Documents and contracts are tied to business outcomes, which is why they have been the primary use case to date for intelligent content analytics (ICA).
Today, in many cases, business leaders have very little insight into their current contracts, other than the date of the renewal. Document and contract analytics can be used in nearly every stage of the contract lifecycle, but two have come up repeatedly in the early stages of the ICA market.
In some cases, the wrong contract—created or reviewed by an inexperienced attorney—can contain clauses that have a chance of being rejected by the other party. ICA providers can analyze each clause and make suggestions on clauses to use and ones to avoid. Additionally, finance teams can leverage document and contract analytics to mine existing contracts for revenue opportunity. By supporting sales teams, this use case can have broad appeal in nearly every enterprise and should be looked at as one of the primary justifications for deploying an ICA offering.
By using an ICA platform to analyze and extract data from documents, enterprises will gain visibility on issues ranging from revenue leakage to renewal negotiations. With more business conducted through DTM, it is equally important to take advantage of digital documents and their embedded data through application of ICA.
By applying big data analytics to contracts (especially those that control large volumes of cash flow and present high liability), enterprises can make more informed decisions and minimize risk. This complimentary eBook overviews key use cases for intelligent content analytics, including document and contract analytics.