Author: By Günther Bader, Global Contract Management Services
Benefiting from Contract Management Analytics
The amount of data in our world has been exploding, and analyzing large data sets - so-called big data - will become a key basis of competition in a fast, changing and challenging business world.
The increasing volume and detail of information captured from customers, partners, global ecosystem, and suppliers will fuel exponential growth in data for the foreseeable future.
When we look at data and data complexity from a contract perspective, it is clear that customer, partner, or supplier contract data along with their specific contracts, liabilities, obligations and life cycle information must be managed, measured, monitored and tracked.
All these data gathered from large or small deals, e-contracting, recurring payment, services, support, or from any other area, are equally important and needs to be managed in a single repository to allow easy access.
However, there is no easy way to comprehensively understand what these contracts contain and when to take certain actions. Contract data is too large and complex and changes too quickly to manually analyze it. But how can the key company assets hidden in the contract management solution made available to the end-users, such as sales managers, contract departments, and executives?
Required is the right technology which allows to deliver high volume contract data in real-time and in a consolidated view leveraging state of the art tools to make complex information easy to consume. Leveraging those capabilities should not only provide the required speed to deliver up-to-data information, but also includes the necessary flexibility to cover the specific requirements from end-users looking for their specific and detailed view on their contracts.
It should further enable easy navigation in an intuitive environment with the options to access the specific contract data not only from the desktop but also from mobile devices.
Never in the history of our world, has the ability to discover, extract, interpret and intelligently act on data been so important. And never before has the amount of data been more overwhelming. Today's competitive and fast-paced business environment requires that more people have access to real-time contract data, so that they can make quick, fact-based and intelligent decisions. Having high-quality and timely contract data at your fingertips at all times is one of the most critical business assets—if not the most critical one.