Scaling your company takes diligence and instinct — not to mention accurate market data. Your connection with suppliers, vendors, and customers are the relationships you build while learning to grow your business and become more profitable.
This is especially true when it comes to contract management, where it’s vital to leverage data that increases profitability by any means possible.
Often, companies try to scale too quickly, revealing early cracks in the system. This is where a contract intelligence platform comes into play, which helps companies keep a sharp eye on their partnerships while aiming confidently at long-term financial goals.
Leveraging Data for Profitability
Contracts hold the keys to unlocking your company’s profitability, and hidden inside is a treasure trove of contract data.
Beyond their terms and clauses, contracts tell the story of your company’s stakeholders through contract analytics. But here’s the kicker: if you can’t easily find and track the details of your business agreements, you can’t put those metrics to use.
Not to worry. With the proper contract lifecycle management (CLM) software platform, the terms of your contracts can be used to maximize your profits by:
Alerting you to milestones and renewals
Extracting important dates and contract terms
Analyzing valuable metrics
Tracking supplier performance metrics
You can use these features to prepare for important events, ensure you’re getting the value you need from products and services, and gain an edge when negotiating contract renewals. Seems pretty essential, right?
The benefits that come with effective contract analytics can be invaluable. Specifically, better insight and automated tasks help you generate, negotiate, and finalize error-free contracts. These streamlined processes help you begin earning quicker while avoiding compliance issues or missing renewals that can stagger your growth.
Terzo's Contract Intelligence Platform
Terzo’s contract intelligence platform leverages artificial intelligence (AI) and machine learning to help businesses extract value from their contracts. The platform provides tools and features that automate the contract review and analysis process, allowing companies to better understand their contracts and identify key insights and opportunities.
Terzo provides powerful data clarity from a bird’s eye view — a centralized dashboard where you can find all of your most urgent data down to a granular level. This allows you to extract every last detail with the insights you need. Some of the features of Terzo's CLM software platform include the following.
Contract Review and Summary
Compare, analyze, and interpret data from all your contracts or only those relevant to certain parameters. Find errors, jump to terms and clauses, or flag discrepancies to ensure your business partners are on-track.
Terzo’s platform provides a single, unified repository where your contracts are stored and managed using advanced filtering and search parameters. No more sifting through countless folders to find the information you need, when you need it.
Design the best workflow to suit your organization’s unique management needs.
Harness the Leveraging Power of Artificial Intelligence (AI) and Machine Learning (ML)
Terzo’s platform uses AI and ML to bring true contract intelligence to its optical character recognition (OCR) processes for extracting data from documents or images of any format.
According to IBM, using OCR technology yields the following benefits:
Automated document routing and content processing
Centralized and secured data
Improved service by ensuring employees have the most up-to-date and accurate information
This OCR-processed data can be extracted using cutting-edge Natural Language Processing (NLP) to accurately interpret this data, surfacing your most important clauses, dates, partners, and metrics.
Powerful ML models have trained on volumes of contract data to more easily recognize important information. You can then use that data to uncover trends and valuable insights, maintain your best connections, and negotiate better terms with other contacts.
AI-Based Automated Tasks
Terzo uses the power of AI and ML to provide accurate automation processes, such as:
Notifications and reminders
Improve Your Profitability with Terzo's Contract Analytics
Terzo’s CLM platform helps you find cost savings to negotiate with suppliers and optimize your contract terms. It accomplishes this by analyzing the details of your contracts to uncover cost-saving opportunities.
By studying supplier performance data, you’ll quickly identify trends and benchmark them against industry standards. Armed with these insights, you can go to your suppliers to negotiate better terms.
Additionally, you can let Terzo’s platform intelligence identify potential risks to avoid expensive legal disputes in the future.
Terzo Success Stories
The benefits of using AI-powered CLM to leverage data aren’t hypothetical — contract data is used by Terzo clients every day, turning metrics into profits.
The following are two real-world cases where Terzo helped companies turn things around.
It’s easy to minimize the importance of contract renewals, but in this instance, a high-growth startup missed out on $4.5M in contract renewal opportunities with their suppliers — a number that’s certainly nothing to sneeze at.
Their platform didn’t provide adequate visibility for:
Details on price increases
Product and service changes
Service level agreements (SLAs)
Procurement and finance simply didn’t have the visibility they needed. Their ERP and P2P systems failed to identify critical performance gaps or to provide ample data on their supply chain and vendor details.
Terzo provided them with instant contract intelligence, featuring automated alerts and improved workflow for renewals. This put an end to lost opportunities and led to the following breakthroughs:
$0 lost revenue
Zero missed renewals
A 420% ROI in less than a year as a direct result of renewal alerts and vendor management data
Increased departmental collaboration and productivity
A Fortune 500 retailer came to Terzo seeking help with the transition of their digital procurement and to integrate a recent post-merger acquisition.
They needed to bring their management workflow together into a single system to:
Reduce the manual workload
Standardize their processes
Track all of their contracts and goals
Eliminate their reliance on spreadsheets
Improve communication and collaboration between siloed teams
No code-related or complicated intermediary hiccups were involved when Terzo stepped in with a smooth digital migration.
Terzo helped this retailer optimize their entire system with the following:
A scalable cloud-based solution
Complete IT portfolio management
Trackable contract renewals
Individuals and vendor maps
Completely trackable workflows
Implementing Contract Analytics
The intricacy of contract management relationships is precisely what Terzo was designed to help with. Here are some ways you can get on the right path to leverage data for greater profits:
Use our CLM to extract data from all of your current contracts.
Create clause templates you want standardized across all of your agreements.
Include all of your suppliers in a central database.
Use AI and ML to identify potential risks or compliance issues.
Track performance to negotiate the best prices and conditions.
Develop workflows to reduce silos within your organization.
With these steps in place, you can trust our platform to automate processes and provide performance data to better manage your complex vendor relationships. Let Terzo give you back precious time, cost savings, and efficiency.
Best Practices for Leveraging Contract Analytics
Contract management is ultimately about better communication with suppliers. You gain this with improved insights and data. These are a few best practices that can help.
Standardize Your Contract Terms
Not only can templates save you time — they guarantee consistency across all your agreements. Using a cloud-based central repository for your contract templates means you don’t have to wonder whether something is getting overlooked.
Use Contract Data to Improve Communication with Your Customers and Stakeholders
Siloed departments lead to a disconnect, where information isn’t shared across teams, and communications break down.
You need better data to drive conversations with vendors and suppliers about price, renewal dates, and quality and performance issues. After all, you can’t address what you simply don’t know.
Why put the burden on yourself or your team to be in charge of remembering important dates? Use your CLM platform to stay aware of critical milestones and contract expirations. Design custom alerts to track specific performance changes, so you can identify every opportunity to negotiate better deals quickly and accurately.
Automate Your Contract Management Processes
Redundant tasks occupy far too many workforce resources. Let your teams devote their time to priority, complex tasks by relying on your CLM platform to monitor the data. The time won back can be reallocated to innovation, professional development, or team-building initiatives.
Use Terzo to Transform Your Contract Management into Contract Intelligence
Better profits come from running a tighter ship. Terzo makes this possible no matter how many contracts you need to keep track of. It’s time to eliminate information and resource bottlenecks to clear the path toward increased profits.
Ready to accelerate your revenue cycle? Get a free trial of our software today.