According to World Commerce & Contracting, a typical Fortune 1000 company handles between 20,000 and 40,000 active contracts at any given time. It’s no secret that the information ‘living’ in these contracts is the life blood of an organization. Despite this importance, once executed, contract data typically lives in the depths of the organizational ocean, never to be seen again.
The fact that contract data is an underutilized asset isn't exactly a revelation. For years, much has been said, written and pontificated about this topic. But with the wave of contract management systems implementations, upgrades, ecosystem and process rethinks sweeping the industry, now is the time to bring contract data strategy into the mainstream of day-to-day operations and execution.
How can you ensure that the data living in those contracts could help enable strategic decisions across the organization?
When you leverage contract data smartly, you can derive actionable insights to:
From determining how to get the greatest leverage from a current or newly implemented CMS to uncovering inconsistencies with contracting processes globally, it all starts with contracts strategy.
In this panel from the Buying Legal Council Conference, hear from Factor’s Karl Dorwart and Novo Nordisk’s Amber Sasso as they discuss deriving actionable insights from contract analysis.