Have you seen the Hollywood movie Moneyball? It tells the story of a small-town American baseball team that employed ‘sabermetrics’ to dramatically reverse its fortunes. Billy Beane was the manager of the Oakland ‘A’s and by using analytics in baseball for the first time he took the team to within touching distance of winning the World Series. It’s a true story about the power of analytics.
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But how does contract analytics enter the frame?
Are you applying analytics to your contract portfolio? The answer, for most businesses, is probably no. But it could be a game changer. It’s time to view your legacy contracts as a business asset rather than a risk or a liability. In a recent webinar on contract management—the third in our ongoing series, in fact—we invited a general counsel from HUB International to share his experiences of contract analytics with us. We’ve now created a thought leadership paper based on this webinar that not only uses the Moneyball story to demonstrate the benefits of analytics, but also some real-life examples and practical illustrations.
‘Moneyball’ meets contracts
Download this paper, written for legal professionals, to join the discussion on how contract data can be extracted, analyzed and used to make better decisions. With between 60% and 80% of business transactions being governed by contracts, it makes no sense not to mine this resource for patterns and hidden insights. Read about the true Moneyball story and change your outlook on contract analytics.
We ask you to think differently on three key questions:
- Why? We suggest that contract analytics should be undertaken because we know the power of informed decisions and the high price paid for poor decision-making.
- How? This isn’t just a question of technology; it’s more important to start with people. You’ll need a collaboration between IT and Legal so that you can ask the right questions and get the right answers to inform your business.
- What? The outcomes you can expect are significant insights to drive decision-making. In the example used to illustrate this point, savings of $2m were identified on a $30m per annum portfolio of leases.
Contract analytics can provide your business with a real opportunity to dig for insights using a statistical but business-focused methodology—and the results you glean will lead you to two key benefits:
- better informed objective decisions
- increased profit
The methodologies, techniques and new outlook on data outlined in this paper are key to running a competitive enterprise. Analytics can provide an effective assessment of your assets to improve decision-making and deliver better results.
