Contract Discovery in Contract Management
Organisations have to deal with huge volumes of contracts and no way to know exactly what obligations, milestones, renewals each one has. This is where “Contract Discovery” comes in to the picture. How will one find out how many of the contracts comes under GDPR jurisdiction? Contract discovery is the answer for this. Searching relevant information kept hidden in the contracts and analysing it for generating revenue for the organisation is the goal of having contract discovery.
One of the biggest issue which contract management software users comes across is “searching” through the contracts/documents various drives, repositories etc. Contract discovery is the most wanted features in these aspects today. As to manually search across thousands of contracts for a single metadata or phase or clause is just not possible. This would also decrease the chances of missing out a very important date, milestone etc.
Contract discovery cannot be ignored as it will help you find out hidden revenues within the contract to generate opportunities to save them. For example policies saying about pre-renewal benefits cannot be remembered for thousands of contracts, this is resolved in a much more efficient and simpler way using contract discovery and analytics.
Benefits of contract discovery & analytics
1. Extracting contract from multiple sources and bringing it to centralized repository
Contracts kept at various locations and in various formats, it can be searched through a keyword/phrase. Which can further be moved to one repository for tracking obligations, milestones etc.
2. Extracting essential metadata from contracts
The extracted information can be categorised based on clauses, combination of clauses etc. Which will give the user with an overview of the document without actually opening it.
3. Ensuring the inclusion of relevant clauses
Deviation from the clauses is highlighted to alert the user and make necessary actions. This cannot be ignored as it would attract fine/penalty for non compliance with the clauses mentioned in the contracts.
4. Risk assessment and flagging high risk contracts
Suppose the high risk contracts has metadata saying it is “risky” or are tagged as “risky” that can be easily extracted and their obligations and renewals are given utmost importance.
5. Intuitive representation of contract metadata
With contract discovery and analytics the extracted data can be analysed and presented through data visualization for better decision making.
Contract discovery cannot be considered as single software. It is a composition of a robust search engine, dedicated repository, document analysis, and a well-defined analytics tool embedded in it. As there is a rapid increase in the regulations specific to particular regions, the need for a contract discovery software is crucial to shield the organizations from the risks associated with the contracts by flagging them and notifying the user proactively.
Read in detail about our end to end contract discovery features and applications. It will help you find out hidden context and revenues within the contract to generate opportunities to save them.