Data analytics is the hot, new trend in contract management, allowing companies to now see contracts as a key source of intelligence that can be used to guide business strategy.
Some of its key areas of focus are monitoring contract performance to maximize business impact, comparing actual data against estimates, and forecasting future sales.
Businesses should design strategies to manage risk by marrying financial risk assessment tools with data analytics, which can help to evaluate risk interactions and common causes. Data analytics helps map out transactional risk scenarios, arming companies with the information required to mitigate potential risk.
The best-in-class contract management solutions use advanced data analytics to extract hidden value from a large portfolio of contracts. OmnesLaw has built behavior prediction and intelligence to detect cost-saving opportunities by studying contract data.