Poor contract management continues to cost companies 9% of their bottom line
Contract Understanding can safeguard your profits through effective contract management.
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If you have you experienced any of the following contract
management issues Contract Understanding is for you.
If you have you experienced any of the following contract
management issues Contract Understanding is for you.
Your Issue
Our Solution
Do you know where your contracts are?
Do you know where your contracts are?
Your Issue
When you need your contracts can you easily locate them?
Our Solution
Contract Understanding provides a centralized platform for storing and managing contracts, ensuring easy access from anywhere.
Lack of Contract Visibility:
Lack of Contract Visibility:
Your Issue
Our Solution
With all contracts stored in a unified system, businesses gain comprehensive visibility into their contract landscape. The platform’s organized structure allows users to quickly locate, review, and manage contracts
Missed Deadlines:
Missed Deadlines:
Your Issue
Businesses risk missed deadlines, leading to unintended auto-renewals or missed renegotiation opportunities, causing inefficiencies and potential financial losses, exacerbated by contract visibility challenges.
Our Solution
Contract Understanding, with AI, extracts key information from contracts, sending timely reminders to minimize missed deadlines, aiding proactive management of obligations.
Unnecessary Penalties and Lost Benefits:
Unnecessary Penalties and Lost Benefits:
Your Issue
Inefficient contract management risks penalties and missed benefits, impacting financial outcomes. Scattered contracts exacerbate the challenge of ensuring compliance and maximizing benefits.
Our Solution
Contract Understanding, using AI, enhances businesses’ awareness and compliance with contract terms, minimizing penalties. It aids in understanding benefits, optimizing contract value.
Manual Tracking and Contract Management:
Manual Tracking and Contract Management:
Your Issue
Businesses using manual methods like spreadsheets for contract management face inefficiency, errors, and complexity challenges. Storage ambiguity exacerbates the problem.
Our Solution
Contract Understanding automates contract tracking, replacing manual methods. Its AI engine efficiently extracts and organizes data, reducing errors and streamlining management for efficiency.
Lack of Control Over Privileged Information:
Lack of Control Over Privileged Information:
Your Issue
Secure access control is vital for protecting sensitive contract data. Without a robust system, tracking access becomes challenging, posing security risks.
Our Solution
Contract Understanding enforces secure access control, letting organizations define user permissions for privileged information. Enhancing data security, it addresses unauthorized access concerns effectively.
is a proud Gold-certified Microsoft Partner.
We can also be found in the
Built using Microsoft Azure, Contract Understanding is a proud Gold-certified Microsoft Partner.
We can also be found in the
Contract Understanding streamlines your contract management
in 4 easy steps
Step 1:
Upload Contracts
Contracts are effortlessly uploaded into Contract Understanding.
This allows you to gain convenient access from anywhere, ensuring flexibility and ease of use.
Step 2:
AI Extraction
Our powerful AI engine meticulously extracts pertinent information from each contract.
This allows you to achieve accuracy and efficiency in data extraction for better contract management.
Step 3:
Event Reminders
Extracted information is utilized to send timely reminders for events that require your attention.
This allows you to stay informed and proactively manage critical contract-related deadlines.
Step 4:
Workflow Compliance
Customized workflows are established to ensure required actions are performed.
This guarantee contract compliance through systematic and automated processes.
Contract Understanding streamlines your contract management
in 4 easy steps
Step 1
Upload Contracts
Contracts are effortlessly uploaded into Contract Understanding.
This allows you to gain convenient access from anywhere, ensuring flexibility and ease of use.
Step 2
AI Extraction
Our powerful AI engine meticulously extracts pertinent information from each contract.
This allows you to achieve accuracy and efficiency in data extraction for better contract management.
Step 3
Event Reminders
Extracted information is utilized to send timely reminders for events that require your attention.
This allows you to stay informed and proactively manage critical contract-related deadlines.
Step 4
Workflow Compliance
Customized workflows are established to ensure required actions are performed.
This guarantee contract compliance through systematic and automated processes.
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Backed by research: As much as 9% of annual revenue is lost
due to ineffective contract
management.
Backed by research: As much as 9% of annual revenue is lost due to ineffective contract management.
Backed by research: As much as 9% of annual revenue is lost
due to ineffective contract
management.
%
“It is estimated that 1 to 5% of EBITA flows unnoticed out of companies because they do not have their contract management and payment follow-up processes completely in order.” Read more
%
“If teams don’t have the right tools to track and manage legal obligations, revenue could slip through the cracks. In fact, the average company loses 9% of annual revenue due to poor contract management practices.” Read more
%
“the IACCM putting the average loss through value leakage due to poor contract management at 9% of annual turnover.” Read more
%
“Poor Contract Management Continues To Costs Companies 9% Of Their Bottom Line” Read more
%
“suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9% of annual revenues.” Read more
%
”The problem is that few organisations take an active approach to managing their contract lifecycle. And, as a result, they are missing out on around 40% of the identified potential of the contracts.” Read more
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