Analyzing Unstructured Data: How to Drive Strategic Business Decisions with Contracts Analytics
Big data analytics has created exciting new opportunities for generating actionable information from unstructured content. Using data analytics, businesses are now able to audit and analyze thousands of documents across multiple content repositories, in seconds. With this new information, organizations can gain a deeper insight into business activities, identify untapped revenue streams, and optimize their operations.
The risks and opportunities hidden within your contract database
Contracts contain the essential details of the partnership between businesses and their suppliers. Captured within the thousands of clauses are the commercial terms, obligations, SLAs, incentives, and assignments that define the relationship. But what happens if either party fails to deliver on any aspect of that agreement?
With the rise of data analytics, more and more companies are becoming aware of the hidden risks and revenue opportunities hidden within their contracts database. Historically, companies have relied on the extensive personal knowledge and experience within their procurement departments to choose the right suppliers and negotiating appropriate terms. But as contracts become more diverse, the need for detailed discovery and accurate analytics has become ever more crucial.
One of the biggest challenges in understanding the risks and opportunities within your contract database is the discovery phase – accurately searching, auditing and analyzing the information dispersed across your entire portfolio of thousands of contracts. Once discovered, the ability to see clauses within the context they reside is crucial in further understanding contractual complexities – or business opportunities.
To maximize this opportunity, procurement departments need to be able to quickly generate an overview of all contracts relating to a specific supplier in order to ensure that there are no missed or unenforced service level agreements (SLAs), missed deliverables, unwanted auto-renewals, or missed opportunities for savings due to hidden incentives.
In addition, it is not uncommon for supplier contracts to contain numerous non-standard clauses. If not properly managed, these variations can expose your business to unknown legal liabilities. The unstructured data within contracts has traditionally made these deviations difficult to monitor, but big data analytics has now made this a realistic possibility.
Contract analytics for assessing risk, identifying cost-saving opportunities and improving overall efficiency
Thanks to discovery and analytics solutions such as Infinote, companies are now able to streamline and facilitate the management of their contractual commitments. By bringing structure to previously unstructured content, you can now accurately locate, audit and analyze content throughout your entire contract database. This delivers increased visibility into the risks and opportunities buried within contracts, and provides you with the business data you need to act appropriately.
With 100% accuracy, Infinote’s powerful discovery capabilities take search and analysis to a completely new level. Instead of simply displaying lists of documents containing certain keywords or phrases, Infinote’s graph database presents related results within context – bringing structure to unstructured content.