crucial data that can provide valuable insight into contract milestones, obligations, and key dates, paving the way for more informed decision-making.

Crucially, the contract repository serves as a central hub for all business agreements, eliminating the need to comb through numerous platforms for a specific contract. However, the power of a contract repository goes far beyond organization. Legal teams can spot trends more readily, generate reports swiftly, and keep tabs on significant contract data, all in one place.

Data-driven decisions with KPIs

Contract analytics is key in determining and measuring legal KPIs –which every legal team should be tracking. Depending on your business objectives, these KPIs can include everything from contract execution volume to contract review times.

Contract analytics software doesn't stop at keeping your contracts organized and accessible. Dashboards and reporting features bring your data to life, allowing accurate reports to be generated in minutes. This feature empowers teams to make key decisions based on real-time data, eliminating the frustration of outdated information.

Contract analytics isn't merely about technology and data; it also brings with it potential and advantages that can make a big difference for your business ops.

Legal teams that fail to keep track of their contracts end up in a reactive state instead of a proactive one. Contract analytics minimizes contract risk and ensures better consistency across your contracts. In addition, this analytic approach allows for strategic insight into potential growth opportunities and the future planning of your business. This data allows teams to:

  1. Turn analytics into actionable insights
  2. Expedite contract review and analysis
  3. Centralize repositories simplify contract management
  4. Visualize crucial contract data
  5. Highlight growth opportunities

Ultimately, contract analytics isn't just about mining data from your contracts. It's about transforming the way your business functions, strategizes, and grows by offering an unmatched level of insight into your agreements. It’s about being proactive rather than reactive, and making data-driven decisions that will propel your business forward.

So, are you ready to unlock the power of your contracts with contract analytics? See LinkSquares in action.

Mary - Manager of Growth Marketing at LinkSquares