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 key benefits of contract analytics is its ability to enhance efficiency within an organization. Traditional contract review processes are often time-consuming and labor-intensive, requiring teams of lawyers or contract managers to manually review each agreement for important terms and conditions. With contract analytics, companies can quickly scan through large volumes of contracts to locate key information, saving valuable time and resources.

Another major advantage of contract analytics is its ability to improve risk management. By leveraging advanced analytics techniques, companies can quickly identify potential risks within their contracts, such as compliance issues, unfavorable terms, or missed deadlines. This not only allows companies to take preemptive action to mitigate these risks but also helps them negotiate better terms in future contracts.

Contract analytics also plays a crucial role in fostering collaboration within an organization. By providing a centralized platform for storing and analyzing contracts, companies can ensure that all relevant stakeholders have access to critical contract information. This enables better communication and collaboration between different departments, leading to more informed decision-making and improved outcomes.

Furthermore, contract analytics can help companies unlock valuable insights buried within their contracts. By mining contract data for key patterns and trends, companies can identify common pitfalls, negotiation strategies, and market trends that can inform future decision-making. This ability to extract valuable insights from contract data is especially important in today’s fast-paced business environment, where companies need to continuously adapt to changing market conditions.

Lastly, contract analytics can help companies stay compliant with regulations and industry standards. By automating the process of monitoring contracts for compliance issues, companies can ensure that they remain in line with regulatory requirements and avoid costly penalties. This proactive approach to compliance can help companies build trust with stakeholders and protect their brand reputation.

Overall, contract analytics is a powerful tool that can revolutionize how companies manage their contracts. By streamlining operations, improving risk management, fostering collaboration, unlocking valuable insights, and ensuring compliance, contract analytics can help companies gain a competitive edge in today’s dynamic business landscape. As companies continue to digitize and automate their operations, the role of contract analytics will only grow in importance, becoming an indispensable tool for driving efficiency and innovation.

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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