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Enterprise Contract Management Solution for Agile Governance - Selectica

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Download the White paper from http://bit.ly/V6I5JP …

Download the White paper from http://bit.ly/V6I5JP

Enterprise contract management, is one of the prime challenges companies face. To address the issue of managing large amount of unstructured data, companies are looking for information governance to ensure effectual contract management and mitigate risk.
Read more on how Selectica Contract Discovery and Contract Analytics solutions empower the user to search across the contract corpus, extract specific clauses and help companies mitigate risks, ensure compliance and maximize revenue.

Published in: Technology, Business
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  • 1. Agile Contract Governance: The major challenges & how to address them Download whitepaper
  • 2. © 2014 Selectica, Inc. | www.selectica.com Today, companies are confronted with an ever-increasing amount of unstructured data that is a result of company acquisition, document management solutions, digital archiving and authoring using desktop applications. The volume of new data is set to increase by more than 40% each year, with around 90% of that new data being unstructured. One of the biggest challenges is to effectively and efficiently expose the value of the information within the data and determine its relevance. Many companies are looking to information governance, which includes the processes, roles, standards and metrics that ensure the most effectual use of information and enable organizations to achieve their goals: information management, compliance, retention, disaster recovery and business continuity, as well as cost efficiency. Businesses need to establish which data is of high value and implement a plan to manage and leverage the information extracted. A key data set from which to acknowledge, gain visibility and value contracts, because they affect many different areas: General Counsel/ Legal, Procurement/Finance, Sales, Customer Service and IT. In the area of General Counsel/Legal there is an increasing amount of litigation related to contracts.The number of lawsuits with more than $20 million at issue is on the rise, with a significant increase in the Technology/Communications sector. Costs related to litigation have risen over the last three years, with 54% of companies spending one million dollars or more. The first phase for adopting information governance is to discover and gain visibility of contractual assets. Next, is to analyze and extract key data content to leverage the contract corpus. This procedure typically involves an external third party to manually review the documents and extract the agreed information for future uploading into another application. It is a lengthy and expensive process and does not facilitate agile contract governance. Selectica Contract Discovery and Contract Analytics- Executive Summary
  • 3. © 2014 Selectica, Inc. | www.selectica.com Download whitepaper 1.877.712.9560 sales@selectica.com Powered by To stay competitive, a proactive and agile solution is required, enabling those responsible for managing the contracts to intuitively and dynamically ask questions of the contract estate. Selectica Contract Discovery locates the contracts, creates a searchable rendition and an index to search against. Selectica Contract Discovery Analytics is the catalyst for system policies, empowering the user to search across the contract corpus, extracting language and clauses specific to customer industry, type of contract and geographic location. Selectica Contract Discovery and Contract Analytics solutions help companies maximize revenue opportunities and reduce expenses and costs associated with contractual documents, systems and processes.

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