tackle contract management challenges with selectica contract discovery solution | selectica
DESCRIPTION
Download the White paper from http://bit.ly/1rb25YV Today, contract management is one of the biggest challenges companies face. To address the issue of large amount of unstructured data, companies are looking for information governance to ensure effectual enterprise contract lifecycle management. Go through this presentation to understand how Selectica Contract Discovery and Contract Analytics solutions empower the user to search across the contract corpus, extractspecific clauses and help companies mitigate risks, ensure compliance and maximize revenue.TRANSCRIPT
Agile Contract Governance: The major challenges & how to address them
#FindManageContracts
“”
If you think compliance is expensive,
try non-compliance.- Paul McNulty, former U.S. Deputy Attorney General
#FindManageContracts
Contracts: an invisible risk
2012 > Of all pending litigations , 44% in US & 57% in UK involved
contracts
2011-2012 > The number of contract lawsuits jumped from 83% to 86% in US,
48% to 86% in UK
2010-2012 > 54% of companies spend more
than a million dollars on contract litigation
Did you know? The dominant category of litigation is contracts
#FindManageContracts
Enterprises face contract related challenges
Contract Management
Challenges
40%increase in
new contract data
2xincrease in new
data every 2 years
90% of that contract related data is unstructured
Difficult to separate
relevant data from irrelevant
#FindManageContracts
What do organizations need?
Discover contractual documents
Search and take
action on contractual
assets
Search a rendition
of the contractual
image
Automatically extract key metadata
Surface contractual information
Consolidate contractual
data in a single repository to reduce time
and costs
#FindManageContracts
Discovered & classified data to address the challenges 1. Policy Driven Contract Information
Identify and extract from
specific contract documents
Review discovered contracts
Search across their contract
corpus
Save time and mitigate risk
Add contractual paragraphs &
sections
Define policy groups
#FindManageContracts
Challenges Selectica ContractDiscovery Analytics
Discovering negotiated clauses
Discovering clauses that differ from the approved corporate template
Learning what 3rd party clauses are, to review and approve them
Detects group and presents any non-standard clauses for review
Reduces review and approval time
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Discovered & classified data to address the challenges 2. Non-Standard Clause Detection
#FindManageContracts
Challenges Selectica ContractDiscovery Analytics
Proliferation of contract templates
Lack of control associated with contract templates
No quick recognition and classification of items
Agile contract governance
Contractual information to make informed decisions on complex scenarios
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Discovered & classified data to address the challenges 3. Proactive Contract Template Management
#FindManageContracts
Summary
Contractual information is critical to the organization
Need for proactive solutions > intuitively and dynamically ask questions of the contract estate
Resultant data helps to make informed decisions > reduces time
and unnecessary costs
#FindManageContracts
To read the complete white paper on ‘Agile Contract Governance: The Major
Challenges & How to Address Them’
Downloadwww.selectica.com
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