Contract analytics is the process of reviewing an organization’s contracts, with the goal of extracting data and converting it into meaningful business insights. Contract analytics offers countless benefits for companies, allowing them to maximize the value of each contract, avoid missed obligations and surprise auto-renewals, minimize exposure to risk, and more.
Contract analytics is a foundational element of today’s contract intelligence solutions, like Conga Contract Intelligence. Our powerful contract intelligence program uses AI and machine learning to extract unstructured text from existing contracts, including dates, parties, terms, clauses, and other data. It then organizes the extracted information into 100% accurate, structured data and aggregates this output into a searchable, centralized repository. From there, the searchable contract data can be leveraged to provide end-to-end contract insights, allowing companies confidently track obligations, manage opportunities, mitigate risk, and maximize revenue.
For sales team, this unparalleled visibility empowers sellers to make proactive (and profitable) decisions about each account. By delivering powerful insights into contract renewals, cross-sells, upsells, and obligations, contract intelligence helps to ensure that you never miss an opportunity for revenue.
For legal teams, contract intelligence streamlines contract processes and workflows to improve efficiency without increasing risk. It allows you to uncover granular contract insights in seconds, to avoid missed obligations and enable more proactive participation in post-signature revenue opportunities. And it helps to reduce low-value manual work by automating tedious administrative tasks.