Demystifying Data-First Contracting: Transforming Contracting Into a Value Creation Asset
A data-first approach recognizes that not only is the contract document and the data within valuable, but data captured along the entire contracting journey has measurable value to the entire enterprise.
October 07, 2024 at 09:09 AM
6 minute read
ContractsMany sales or procurement professionals will have likely experienced a scenario where a crucial contract negotiation hinges on knowing your historical success rate with specific terms. Their colleagues on in the legal team can, no doubt, picture a situation where they must quickly identify all contracts with a particular supplier across multiple regions to assess the potential risks they pose in light of new cybersecurity regulations. Or a general counsel will recognize being under pressure to outsource routine contract review and needing to know what attributes of a contract qualify it for outsourcing. The trouble is that traditional contract management, with its focus on document storage, drafting and basic approvals, often leaves businesses flying blind in such situations.
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