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.

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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 primary benefits of contract analytics is its ability to provide businesses with actionable insights into their contractual relationships. By quickly identifying key terms, clauses, and potential risks within contracts, companies can make more informed decisions and strategize their approach to negotiations and renewals. This not only helps to improve operational efficiency but also ensures that businesses are better equipped to protect their interests and avoid costly disputes down the line.

Furthermore, contract analytics can also significantly enhance the compliance efforts of organizations by flagging any inconsistencies or non-compliant clauses within their contracts. This proactive approach to compliance not only helps to reduce the risk of costly penalties but also demonstrates a commitment to upholding legal and regulatory standards. With the ever-changing landscape of laws and regulations, having a reliable tool to monitor and analyze contract commitments is essential for businesses looking to stay ahead of potential compliance issues.

In addition to its benefits for risk mitigation and compliance, contract analytics can also drive cost savings and increase revenue for businesses. By identifying opportunities for cost optimization, such as renegotiating unfavorable terms or consolidating contracts with vendors, companies can unlock hidden value within their contracts and improve their bottom line. Moreover, contract analytics can help companies uncover new revenue-generating opportunities by identifying clauses that could be leveraged for upselling or cross-selling purposes.

Another key advantage of contract analytics is its ability to streamline the contract review process, saving valuable time and resources. Traditionally, contract review has been a time-consuming and labor-intensive task, often requiring teams of legal professionals to manually sift through piles of documents. However, with contract analytics, companies can automate much of the review process, allowing them to focus their time and resources on more strategic and high-value activities.

While the benefits of contract analytics are clear, it is important to note that the technology is not without its limitations. Despite significant advancements in machine learning and natural language processing, contract analytics tools are not infallible and may still struggle to accurately interpret complex legal language or context-specific nuances. As such, businesses should view contract analytics as a valuable supplement to, rather than a replacement for, human expertise.

In conclusion, contract analytics is a powerful tool that can provide businesses with valuable insights, drive cost savings, and enhance compliance efforts. By leveraging the capabilities of contract analytics, organizations can take a proactive approach to managing their contractual relationships, identify business opportunities, and streamline their operations. As technology continues to evolve, so too will the capabilities of contract analytics, presenting even more opportunities for businesses to unlock hidden value within their contracts.

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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