See Key Contract Data and Vital Trends Instantly with Intelligent Dashboarding
Evisort has enhanced its Intelligent Dashboarding to help legal and business teams automatically visualize intelligence that’s hidden in your contracts related to vendor management, regulatory compliance, sales velocity, and mergers & acquisitions. You can try it now for free.
Last October, we introduced Intelligent Dashboarding — self-populating dashboards that instantly visualize contract data and summarize key metrics — to our AI-powered contract management solution. These powerful tools enable in-house legal, operations, procurement, sales, finance, and IT teams to rapidly answer critical contract questions and drive business impact without a heavy software implementation or time-consuming document migration. Since then, our customers have shared their feedback on what they like about the solution, and what would make it even better. We’ve listened to that feedback, and now we’re pleased to announce that we’ve enhanced the dashboards to address even more key use cases. We’re sure that you’ll appreciate the value our automated data visualization brings to your organization, so we want you to see it for yourself: anyone curious about how our dashboards work can try them for free.
The first addition is an out-of-the-box dashboard called Tickets (for customers using our CLM solution) that summarizes in-flight contract requests by contract type, department, owners, progress, and activity. This feature lets you monitor and balance workloads, quickly identify tickets that are taking too long, and reach out to teams that may need extra attention. However, its capabilities go beyond just reporting: users can navigate directly to a contract’s workflow ticket to assess workloads, collaborate with reviewers, create redlines, or sign the document.
We also added new productivity metrics to the Workflows dashboard (also for customers who use our CLM solution), so that you can instantly understand and easily report on your contract generation process. The dashboard tracks Cumulative Open Tickets, Contract Turnover, and Average Days to Complete tickets, giving you out-of-the-box reporting on service level agreements for contract creation. In addition, the Workflows dashboard now breaks down the number of Submitted and Completed Tickets over time, with graphs showing which Workflow and Department originated the tickets. If you notice a sudden change in any of these metrics, you can simply drill into the trends behind the numbers for that time period.
Lastly, we made it easier to share the dashboards’ collected insights by letting users create custom reports and arrange for PDF, CSV, or PNG versions of the dashboards to be emailed on demand or on customizable schedules.
How teams work smarter with Intelligent Dashboarding
Our customers use dashboards for a variety of functions across both buy-side and sell-side contracts. Here are a few of the most common and valuable:
Vendor contract management
Procurement and finance teams need to track upcoming renewal notice periods to protect spend from unwanted automatic renewals. The Expirations dashboard shows exactly which vendor agreements are expiring and when, and which contracts have upcoming renewal notice dates, even if they’re written on third-party paper. By staying aware of these dates and notice periods well in advance, users can properly manage workloads, better negotiate renewals, and avoid getting stuck with renewed contracts they don’t want.
When a data breach happens to you, a customer, or a vendor in your supply chain, the last thing you want to do is waste hours manually reading contracts to determine notice obligations or which regulations apply based on jurisdiction. Evisort’s Documents dashboard enables users to view — in just seconds — breach notice requirements and jurisdiction data, so they can understand which customers need to be notified, and when.
How do you track contract requests today? Do you know the review status of every new, high-value contract in your sell-side queue? How does your sales team track payment terms? As organizations scale, legal and operations teams are often strapped for resources to support sales teams that generate increasing numbers of contract and review requests to reach the business’s expanding revenue goals.
In conjunction with Evisort’s CLM solution, the Tickets and Workflows dashboards automatically quantify which teams are submitting the most contract requests, which stage each contract is in, how old it is, and whether the documents have been getting the attention they need to drive deals to close. With this data at their fingertips, legal and operations teams have the business intelligence they need to address bottlenecks or improve resource planning and management to accelerate contract throughput.
Once a contract is signed, your finance team needs to track its payment terms to prevent revenue leak and ensure that the buyer is paying invoices in a timely manner. The Documents dashboard provides a summary of payment terms for all of your agreements so that you can confirm timely payment. It also helps you identify opportunities to shorten terms for upcoming contract renewals so you can collect revenue sooner.
Mergers & acquisitions
Performing due diligence on an acquisition target during an M&A event is costly and laden with risk. For instance, contract assignment provisions can be vastly different from one jurisdiction to the next. If some of your M&A target’s contracts allow termination for convenience, the customer agreements you plan to absorb could be canceled, posing a financial risk that may undercut your investment assumptions.
Evisort’s dashboards help you address this sort of risk directly by visualizing contract terms pulled from third-party paper and enabling users to filter contracts by provisions such as governing law. You can quickly ascertain which contracts contain “termination for convenience” clauses or other potential landmines and easily share that information with your CEO, board, or other business stakeholders.
It’s easy to get started
The hard part of contract data visualization is accurately extracting, classifying, and tracking the data from contracts in the first place. Because we built Intelligent Dashboarding on top of our industry-leading, AI-powered contract analytics, Evisort enables you to upload any document to your contract management system to easily search and automatically visualize clauses, dates, fields, and metadata in seconds — without lifting a finger.
This advance in technology changes the way legal and business teams can not only work with, but also evaluate contract management software. Given the speed of Evisort’s Intelligent Dashboarding, it’s easy for you to test the AI for yourself — and we recommend that businesses of all sizes test advanced features such as AI-powered analytics and data visualization on their own contracts in real time before selecting a contract management system.
Want to see how easy and convenient it is to have your key contract data instantly aggregated and visualized in intuitive dashboards? Try Evisort for free today.
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