Contract Management Reports: Leverage Data for Smarter Deals

A staggering 90% of business users find contracts hard to understand due to confusing legal terms. This can lead to missed deadlines, hidden fees, and non-compliance issues, ultimately impacting your bottom line.

Imagine! Complex agreements transformed into clear, straightforward guides. Everyone involved will know what to expect and can take action quickly. Contract management reports powered by data are the key to unlocking this clarity and efficiency. 

This guide will show you how to leverage contract management reports to gain valuable information from your agreements, leading to better understanding, streamlined processes, and significant cost savings.

Read Also: Guide on Contract Management Dashboard‍

Understanding Contract Management Reports

Contract management reports summarize vital information about your organization's contracts. They take complex contract data and present it in a way that's easy to understand. This analysis helps you make informed decisions about your contracts and optimize the contracting processes.

For example, a contract management report might show you

• How long does it typically take to complete different types of contracts?
• Whether you are meeting compliance requirements for your contracts?
• How much money are you saving through current contracts?

By providing these insights, contract management reports become a valuable tool to manage contracts more effectively.

When you describe pulling on‑the‑fly contract subsets (e.g., all contracts with a certain clause or renewal window), contract management teams rely on ad hoc queries to extract specific contract information quickly.