• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

How Contract Analytics Can Provide Valuable Insights from Contracts

Hannah Pickering / 2 min read.
February 15, 2016
Datafloq AI Score
×

Datafloq AI Score: 63.67

Datafloq enables anyone to contribute articles, but we value high-quality content. This means that we do not accept SEO link building content, spammy articles, clickbait, articles written by bots and especially not misinformation. Therefore, we have developed an AI, built using multiple built open-source and proprietary tools to instantly define whether an article is written by a human or a bot and determine the level of bias, objectivity, whether it is fact-based or not, sentiment and overall quality.

Articles published on Datafloq need to have a minimum AI score of 60% and we provide this graph to give more detailed information on how we rate this article. Please note that this is a work in progress and if you have any suggestions, feel free to contact us.

floq.to/PgRfE

Many enterprises have contracts sitting in various repositories, file shares and servers with key terms and data buried in their text or in contract management software which act as one of the former. Statements of work, indemnifications, assignment terms, revenue recognition policies, auto-renewals, and unknown incentives are few examples of contract information that add risk & impact liabilities.

Since contracting is at a critical point in the business process in which transaction data becomes the source of truth once the contract is signed, data about the transaction (e.g., price, discounts, clauses, rebates, chargebacks) can be delivered to a data warehouse for business intelligence and regression analysis.

While the time- and cost-saving benefits of contract management software are clear, there are many other benefits to the analytics aspect of these systems. This includes learning the specific terms, vendor, products and language used in contracts to maximize the accuracy of automated analysis.


Interested in what the future will bring? Download our 2023 Technology Trends eBook for free.

Consent

This includes finding and analyzing provisions and clauses that might be worded in different ways, but mean certain things, and the side-by-side analysis of standard and approved clauses against ones that are reworded. Contract analytics provides valuable performance insights into all areas of contracts. This enables insights on cycle times, deviations, risks, statistics (expiry, renewal, pending, etc.), procurement and sales business metrics. The analytics dashboards are configurable for users and can be enabled only for power users who need to have deeper business metrics reporting for decision-making. Multiple dashboards can be configured for a user to report on various metrics categories.

Using a combination of Natural Language Processing and Machine Learning technologies to extract contractual terms, clauses and provisions, large amounts of data can be extracted to provide a rich analytics platform for the entire portfolio of contracts. On top of that, reporting and data visualization capability powered by leading software such as Tableau, Qlik, Power BI, Kibana etc. enable customers to drill into that data through a drag and drop interface, creating intuitive dashboards, mashups, and visualizations across numerous data elements, for fast and well-informed decision making. Discovery queries are built upon operational reporting views that are easy to understand. Organizations like CloudMoyo have extensive domain & technical expertise in handling contracts

With Contract Analytics, customers can:   

  • Create custom reports focused on just the information that is important   
  • Drill-down from summary-level to transactional-level detail
  • Build charts and graphs to visualize the analysis

Categories: Big Data
Tags: analytics, dashboard, insights, legal, machine learning, NLP

About Hannah Pickering

As a HubSpot certified content marketer at CloudMoyo, Hannah Pickering writes about cloud-based technologies for the railroad industry, covering topics such as cloud-based products, the API-first approach, data analytics, AI, and the Internet of Things (IoT). CloudMoyo is the partner of choice for solutions at the intersection of cloud and analytics, helping modern enterprises define their path to the Cloud and leverage the power of data-driven insights.

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Related Articles

The Business Case for Investing in Application Security Testing

March 13, 2023 By Hemanth Kumar

Shielding Warehouses from Cybersecurity Threats

March 9, 2023 By Jane Marsh

How Can Blockchain Security and Trustworthiness be Evaluated?

February 24, 2023 By Peter Navarro

Related Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics application applications Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto Data design development digital engineer environment experience finance financial future Google+ government Group health information machine learning mobile news public research security services share skills social social media software strategy technology

Related Events

  • 6th Middle East Banking AI & Analytics Summit 2023 | Riyadh, Saudi Arabia - May 10, 2023
  • Data Science Salon NYC: AI & Machine Learning in Finance & Technology | The Theater Center - December 7, 2022
  • Big Data LDN 2023 | Olympia London - September 20, 2023
More events

Related Online Courses

  • ''
  • Digital Transformation EXPO (DTX) Manchester
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • How BlaBlaCar Built a Practical Data Mesh to Support Self-Service Analytics at Scale
  • How Blockchain Technology Can Enhance Fintech dApp Development
  • How to leverage novel technology to achieve compliance in pharma
  • The need for extensive data to make decisions more effectively and quickly
  • How Is Robotic Micro Fulfillment Changing Distribution?

Search

Tags

AI Amazon analysis analytics application applications Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto Data design development digital engineer environment experience finance financial future Google+ government Group health information machine learning mobile news public research security services share skills social social media software strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!