Contracts embed business intelligence
Information contained within contracts not only gives a user the power to understand and interpret historical data, but also contributes to effective planning and execution. Analytics-driven contracts intelligence facilitates faster and more efficient decision making. The primary beneficiaries of contract analytics include the sales team, procurement team, legal team, corporate planning team and more so, the chief financial officer (CFO).
LPO (Legal Process Outsourcing) firms offer turnkey contract analytics solution
Because contracts contain a sea of information, it’s imperative to capture the right information matching pre-set objectives and avoid the risk of losing focus. Typically this requires a large number of contracts specialists, in-house or otherwise, as well as optimal automation and technology platforms. This is where an LPO firms offer a viable solution, with large, skilled teams of contract specialists trained in contract analysis. At Exigent, our turnkey solutions include Contract Intelligence platform – Chameleon, as well as vast expertise within our legal team. Our model of tapping global talent provides business efficiency and pricing advantage.
Conclusion
A business is a summary of its contracts and intelligence obtained from contract analytics will add to the agility of your business. There was never a debate on whether contract analytics is a critical business necessity or not. Contract analytics is inherently tied to enabling faster and smarter decision making, thus producing better business results. But what deterred companies was the cost of getting there. In the last three years, analytics-driven contracts intelligence is readily available and affordable!
By leveraging technology and offshore contract analytics specialists, our customers see ROI well within the first year of implementation: results are evident as soon as you start monitoring spend and mining existing customers through contracts intelligence. Delays in contract renewals are cut and pricing strategies optimised. You will be able to track contractual risks better, streamline compliance and provide best practices guidelines to your legal team for drafting future contracts.
