Having easy access to your contracts will help your business run more smoothly. Whether you’re still utilizing traditional paper contracts or have moved to a fully digital solution for your company (complete with e-signing and online hosting), it’s never fun to try to parse through hundreds of pages of your documents to find that one specific clause you need to reference.
That’s where tools like contract discovery and analytics platforms are a major asset. Here’s what you need to know about them.
What is contract discovery?
A larger business means a larger volume of contracts to handle. Depending on how the business is structured, this also means that various documents, contract renewal agreements, and amendments may be broken up or stored in different places altogether. Not only does this increase the difficulty of extracting contract data, it raises the risk of missing renewal dates, failing to uphold special terms, and reconciling errors throughout the documents. As a result, contract discovery became a highly desirable software feature.
At its core, contract discovery streamlines the contract analytics process. Contract discovery software can more effectively locate and identify contractual documents from multiple sources and accurately pick out the pertinent contextual data. As you can imagine, this is far easier than sifting through various repositories to piece together information. Plus, once contextual data has been extracted, most contract discovery and analytics software makes uploading it to your in-house programs a much more seamless procedure.
Benefits of contract discovery and analytics software
Naturally, the ease of use and the streamlined storage options are the biggest draw to businesses looking to invest in this type of software. However, piecing together the components of a contract isn’t the only benefit that analytics software offers. Another perk is the ability to utilize an on-premises solution which operates behind your own firewalls and security measures. This means you have the final say and ultimate control of sensitive contract information, and you can securely store it instead of relying on enterprise cloud storage options.
One of the prized features of software like this is its ease of use. More often than not, these software solutions are implemented, set up, and running within a matter of minutes. For the most part, if you can successfully conduct a Google search, you can utilize contract software effectively. Many of these software platforms operate in a very similar capacity to today’s popular search engines, which means you don’t have to be overly tech-savvy to get the most out of your investment.
Choosing the right platform
Now that more companies are entering into the contract discovery and analytics industry, there’s never been a better time to choose a solution that’s tailor-made for your company’s unique business needs. However, regardless of your final choice, efficiency and effectiveness are your paramount concerns when you make your decision. If you come across a company that promises you the world but fails when it comes to execution, they’re not a good choice.
Always do your research before making a purchase or implementing software. Reputation is another important factor when researching a contract analytics company. If they don’t offer adequate training, have poor customer service, or aren’t well-reviewed, these are all major red flags to take into consideration.
Contract discovery and analytics software is one of the most desired platforms for modern businesses. It’s your best bet for streamlining the contract analytics process and it has the ability to boost ROIs, improve customer service, and cut out delays from your workflow. If you’re interested in investing in software to enhance your business, it’s an excellent time to get started.