The idea of unlocking data in contract management refers to the process of making all relevant information within a contract easily accessible and usable by a business. This includes not only the terms and conditions of the contract, but also any relevant data points and metrics that are contained within it. By having more insight into that data – and being able to use it to make decisions not just in legal or procurement, but across the entire organization – businesses can gain a better understanding of the value and risks associated with their contracts, as well as identify potential areas for improvement or optimization.
There are several reasons why unlocking data is important for businesses in contract management. It enables them to make more informed decisions about their contracts. By having access to all relevant data, businesses can transform that information into valuable, actionable, and data-driven insights.
Imagine if you share contract data – like expiration and renewal dates – to a shared calendar to help teams manage contracts more proactively? What if you could automatically populate your Salesforce CRM with new sales contract information, saving your sales team hours of manual labor that they could use to prep for more meetings? These are just some examples of how being able to share, flow, and unlock data can help create more opportunities, increase revenue, improve customer relationships, and optimize processes.
Overall, the idea of unlocking data in contract management is crucial for businesses that want to maximize the value of their contracts and minimize risks associated with them. That’s why we’ve written a guide to help you get the most out of Agiloft and the data in your contracts. With this guide, you’ll learn the five steps to finding and using the information in your contracts to go beyond using CLM as only compliance and risk management to maximizing CLM capabilities as a collaborative tool that drives efficiency and supports strategy and innovation.
You can find our “How to Unlock Contract Data: 5 Steps to Success” here.
You can also ask questions about all things Agiloft automations in our community.
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