Contract reporting and contract analytics – Insights from contacts
Many enterprises have contracts sitting in various repositories, file shares and servers with key terms and data buried in their text or in contract management software which act as one of the former. Statements of work, indemnifications, assignment terms, revenue recognition policies, auto-renewals, and unknown incentives are few examples of contract information that add risk & impact liabilities. Since contracting is at a critical point in the business process in which transaction data becomes the source of truth once the contract is signed, data about the transaction (e.g., price, discounts, clauses, rebates, chargebacks) can be delivered to a data warehouse for business intelligence and regression analysis.
While the time- and cost-saving benefits of contract management software are clear, there are many other benefits to the analytics aspect of these systems. This includes learning the specific terms, vendor, products and language used in contracts to maximize the accuracy of automated analysis. This includes finding and analyzing provisions and clauses that might be worded in different ways, but mean certain things, and the side-by-side analysis of standard and approved clauses against ones that are reworded. Contract analytics provides valuable performance insights into all areas of contracts. This enables insights on cycle times, deviations, risks, statistics (expiry, renewal, pending, etc.), procurement and sales business metrics. The analytics dashboards are configurable for users and can be enabled only for power users who need to have deeper business metrics reporting for decision-making. Multiple dashboards can be configured for a user to report on various metrics categories.
CloudMoyo has extensive domain & technical expertise in handling contracts. Using a combination of Natural Language Processing and Machine Learning technologies to extract contractual terms, clauses and provisions, we can extract large amounts of data to provide a rich analytics platform for the entire portfolio of contracts. On top of that, CloudMoyo offers reporting and data visualization capability powered by leading software such as Tableau, Qlik, Power BI, Kibana etc. so that our customers can now drill into that data through a drag and drop interface, creating intuitive dashboards, mashups, and visualizations across numerous data elements, for fast and well-informed decision making. CloudMoyo enables business users to perform ad-hoc reporting to further explore the information provided in standard reports. Discovery queries are built upon operational reporting views that are easy to understand.
With our Contract Analytics offering, customers can:
- Create custom reports focused on just the information that is important
- Drill-down from summary-level to transactional-level detail
- Build charts and graphs to visualize the analysis
CloudMoyo also provides report templates that can be used out-of-the-box or modified as you wish.
This article also appeared on Datafloq which is a one-stop-shop for Big Data. Read the published post here.
Transforming your contracts and enterprise data into strategic business assets