Contract reporting and contract analytics are quickly gaining importance now that GPT or AI accelerates contract management so vigorously. Why? Well, since the capabilities of AI are so powerful and relatively reliable, a mature (extensive, more granular) contract management is within reach with hardly any extra effort.
CLM-contract intake and data extraction are so extraordinarily easy and reliable with ChatGPT that implementing and maintaining a mature (i.e. more extensive) contract management scope is not anymore burdened by a struggle to keep the CLM data up-to-date.
And visualisations of contract data are common (and happen automatically) – see the images below:
AI matures CLM
In other words, thanks to the powerful plug-and-play capabilities of AI, reluctance in keeping the selection of CLM-metadata limited is not necessary anymore (hence, to limiting the scope of a CLM implementation to basics only). Pre-AI, every additional metadata-parameter for a certain type of contract would make keeping the CLM up-to-date more complicated and annoying.
With AI as an integrated part of CLM, AI-data extraction capabilities are so powerful that integrating contract management in enterprise processes matures quickly as well. Obligation management and compliance tracking has never been easier and more powerful.
Mature CLM insights means...
Needless to say that where the scope of contract management is easier to expand, also the CLM metadata so-collected are likely to provide a more reliable insight in the business anchored in contracts.
A mature and reliable CLM more likely increases the importance of day-to-day commercial contracts for the insight they permit. Legal departments should be ramping up to leverage business processes.
With the latest peeks into Gartner’s forthcoming research on CLM use cases, we confidently predict that implementing a basic CLM is not a frontrunning decision. Maintaining a basic CLM is rather seems to be a sign of (somewhat immature) laggard hesitations regarding the role or importance of ‘legal’.
Reporting on contracts and contract analytics
One of the key functionalities that Weagree introduced years ago are the contract reporting and analytics capabilities: Weagree’s dashboard full of endless widgets that provide deep insight into your CLM-managed contracts, metrics on contracting processes (aka legal operations), including visualisations on usage, and time spent (or lost) on sub-steps of a transaction.
Have you accessed Weagree’s contract reporting and analysis dashboard yet? It is the right-most tab in the Weagree Wizard.
