How can Contract Analytics and Reports Improve Your Contract Management Strategy?
The key to successfully managing contracts is leveraging contract management software to increase visibility, reduce risk, reveal opportunities, and build strong relationships with counterparties and vendors. Contract analytics supports this initiative.
The challenge is that implementing contract technology to draft, negotiate, approve, sign, and store contracts is not enough. The “it” factor in contract management is contract analytics with reports that are easily accessible and user-friendly, while providing the right data at the right time to the right people.
Contract reporting and analytics shift the contract management process from reactive to proactive; positioning organizations to improve contract performance by increasing savings, reducing costs, and mitigating loss and risk.
For organizations creating a strategy to optimize contract management, it’s vital to leverage contract analytics and reports within the contract management software you invest in to realize ROI as quickly as possible. At CobbleStone, some of the most critical contract analytics and reports for Contract Insight® users are cycle time, status, and contract statistics.
Report #1: Cycle Time
Missed key dates result in increased costs, decreased negotiation ability, and lost contracts. Contract cycle time reports are based on the key dates field that shows contracts pending, expiring, and up for renewal in 30, 60, and 90 days so your team can proactively manage all contracts to maximize revenue and savings.
Cycle time reports help organizations beat the competition by empowering them with the transparency needed to discover contract bottlenecks and inefficiencies that are magnified when blindly managing hundreds of contracts.
Report #2: Contract Status Intelligence
This report eliminates contract status ambiguity by providing real-time updates. Organizations can easily track task owner, task timelines, and task completion. Contract status reports position organizations to reduce the time and money lost due to constant follow-ups and miscommunication during the contract lifecycle.
Report #3: Contract Performance Statistics
Quick statistical reporting allows organizations to identify the number and total value of contracts assigned to specific employees, departments, counterparties, or vendors.
Contract statistics reporting makes potential breaches around compliance, cost, process, and purchasing known sooner rather than later to help organizations avoid detrimental repercussions.
The Software Matters
If contract management mastery is your goal, consider contract management software that will allow your organization to customize reporting fields and take a deep dive into contract analytics. CobbleStone’s Contract Insight® offers powerful contract analytics, contract reports, and implementation support that provides leading organizations with the necessary data to improve the contract lifecycle.