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 🙂

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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 major benefit of contract analytics is its ability to quickly review and analyze large volumes of contracts. Gone are the days of manually sifting through mountains of paper contracts to find specific clauses or provisions. With contract analytics software, organizations can easily search, filter, and extract key information from contracts in a matter of seconds. This not only saves time and resources but also allows businesses to gain valuable insights into their contract portfolio.

Contract analytics also plays a crucial role in risk mitigation and compliance. By automatically flagging potential risks or discrepancies within contracts, organizations can proactively address issues before they escalate. This helps to avoid costly legal disputes, fines, or other regulatory penalties that can result from non-compliant contracts. Furthermore, contract analytics can help to identify trends and patterns in contract data, enabling businesses to spot potential risks or opportunities that they may have otherwise missed.

In addition to risk mitigation, contract analytics can also contribute to cost savings and efficiency improvements. By identifying cost-saving opportunities, such as renegotiating unfavorable terms or consolidating supplier agreements, organizations can optimize their contract processes and drive down expenses. Moreover, streamlining contract workflows through automation and standardization can reduce the time and resources required to manage contracts, allowing businesses to focus on more strategic initiatives.

Another key benefit of contract analytics is its ability to enhance transparency and collaboration within organizations. By centralizing contract data in a single, easily accessible platform, all stakeholders can have real-time access to critical contract information. This promotes better communication, aligns stakeholders on contract terms, and facilitates faster decision-making. Moreover, contract analytics can help to streamline the contract negotiation process by providing insights into past negotiation strategies and outcomes, enabling organizations to craft more effective agreements in the future.

Overall, contract analytics has proven to be a valuable asset for businesses looking to improve their contract management processes. By leveraging the power of data analytics and artificial intelligence, organizations can gain deeper insights into their contract portfolio, mitigate risks, reduce costs, and enhance collaboration. As businesses continue to adopt digital transformation strategies, contract analytics will undoubtedly play a crucial role in driving operational efficiency and maximizing gains.

In conclusion, the evolution of contract analytics represents a significant turning point in the way organizations manage their contracts. By harnessing the power of data analytics and artificial intelligence, businesses can unlock new opportunities, mitigate risks, and drive continuous improvement in their contract processes. As technology continues to advance, the potential for contract analytics to revolutionize contract management will only continue to grow.

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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