During this unprecedented time, businesses are continuously being challenged to do more with less. Successful leadership teams are rising to the challenge and growing their companies despite this new environment of attrition and distributed workforces. While this time is challenging, it’s given us all an opportunity to evolve our businesses and discover more clever ways of working.
Modern CLM platforms provide a single source of truth for contract data across the entire enterprise. Teams that adopt these tools realize efficiencies from automation in the management, creation, negotiation, redlining, signing and execution of contracts. Beyond the tactical value of a CLM, the true value comes from analyzing the data within these contract repositories. Over the life of a company, teams have built a veritable treasure trove of information that hasn’t been capable of being realized, until now. Gaining insights from this information helps to inform better decision making for tomorrow. This data is crucial to taking a business to the next level.
Don’t believe me? Consider the importance of analytics in sports. Twenty years ago, baseball was just a game with its basic sets of stats; ERAs, RBIs, and home runs. The introduction of analytics and new data took the Oakland A’s competitive franchise to the dominate team in their division and changed the management and play of every other Major League Baseball team. Analytics has the power to change an industry and those that fail to adapt them in their strategy fall behind. But all is not lost, the truth is (as we mentioned above) much of this data already exists and is readily available. Businesses only need the tools to compile and translate it.
The truly savvy CLMs know this and provide services to help analyze this data. They provide metrics for analyzing and reporting on the substance of purchase orders, service level agreements, costs, performance, price changes over time, and so on. This develops into a business roadmap and effectively takes the governor out for acceleration.
Zeal is an emerging leader in this field of CLM’s. Zeal deploys sophisticated AI that automates routine contract processing and incorporates customized variables for analytics and report generation. Businesses can track clients, income from service agreements, costs from purchase orders, and looming deadlines. Additionally, Zeal gives businesses the ability to track internal data by tracking time spent executing agreements, task assignment and execution, and employee performance. This gives businesses unique advantages in developing marketing and sales strategies or ensuring compliance with regulatory agencies.
CLMs are where businesses are moving and the benefits of it will take your business to the next level.
Zeal is an AI software company building enterprise-scale productivity applications focused on solving contract automation. Zeal’s collaborative contract management platform helps companies automate contract functions, analyze contract data and build complex workflows that enhance compliance and accelerate sales. Procurement, Sales and Legal teams use Zeal to gain insights from, and provide actionable meaning to, the data within their contract repositories.