Contract Insights

Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.

Because a contract comes with both opportunity and risk, contract management must include both data analysis and risk prevention. 

Contractual agreements contain critical information that can have positive and negative effects on an organization.  Without procedures in place to identify and monitor contract risk, organizations can be at a disadvantage, possibly leading to higher costs, compliance violations, and, in many cases, unfavorable lawsuits.  Learn to prevent these situations by utilizing a strategy to help assess the risk associated with your contracts.  Early identification and prevention will allow for you and your team to address concerns early on rather than waiting for negative consequences to transpire.  

This post was originally shared in the Paralegals Connect January 2019 Newsletter

Contract review is a daunting task for paralegals.  In most cases, having an extra set of eyes to review contract terms is critical to ensure no "bad" clauses slip through the cracks.  The duty of reviewing agreement terms and clauses is a time-staking task, making the effort and focus it takes to review contracts priceless to an organization.  Moreover, paralegals bear a great amount of work to complete the contract negotiation and signing process quickly — all while preventing unwanted or risk associated clauses from being overlooked in the contract’s final review.  Having a smart assistant handle contract data extraction, data entry, and contract tracking can be a lifesaver to the busy paralegal and, in many cases, can provide assurance that your organization’s contracts will be mistake proof. 

Manually importing and analyzing contracts can be time-consuming, frustrating, and often results in lost documents or other mistakes.  Having an expert handle data extraction for your organization can provide better results and a seamlessly organized contract repository.  Artificial Intelligence (AI) can detect and prevent predicaments that cause your organization to be at risk.  Learn from this real-world case study how a CobbleStone Software client utilized contract data extraction services and text mining smart tools, transforming their contract management process to be supported with data-driven strategy.