…increase productivity by 1300%
It sounds exciting: to increase productivity by 1300 percent. But there is no magic wand to simply achieve 1300 percent. For productivity improvements you must have detailed insight in (i) the bottlenecks in your processes, and (ii) where in the process time is lost ‘for no reason’.
Bottlenecks occur where contracting decision-making processes are complex, untransparent or not based on facts. Time is lost once people get involved. The 1300-percentage is correct.
However, the magic starts only after you have fact-based insight in all stages of the contracting process and contract lifecycle.
Many legal counsels negotiate terms and conditions based on their instinct and intuition. But are their decisions supported by facts? Where a business relies on personal expertise or more generally, on individuals, processes slow down, become ‘more manual’.
Obtaining the specific metrics of a contracting cycle remains super challenging when the contracting process stays manual and cannot be monitored in some (automated) workflow. How do you motivate your team to accelerate a contract flow if delays happen in transaction approval steps or the e-signing?
Only once you know which contracting step is too slow, you can optimise it. Only once you know the time spent on a certain process step, you make a sport of accelerating it further (and when something becomes a sport, some people become competitive).
Traditional processes generate a 1300% ROI after introducing data analytics and visual data reporting. Data analytics provides detailed insight in various subprocesses, enabling to optimise each such subprocess. Visualising data increases a sense of urgency.
Data-driven decision-making is optimised by analytical dashboards visualising your contract data in flexible, actionable widgets. People get motivated when targets are measured, specific and challenging.
Contract data visualisations and contract reporting dashboards support the gamification of contracting, resulting in:
When you start with contract automation or mature contract lifecycle management, you might be sceptical. Then begin your CLM journey by communicating only a few benchmark figures and make it a game to improve on each of them.
Schedule analytics sessions with your team to analyse which and how terms and conditions were agreed in the past: discuss them in the next legal team meeting. Check if everyone’s intuitive or legal-instinctive thoughts match with the CLM metrics. Reschedule such session every calendar quarter.
Traditional legal departments may have a risk-oriented approach of their contracts. Whenever liabilities may occur, this was translated into contractual terms in the contract templates.
While a traditional, largely manual operation may mitigate risks and exposure to liability, it implies:
In an increasingly data-driven business, it makes sense for a legal department to:
Did you ever analyse data (numbers), and then tried to get insight based on a visualisation of those data? Needless to say, that visualised data are significantly more effective.
Visualising data is an extremely powerful means to accelerate productivity, decision-making and establish trust or confidence. Of course, like time-writing or audits, your initial findings and inclination may be negative: data will inevitably reveal inconvenient behaviour patterns. (It is not nice to see who does not use contract automation or CLM in their day-to-day contracting practice.) But such insights are after all your best basis to improve.
Weagree provides extensive tooling to analyse and report on all aspects of your contracts, contracting processes or legal operations. Powerful Weagree Widgets visualise default scenarios.
You can personalise widgets to visualise virtually every contract data. A powerful search engine enables you to retrieve almost all data. Your data visualisations and analytics can be exported in the common data formats.
The visualised contract data of the Weagree Widgets permit immediate insights into various dimensions of your contracting affairs:
The Weagree Widgets are user-context-specific. What a widget shows, is always limited to what that end-user may see or access (limited to their user groups, accessible templates, CLM contract sheets) and ordered by their organisational units (BU’s and departments).
For example, procurement managers would not be able to access sales channel-related agreements and sales managers no supply-chain contracts; and accordingly, also not have or create contract data visualisation widgets based on those contracts.
Weagree Widgets for BI – pure business intelligence:
- Average contract value (showing the average contract value of all signed contracts for which a contract value is indicated)
- Completed contracts (showing a stacked bar chart with the number of contracts signed over defined periods of time)
- Pending business transactions (showing the number of contracts that have been initiated but not yet been signed (or registered) in the CLM)
- Average contract value (the average total contract value, TCV, or the total cost of ownership for a defined timespan)
Weagree Widgets giving process-related insights (for LegalOps):
- Average time to signing (showing the average time-to-signature over the defined period of time (as of generating a first-draft contract until its being e-signed or registered in the CLM, optionally distinguishing for the (own) user groups, templates and end-users)
- Average transaction cycle 2 (showing the average time-to-signature over the defined period of time (as of starting the contract questionnaire until the contract being e-signed or registered in the CLM, optionally distinguishing for the (own) user groups, templates and end-users)
- Average internal fact finding (showing the average contract cycle (as of starting a contract questionnaire until the contract being e-signed or registered in the CLM)
- Average time to approval (showing the average time between submitting and (last) approval of any contract over the past six months)
- Unfinished questionnaires (what happened with the transaction or why did the end-user not finish their Q&A provides insights relevant for process improvement)
Weagree Widgets to monitor your contracts and forthcoming busyness:
- All dashboard Weagree Widgets of an individual end-user, configured for an entire user group (widget shows only the user groups of which the end-user is a member). These Weagree Widgets include those for next-five pending transactions, next-five pending e-signing, next-five just e-signed, next-five upcoming CLM contracts.
- Expired or terminated contracts (showing the number of CLM contracts that are terminated or expired during the last or forthcoming period of time)
Weagree Widgets showing team-adoption of automation:
- User logins per month
- Recently active users
Personalised widgets and recurring contract reporting
In addition to the Weagree Widgets visualising and reporting on a number of standard parameters, a user can define personal widgets:
Personalised Weagree Widgets (personalising a default Weagree Widget results in a personal widget – the original Weagree Widget will become available again on the side panel).
- List all contracts above (or below) a certain total contract value (TCV)
- Performance by certain BU’s or departments
- Contract value contracted by team member X, Y or Z
- Forthcoming contract expiries of licences
- Unclosed transactions (contracts pending for more than two months)
- Unsigned transactions (initiated-but-not-completed e-signing)
Buttonised search-and-filter actions (after conducting a Search of contracts, the user can save such search filter using the ‘Buttonise’ button – not only will the search action be repeatable at later stage, it will also become available on the side panel of that user’s dashboards).
Furthermore, widgets can be configured for a certain reporting period. For example: the contracts signed during the past six months, or the number of forthcoming
As relevant, the above Weagree Widgets can be finetuned for a number of parameters:
- Reporting period
- User groups
- Individual users
- Contract templates
- CLM contract sheets
- Organisational units (BU’s or departments)
Team leaders may have difficulties keeping track – monitoring and reporting
A lack of insight complicate guiding your struggling team member. Some may underperform… others might be drowning.
A good road captain has an overview on pending business and immediate insight in everyone’s busy-ness. Not everyone reaches out when something goes wrong – and occasionally, the workload is too high. (Real cyclists don’t whine after falling into barbed wire.)
It takes one click to monitor your team’s busy-ness or workload.
Oh, and when you set a date, it moves along. (You can filter on a certain date or period, and make this your predefined dashboard button, and in a month from now, the filter is automatically updated.) Weagree’s buttons stay up to date.