In this report, IDC takes a hard look at the growing field of Contract Discovery and Analytics (CDA), and describes:
· How CDA complements CLM, and extracts the true value of CLM investments
· The challenges of managing data in third-party contracts
· Particular CDA use cases, such as Procurement and M&A, where CDA is especially critical
· Finally, how Seal's CDA platform helps companies solves these challenges
This IDC report is a great way to learn more about Contract Discovery and Analytics.
Perhaps your organization is being subject to an audit of existing contractual commitments, or is planning the introduction of a new Contracts Management System, or is in the midst of an M&A process. Within each of these processes, potentially many thousands of contracts will require review and abstraction, which will be time Consuming and expensive.
A Living Will is a document produced by large financial institutions, giving regulators a roadmap of how to unwind or recover their businesses in a stressed economic scenario. In order to perform this analysis effectively, banks must have real-time awareness of all of their legal relationships with one another (easier said than done). The information gathering process is highly manual, complex, and overwhelming.
Ardent Partners, a supply management strategies research firm, estimates the hard cost of contract non-compliance ranges between 6% and 18% for every dollar of off-contract spend. Just as spend analysis helps reduce costs and improve procurement efficiency, contract analytics provides the visibility needed to understand the obligations, risks and opportunities within your supplier relationships.
Every field organization needs to make most of their service contracts. Besides, optimizing these contracts provides speed and efficiency, both of which are critical to gaining a competitive edge. Download this whitepaper to know more about the challenges involved in contract optimization and how Seal-ServiceMax can help you navigate these challenges successfully.
Within today’s enterprise are many different document types held within many differing information sources. One such information type is contracts, with differing document formats such as scanned images, office files and PDFs
At any one time, an organization can typically have 20,000-40,000 contracts, perhaps more, yet very few organizations will have overall visibility of these. Does this matter? Yes, because the truth is that this lack of oversight to existing contractual data and milestones means exposure to risk and missed opportunities. This is not just theory: at Seal, we have heard numerous anecdotes of how poor visibility of legacy contracts has directly caused organizational problems.
Today, companies are grappling with the ever increasing amount of unstructured data that has built up from company acquisition, document management solutions, digital archive and authoring using desktop applications that are now available on all types of devices. The volume of new data is set to increase at more than 40% each year, doubling every two years, with around 90% of that new data being unstructured.
Organizations are increasingly aware of the importance of their legacy contract corpus. Oftentimes, they become painfully aware of the lack of visibility they have into their ‘executed’ agreements after an expiration date was missed, revenue was not recognized, discounts were not applied, or a rule or regulation was changed forcing the updating of part of the contract portfolio. In this scenario, overall risk was not captured and categorized.
When your financial institution needs to arrange a documentation remediation there are a few typical courses of action, but how efficient are they? How much time is wasted on the logistics of outsourcing the document review? What is the cost? Furthermore, how detailed is the review process, and how painful is the reality that each review is a one-off event? The reality is that every request from a regulatory body requires the undertaking of a new contract review of the majority your contract portfolio.
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