Contract Analytics Statistics


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Contract Analytics Statistics 2023: Facts about Contract Analytics outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Contract Analytics, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Contract Analytics Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Contract Analytics Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 10 Contract Analytics Statistics on this page 🙂

Contract Analytics “Latest” Statistics

  • A recent poll by Ari Kaplan Advisors found that 37% of legal professionals indicated they presently use AI in their contract process, which is because AI helps to optimize the overall contract process.[1]
  • Contract analysis, according to Aberdeen Strategy & Research, may reportedly cut the typical contract approval time by an amazing 82%.[1]
  • According to Parley Pro, 95% of a contract’s cycle time is spent on non-productive work delays, it’s a prime area for automation.[2]
  • When up to 71% of businesses are unable to locate at least 10% of their contracts, Parley Pro identifies and highlights the relevant contracts, which is a useful service.[2]
  • Data-driven decisions supported by analytics can lead to a contract ROI as high as 20%.[3]
  • Contracting that lacks quality data has been shown to devalue contracts as much as 40%.[3]
  • In fiscal year 2015, federal agencies committed over $430 billion via contracts for goods and services, or about 40% of the government’s discretionary expenditure.[4]
  • Federal agencies utilized fixed price contracts for an average of 63% of their commitments during fiscal years 2011 and 2015, reducing risk to the government.[4]
  • Contracts awarded through competition stayed steady at about 64%, and the use of fixed price contracts stayed steady at over 63%.[4]
  • The percentage of total obligations reported for competitive contracts remained steady at just below two-thirds over fiscal years 2011 through 2015.[4]

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How Useful is Contract Analytics

One of the key benefits of contract analytics is its ability to automate the review process, saving businesses valuable time and resources. Traditionally, contract review involved manual labor and tedious tasks, such as searching for specific clauses, tracking renewal dates, and identifying potential risks. With contract analytics, these tasks can be performed quickly and accurately, allowing legal teams to focus on more strategic initiatives.

In addition to streamlining the review process, contract analytics can also help businesses identify hidden opportunities and risks within their contracts. By analyzing contract language and terms, organizations can uncover favorable clauses that may have been overlooked, as well as identify potential risks that could impact their bottom line. This proactive approach to contract management allows businesses to negotiate better deals, mitigate risks, and maximize the value of their contracts.

Furthermore, contract analytics can enhance compliance and regulatory efforts by flagging potential issues or inconsistencies within contracts. With increased scrutiny from regulators and an ever-changing legal landscape, businesses need to ensure that their contracts are in compliance with laws and regulations. Contract analytics can provide the necessary insight to identify areas of non-compliance and take corrective action before facing penalties or fines.

Moreover, contract analytics can improve contract negotiations by providing data-driven insights into market trends, competitor behavior, and industry standards. Businesses can leverage this information to negotiate better terms, benchmark their contracts against industry norms, and drive more favorable outcomes for their organization. By arming themselves with this knowledge, businesses can enter negotiations with confidence and assert themselves as informed and strategic partners.

Ultimately, the value of contract analytics lies in its ability to transform contracts from mere documents into valuable assets that drive business success. By automating tasks, identifying opportunities, mitigating risks, enhancing compliance, and improving negotiations, contract analytics empowers businesses to make more informed decisions and drive better outcomes for their organization.

In today’s fast-paced and competitive business environment, organizations cannot afford to overlook the potential of contract analytics. By harnessing the power of technology to analyze contract data, businesses can unlock valuable insights, streamline processes, and maximize the value of their contracts. Contract analytics is not just a useful tool – it is an essential one for any organization looking to succeed in today’s highly dynamic business landscape.

Reference

  1. apporchid – https://contractai.apporchid.com/how-to-turn-contracts-into-information.php
  2. parleypro – https://parleypro.com/blog/5-benefits-of-contract-analytics-that-help-you-create-value-long-term-success-for-your-organization/
  3. cobblestonesoftware – https://www.cobblestonesoftware.com/blog/5-critical-decisions-driven-by-contract-data
  4. gao – https://www.gao.gov/products/gao-17-244sp

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