Picture this: your business handles hundreds (if not thousands) of contracts each year. Each contract contains valuable information that may be used to drive strategic decisions, streamline operations, and improve business outcomes. Contracts were formerly static and ignored papers, but the worldwide trend toward digital transformation has transformed them into a wealth of useful information.

Like how sensors in smart cars give real-time performance feedback, contract analytics gives companies insights that boost productivity and reveal untapped potential. However, for most businesses, contract data stays unused, buried in static paperwork or siloed systems.

This is where CloudMoyo comes in, helping you gain vital insights from contracts. Contract analytics transforms contracts into a strategic asset in areas with fast economic growth and complex regulatory environments, enabling companies to address obstacles while optimizing value effectively.

The Rise of Contract Analytics

Many organizations struggle to gain insights into their contracting processes and address challenges related to supply chain delays. Business stakeholders struggle to understand the status and value of contracts across geographies, vendors, and divisions. This lack of streamlined contract insight not only slows decision-making, but it also raises risks and restricts development opportunities.

Contract analytics transforms these obstacles into possibilities by integrating your Contract Lifecycle Management (CLM) system with analytics to enable reporting. With the usage of data warehouses and self-service BI, CloudMoyo can enable business users to generate reports per the needed KPIs. This helps address challenges like lack of visibility into contract turnaround time, as well as lack of automation in business operations. Enabling data flow from ERP or CRM applications and CLM platforms into a centralized system can help create a 360-degree business view.

eBay, for example, used AI-powered contract review, which improved business agility by reducing contract approval delays by 75% and increasing review speed tenfold. These features enable businesses to transform existing contract repositories into valuable resources for growth and resilience.

Market Forecasts and Trends

As more companies realize the strategic importance of turning contracts into actionable data, the contract analytics industry has grown significantly on a worldwide scale. The market for contract analytics software is expected to expand at a compound annual growth rate (CAGR) of more than 15% from 2022-2027, according to research by Industry ARC.

 

According to Astute Analytica, companies may enhance compliance adherence by up to 30% and cut operating expenses by 20% from using contract intelligence technologies quickly. These results highlight how contract analytics may revolutionize several sectors by improving operational effectiveness, reducing risks, and influencing business outcomes.

CloudMoyo’s Role in Contract Analytics: Unlocking Data-Driven Decision-Making

Contract analytics is more than just tracking agreements – it’s about transforming contract data into actionable insights that drive business outcomes. CloudMoyo specializes in two types of contract analytics:

1. Contract-Related Analytics: Streamlining contracting processes with real-time data visualization.
2. Contract Data-Related Analytics: Unlocking deeper insights by integrating contract data into broader enterprise systems.

Contract-Related Analytics: Streamlining Contracting Processes

CloudMoyo enables organizations to visualize and optimize their contracting workflows using intuitive dashboards that track:

1. Cycle Times: Identify bottlenecks in contract execution and approvals.
2. Contract Counts: Monitor contract volume across departments or regions.
3. Contract Value: Assess contract value on buy-side and sell-side.
4. Turnaround Times by Contract Type: Compare execution speeds across different categories.

Some key business outcomes from optimizing contract workflows:

1. Increased ROI by identifying process inefficiencies.
2. Reduced bottlenecks in contract approvals and execution.
3. Optimized license utilization, ensuring cost-effective operations.
4. Shortened contract turnaround times, enhancing business agility.

A hypothetical, real-world example:

Imagine a company negotiating vendor agreements for raw materials. Delays in approvals can disrupt supply chains. CloudMoyo’s dashboards pinpoint delays, helping teams streamline legal reviews, automate approval workflows, and improve negotiation strategies.

Contract Data-Related Analytics: Connecting Contracts with Business Intelligence

CloudMoyo transforms contract data into an enterprise-wide asset. By integrating contract terms with ERP systems or operational data, businesses can gain a 360° view of their operations and make informed decisions. How does it work?

CloudMoyo’s solution integrates contract data into an analytics ecosystem by:

1. Data Integration: Connecting ERP, CLM, and other enterprise systems to a centralized data warehouse.
2. Data Storage: Leveraging Azure SQL DB as a secure repository for contract data.
3. Reporting & Insights: Enabling real-time dashboards and analytics through tools like Power BI.

The key features and business outcomes of CloudMoyo solutions:

1. Tracking financial milestones:
   1. Identify upcoming milestones to stay in compliance.
   2. Forecast budget more precisely and with ease.
   3. Leverage discounts and maintain a good relationship with vendors.
2. Tracking resources:
   1. Reduce the risk of oversights such as double-booking resources or missing SLA deadlines.
   2. Identify unused or underutilized resources that are contractually committed.
   3. Enhance capacity planning, supply chain resilience, and ‘what if’ strategies.

Azure Consumption Analytics: A Specialized Capability for Microsoft Customers

CloudMoyo also provides tailored analytics for companies with Azure contracts, helping them manage complex consumption agreements effectively. How does our solution work?

1. Data Extraction: Analyze contract clauses from CLM systems.
2. Usage Integration: Connect Azure monitoring and billing data with contract terms.
3. Automated Reconciliation: Flag discrepancies and provide actionable insights.

Key benefits of tailored analytics:

1. Prevent Overages: Avoid unexpected costs by monitoring usage in real time.
2. Optimize Spending: Identify opportunities for discounts and cost reductions.
3. Enhance Negotiations: Use analytics to strengthen your position during contract renewals.

Why Contract Analytics Matters

Contracts hold critical business information. Without analytics, companies react to contract issues rather than proactively managing risks and opportunities. CloudMoyo ensures that contracts become a source of strategic insight, empowering organizations to make data-driven decisions rather than relying on manual tracking.

For example, in a complex enterprise environment, gaining full visibility into financial commitments and project execution is critical to managing risk and ensuring profitability. By centralizing data from ERP, CRM, and CLM systems into a data warehouse, organizations can create a unified view of contractually committed spend, billing milestones, and project delivery timelines. CloudMoyo’s contract analytics solutions allow for:

1. Tracking Key Metrics: Measure and track quantifiable obligations stipulated in contracts.
2. Real-Time Insights: Ensure businesses can proactively address gaps and reduce risks.
3. Automated Alerts: Receive notifications for contracts for deviations or escalations.

By integrating contract analytics into broader enterprise systems, CloudMoyo not only simplifies contract management but also drives the broader goal of digital transformation, helping businesses recognize gaps and further optimize operations to maximize value from their contracts.

Our solutions are intended to provide organizations with the information they need to flourish. Whether you want to improve supplier relationships, manage compliance, or find new business possibilities, we’ve got the tools and experience to help.

Get in touch with our experts to see how our services may help you realize the full potential of your contracts >>