How to Uplevel Your Executive Conversations With Customizable CLM Dashboards
In today’s digital era, much of your critical business intelligence will first arrive in the form of raw data. Because contracts lay the groundwork for significant aspects of how businesses operate, gathering and analyzing contract data is crucial to understanding your organization’s health and outlook. Your Parley Pro dashboard works to organize and present contract data in visually pleasing, useful formats that are easy to understand and share with others.
Each person can customize their dashboard to instantly see the data that is most relevant to their role every time they log in. You can also drill down to analyze data at a more granular level. You can access rich details and important knowledge that was difficult or impossible to find prior to the digital age. The information informs actionable insights and allows you to engage in more meaningful conversations with executive teams. Here are 3 ways to use your Parley Pro dashboard to help ensure you can operationalize your contract data:
1. Monitor KPIs that support business goals.
Contract Lifecycle Management software (CLM) allows business teams to establish and monitor relevant contract KPIs over time. Parley Pro helps you analyze a multitude of data points including:
- • the total number of contracts in the system.
- • the total number of contract tasks.
- • the number of pending contracts.
- • the number of contracts expiring or renewing within the next 30 days.
- • contracts by the department, contract type, and contract status.
How do you ensure you gain useful insights?
It’s easy to go overboard when you can track so many different data points. You also don’t want to make assumptions or try to mold the data to support a predetermined outcome. Hone in on the data that helps you make decisions. Pay attention to the data and reports that provide clear guidance on key business activities. Ask: If we improve this metric, will it help lead to success? If so, then you know it’s an informative point to track.
Relevant insights may include:
- • understanding how much time it takes to close specific types of deals.
- • spotting process bottlenecks that slow negotiation and signature progress.
- • determining what clauses are re-negotiated or rejected most often and replacing them with optimized language.
- • identifying which agreements contain non-standard terms and what those terms are to understand the diversity of your contract portfolio and better inform risk analyses.
- • comparing contract performance data from year to year to identify areas that need improvement.
Data analysis enables you to take an action, then track data to determine the effects of the actions. You’ll know what actions helped your organization reach its goals and avoid repeating those that don’t. This is the kind of data-driven information that helps executive teams make profitable and effective decisions.
2. Enhance visibility into your complete contract portfolio.
Your Parley Pro dashboard shows real-time snapshots of activities. Automated notifications keep stakeholders updated on all upcoming milestones, expirations, and renewals. With instant access to the status of every contract, lawyers can see all active, pending, and expiring contracts at any time. Legal teams can more effectively monitor the tasks required to complete requests and finalize contracts. You can also analyze a range of related data points to better understand the flow of business including:
- • report the number of contracts assigned to each department and each person.
- • identify which employees and departments generate which types of contracts.
- • see which employees and departments send the most contract requests.
You may discover employees and departments that need more assistance. Or, you may spot stalled negotiations that need to be put back on track before the company is put at risk. Your dashboard allows you to continually monitor your contract portfolio, which gives you the visibility to spot areas of risk and issues that may cause trouble. You can easily hone in and understand what elements need to be addressed and by whom.
3. Quantify legal department performance and connect it to action.
Along with displaying the total numbers of active, pending, and expired contracts, your dashboard can also display the dollar amounts connected to your contracts. Tracking contract budget and spend information over time allows you to gain significant insight into the company’s financials.
For example, you can display total contract value by department or by contract type to see where business needs are most concentrated. Compare this year’s numbers to those of the previous year to see which business areas increase and decrease. Get the details you need to show where lawyers spend the majority of their time and effort. As with monitoring KPIs, tracking data can reveal the effects of an action that was taken, which helps you connect value to specific actions. Bring valuable information to the table that allows decision-makers to plan for the best course of action going forward.
Your CLM dashboard helps you look forward to more success.
Your dashboard includes visual representations of data with charts and graphs to make it even easier to understand and share what you learn. Every day, you, your legal team, managers, and executives access information-rich dashboards that help drive sound decisions. Your dashboard can help you understand contract performance so you can provide targeted legal advice based on data. That will help executives base decisions on a more thorough understanding of the past and a more predictable future. Everyone can make more precise decisions with more certainty about their expected effects to help the company continually build on its success.