From contract volume to cycle time and contract value, there is a lot to track in your contracts. Fortunately, a robust contract lifecycle management solution can help you accomplish this. But which metrics will help you unlock the untapped value of your contracts and bring real improvements to your process? And where do you even start? We hosted a pair of webinars this month that dove deep into this topic. Watch the webinar replays below.
Beginner and intermediate metrics
We started with the most obvious beginner metrics, but in practice they are not the easiest to track when you have thousands of contracts. The lowest hanging fruit here is contract volume, tracking internal verses third-party paper contracts, and then counting contracts by type, business unit, and geography. The next level, or intermediate, metrics track overall turnaround time, cycle time by lifecycle stage, and contract value, which is more complicated than just the dollar amount on the contract.
Learn why these are critical metrics to start your journey by watching our webinar “Contracting Goals: What Metrics Should You Track and Why?” below:
Once you have a grasp of the beginner and intermediate metrics, it’s time to move onto the more advanced metrics that help you take a more proactive approach to your contract management. This includes tracking trends in the industry, vendors, and even performance, which can help you forecast and better meet your budget or revenue goals. We also dive into clause analysis and why this can streamline your contracting and reduce risk in your legal team.
Watch “Advanced Metrics: How to Use Data to Supercharge Contracting” below:
Kickstart your contract metrics reporting
If you are an Agiloft user and would like to learn more about using dashboards and reports to track your contract metrics, watch this training on Agiloft dashboards and reports and take a look at our wiki page on working with dashboards and reports.
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