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Tackle Contract Management Challenges with Selectica Contract Discovery Solution | Selectica


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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.

Published in: Technology, Business
  • @Robert J. Jhonson Yes, contracts are a major source of conflict among companies. Making sure software fits your needs before you make a commitment is crucial. If software has a free trial period, Isuggest you give it a try before investing anything! This blog might interest you. It talks about the pros of a CMS: Hope it helps, and good luck with you research.
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  • Exellent! The numbers you give in slide three are impressive. I knew they were a lot of contractual problems between businesses, but not as many. I would like to learn more regarding the benefits of contract management software before comitting if someone has any more information.
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Tackle Contract Management Challenges with Selectica Contract Discovery Solution | Selectica

  1. 1. Agile Contract Governance: The major challenges & how to address them
  2. 2. #FindManageContracts “ ” If you think compliance is expensive, try non-compliance. - Paul McNulty, former U.S. Deputy Attorney General
  3. 3. #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
  4. 4. #FindManageContracts Enterprises face contract related challenges Contract Management Challenges 40% increase in new contract data 2x increase in new data every 2 years 90% of that contract related data is unstructured Difficult to separate relevant data from irrelevant
  5. 5. #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
  6. 6. #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
  7. 7. #FindManageContracts Challenges Selectica Contract Discovery 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 Powered By Discovered & classified data to address the challenges 2. Non-Standard Clause Detection
  8. 8. #FindManageContracts Challenges Selectica Contract Discovery 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 Powered By Discovered & classified data to address the challenges 3. Proactive Contract Template Management
  9. 9. #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
  10. 10. #FindManageContracts To read the complete white paper on ‘Agile Contract Governance: The Major Challenges & How to Address Them’ Download :