Using contract data to agree and thrive 

Understanding the different types of contract data can not only help improve your business but also create a differentiator. How? Read on...

Agree and thrive.  

Isn’t that the hopeful intent of any contractual exchange between two entities? Both parties come to the table to figure out how they will best work together for the success of both.  

At Agiloft, we recently presented our method of “Agree & Thrive” by using our world-class, data-first agreement platform that does more than take you through the paces of contract lifecycle management, it gives you the ability to liberate your contract data for business success. It is well understood that enterprise business can benefit from the liberation of contract data

So, how does contract data equal business success? It begins by understanding the different types of data and what exactly is in them.  

Two key types of data

To understand the different types of data, it’s key to begin with the larger umbrella of two concepts: descriptive data and dynamic data – both which are found throughout a contract’s pre- and post-signature lifecycle. 

Descriptive data provides information so that reports can reflect reality. It answers questions like:  

  • How many contracts are in process?  
  • How many suppliers are in Mexico?  
  • When does the contract with Acme, Inc expire?  

Dynamic data provides answers to what is working and what is not. It answers questions like:  

  • Are contracts moving through the process quickly enough? 
  • Are you over-invested in Chinese suppliers?  
  • Does the organization benefit more from three-year or five-year contracts?  

Both types of data are necessary for contracts to 1) move along the process as speedily and accurately as possible, and 2) release the data they contain for the benefit of the broader business.  

Contract data sub-types

Now that you have the main buckets of data definitions within the pre- and post-signature contract lifecycle, let’s look at the nuanced data where Agiloft really makes the difference.  

Within the two umbrellas of descriptive and dynamic data lies subsets of contract data that can provide a competitive advantage for your organization. Within descriptive data lies three sub-types of contract data that supports reporting: 

  • Contract Content Data: Tells what is present within existing contracts, allowing you to select model clauses, and, after agreement, to see the obligations, liabilities, and current risks  
  • Contract Process Tracking Data: Allows you to see the process from ideation to signature, exposing the queue, and highlighting potential bottlenecks 
  • Contract Process Data: Identifies issues in the process and exposes opportunities for improvement or even automation. With applied logic, this ensures that no time is wasted on simple process details, and that the whole team is fully focused on the most optimal outcomes. 

Within dynamic data lies one sub-type of contract data that provides business improvement opportunities:  

  • Decision Support Data: surfaces all elements of data about and within contracts, which can be exported to data lakes, and included in a classic Business Intelligence (BI) strategy to do what-if planning, as well as to probe more complex questions and hypotheticals. Moreover, with a strong data store in play, artificial intelligence (AI) solutions can be devised that are based on the best information available. 

Conclusion

Now that you have the definitions of these critical types of contract data, take the opportunity to learn more about the sophisticated software platform that unlocks these different types of data so it can be collected, viewed, assessed, analyzed, interpreted, and ultimately utilized for the good of the whole business. As Austin Laurent, Solution Consultant Manager states, “Agiloft’s data-first CLM not only makes it easy to manage the whole lifecycle of you contracts today, but it also sets you up for growth in the long-term by prioritizing your contract data for use in reporting and integration down the road.”

Click here to register for free and see the Agiloft platform in action on June 12th and how different problem scenarios are addressed, solved, and how data is freed to become a business differentiator.  

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