Customization is at the heart of AI and contract management automation. A contract repository that stores vital contract data is exponentially enhanced when backed up by a comprehensive reporting system crafted to a business’ specific requirements. AI contract management systems offer robust, user-friendly and customizable reports to seamlessly speed up the contracting process.
Contracts harness key financial information for your company and thus directly correlate with the business’ health. It’s no wonder, then, that senior management –whether you own a law firm or a retail sales company – keeps an eye on contracts closely and expects continual updates about performance. Such contract maintenance is a large undertaking, as you have to face sharing status reports about contract renewals, contract revenue generation, contract expiration dates, approval processes, contract risk factors and more on a regular basis with all involved parties.
Robust Reporting Systems
If you don’t have a robust reporting or document management system for contract creation and contract management, the process is extremely tedious to find specific information about a contract or multiple contracts. This process is far more labor intensive and costly without a document management system. Rather than a streamlined solution, a company would have to pay an employee to dig through large Excel sheets, hunting for keywords, and consolidating information into one source while pulling from multiple contracts. This process has a high risk of manual errors and omissions of contract terms.
But advanced contract management software provides a solution, offering user-friendly and customizable reports accessible through a simple click of a button. Users can even generate reports across several parameters, gaining insights into contract progress, challenges, losses, financial status and more, presented in a graph format for quick action and interpretation.
How to Operate More Efficiently
Here is a look at how customizable reports can help your organization operate more efficiently throughout the contract management lifecycle:
Quick, Accurate Data and Statistics
Now reporting is more sophisticated than before thanks to the power of AI-driven analytics. If a user wants to analyze certain contracts and extract key data from them, such as expiration dates, renewals and payment terms, the user can simply enter the title of the desired report and gain instant access to those auto-generated reports. Without this capability, much of that data is never shared or utilized simply because it is too costly and labor intensive to find.
Informed Decision Making
A comprehensive, user-friendly reporting system allows business users like you to capture real-time data easily whenever desired. Users are then free to leverage that mined data to identify patterns, avoid risk, or adjust the path of the procurement contract if it’s performing poorly. Not only does this assist senior leadership in employing strategic organizational decisions, it allows them to predict outcomes based on the success or failure of past patterns. The result? Smarter business deals, better version control, less risk and stronger negotiating power.
Optimal Contract Value
Without a customized dashboard and reporting system, your organization may be missing out on capturing the maximum value from your contracts. There’s no fast and simple way to determine if your contracts have missed any milestones or deadlines, not to mention delayed payments or inconsistencies.
With personalized contract intelligence software, you can quickly spot upcoming deadlines and missed compliance, for example, allowing you to resolve any issues just as quickly. This keeps all contracts on track, helps you avert risk and liabilities and aligns best practices.
Reduction in Search Time
Throughout the contract lifecycle, many occasions arise where you must refer back to the initial agreement, whether to deal with unusual circumstances that might come up or to conduct routine monitoring. If you are storing contracts in random desk drawers and cabinets, the tedious job of searching for the right agreement can be impossible. Even if you have migrated your contracting process online, this task is no less time-consuming or costly, especially if the contracts haven’t been classified and organized. Easy access in one central repository is key.
AI software helps contract managers quickly and easily assign the right categories to each contract, so that when you need to retrieve a specific document, you have an easier time locating it for your legal department.
Hand in hand with this is the ability to set up auto alerts and reminders. Effective contract management systems can reduce the chaos of paper and manual reminder systems for legal teams. You can flag in advance what information must be tracked over the lifespan of the contract. This will, in turn, improve the efficiency of setting up alerts so you don’t need to determine which metrics you need to monitor every time you onboard new contracts. Smarter contract management is vital for all operations or sales team and legal departments.
We have the contract management solution you’ve been looking for. Ready to power your business with customizable AI processes as part of your contract management efforts? Contact us now for a free demo so we can show you exactly what you’ve been missing out on.