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?

contracts

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

Businesses grapple with limited contract visibility, impeding understanding of status, terms, and obligations. Without centralized visibility, effective management and leveraging become challenging.

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

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:

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:

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:

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.

Built using Microsoft Azure, Contract Understanding
is a proud Gold-certified Microsoft Partner.

Built using Microsoft Azure, Contract Understanding is a proud Gold-certified Microsoft Partner.

Contract Understanding streamlines your contract management
in 4 easy steps

contract understandings 4 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

Upload contracts

Step 1

Upload Contracts

ai extraction

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

event reminders

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

workflow 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

    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 LineRead 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 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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