From Contracts to Data Points: 7 Steps to Leverage CLM Analytics & Propel Your Organization Forward
Parley Pro dashboards bring your data to life! Engaging visual representations of analytical results help you understand the stories your data tell. Parley Pro Contract Lifecycle Management platform (CLM) enables business teams to monitor contracts throughout their lifecycles and evaluate KPIs. Visual and customizable dashboards allow you to access your data in meaningful ways to aid in making data-backed business decisions.
Here are 7 steps to manage your dashboard effectively. See how to analyze your contract data to get results that help you improve your contract management processes, learn from past experiences, and propel your organization forward.
1. Use the dashboard to aggregate relevant contract data for the legal team.
CRM and other business platforms serve a broad range of company needs. They collect a variety of data types such as sales, operational, and financial data. As a result, user dashboards become cluttered with information that is irrelevant to legal teams. With Parley Pro, legal teams aggregate contract-related data, which is relevant to their needs and concerns. Users customize their dashboards to deliver tailored information based on their unique legal profile.
2. Analyze data to identify patterns, spot anomalies, and generate insights.
Dashboards let you conduct a top-down analysis of your contracts, starting from a contract request and negotiation, through its lifecycle, to its termination. As contracts move from one stage to another, Parley Pro collects a range of metrics about contracts as well as from within contracts and relating to how people interact with contracts. Specialized search and filter capabilities help you locate relevant data points and document language. View graphs and charts and run reports on any number of data points, tailored to your needs.
3. Identify the insights that will help your team set appropriate strategies and refine internal processes.
Configure your dashboard to display details that are most relevant to your needs. Simple dashboards include the number of contracts per department or region and by contract type. More sophisticated dashboards reveal contract cycle times and touchpoints as well as benchmarking reports. Tracking data over time uncovers useful insights that will inform your company’s strategic discussions and help you fine-tune internal processes for increased efficiency.
Be warned, however, that dashboards that look as complicated as a spacecraft’s motherboard can overwhelm people. Streamline and simplify dashboards to make them friendly and useful. Avoid overcomplicating charts and graphs with too many data points. Then, you’ll see your most important insights much easier.
4. Set strategies and refine internal processes using those patterns and insights.
Your dashboard delivers real-time snapshots of data that show what is going on with contracts at a holistic portfolio level. Answer questions such as:
- What types of contracts are negotiated the most?
- How long do contracts take to finalize? Where do bottlenecks slow progress?
- What clauses are negotiated the most often?
- Who needs to respond next – counterparty or us?
- What contracts include non-standard terms? What are the terms?
- What contracts will expire or renew in the next 6 months?
When your legal team can instantly identify the status of every contract, they base their advice on the most up-to-date business intelligence. Data analytics also helps you spot areas where automation can improve process efficiency. For example, you can determine which contracts and clauses perform the best, then build a library of standard templates that are optimized to manage risk and ensure compliance with growing volumes of regulatory policies.
5. Work on what matters most. Prioritize specific actions based on the full view of your contract universe.
Parley Pro eliminates the need to manually track terms and dates through the contract lifecycle. Dashboards can automatically display active, pending, and expiring contracts. Automated alerts ensure the right people are notified in plenty of time for them to take appropriate action. Notifications of upcoming review deadlines, potential conflicts, and unresolved issues speed negotiations. Businesses benefit from the ability to act on opportunities early and quickly, and legal teams stay on track and on time.
6. Use a holistic view of your contract portfolio to drive business decisions and recommend actions.
Dashboards enable lawyers to guide others when they’re not present in person. For example, a salesperson who needs to send a contract to a new client ASAP can simply answer a few questions, and the CLM system will pull up the appropriate pre-approved contract template for their situation.
The extensive knowledge gained through contract analytics helps lawyers develop an informative contract playbook that explains why templates include specific terms and clauses. It should also describe conditions that are unacceptable and provide standard fallback positions for when negotiation is possible. Playbooks keep everyone on the same page and focused on achieving the company’s long-term goals.
7. Standardize, digitize, review, and optimize fragmented contract processes.
Schedule periodic reviews of your dashboard content as well as your template language. Dashboards can become cluttered over time with irrelevant information. Business priorities may change. New or changing regulations may require revisions to contract template language. More recent data analyses may require the addition of newly optimized language. Regular review ensures your dashboards and templates remain optimized and aligned to business needs.
A Treasure Trove of Strategic Data
The centralized information in your Parley Pro platform is a treasure trove of strategic insights and detailed knowledge. Collect contract data points starting from negotiations, to review and signature, and throughout all the milestones of a contract’s lifecycle. Measure and analyze data to optimize contract language and contract management processes and make more informed decisions. Your Parley Pro dashboard is always ready to help you understand and share what you learn to propel your organization forward.