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Contracts are critical to the enterprise. In many industries, they are the primary source of revenue. However, while every contract adds to your revenue stream, it also adds complexity to the contract management process.
Fortune 1,000 companies can manage anywhere from 20,000 to 40,000 active contracts on a regular basis. With these contracts differing in any number of ways from document format to specific legal terminology to file type, it is a monumental challenge to capture insight from them in a timely manner. Failure to properly manage contracts costs organizations an average of 9% of their annual revenue*.
Many companies have turned to contract lifecycle management solutions to support their efforts, but these tools lack the natural language capabilities necessary to truly understand the content within their contracts. What companies truly need is a tool for contract analytics. Discover how three core capabilities unlocked by natural language understanding can help you become a master of contract analytics.
Download the checklist to see:
- Which three capabilities are key to contract analytics
- How effective contract analytics can impact your organization
- How to identify the ideal contract analytics solution
*Source: https://www.worldcc.com/Resources/Content-Hub/View/ArticleId/1207/Poor-Contract-Management-Costs-Companies-9-Bottom-Line