Contract Analytics Statistics 2022 - Everything You Need to Know


Are you looking to add Contract Analytics to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Contract Analytics statistics of 2022.

My team and I scanned the entire web and collected all the most useful Contract Analytics stats on this page. You don’t need to check any other resource on the web for any Contract Analytics statistics. All are here only 🙂

How much of an impact will Contract Analytics have on your day-to-day? or the day-to-day of your business? Should you invest in Contract Analytics? We will answer all your Contract Analytics related questions here.

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Best Contract Analytics Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 31 Contract Analytics Statistics on this page 🙂

Contract Analytics Latest Statistics

  • 55% of respondents are using contract AI within GDPR and regulatory mandates due to the rising importance of data privacy and protection. [0]
  • Reduce extraction time by up to 80% at 50% lower cost as compared to conventional CLM and legacy solutions. [1]
  • Parley Pro finds and flags the relevant contracts, a valuable benefit when up to 71% of companies can’t find at least 10% of their contracts. [2]
  • Because up to 95% of a contract’s cycle time is spent on non productive work delays, it’s a prime area for automation. [2]
  • Earnshaw Cook was one of the earliest innovators in the field.1 Cook’s book, Percentage Baseball, which was first published in 1964, was widely criticized at the time.2. [3]
  • Brian King, developed a statistic that added onice shooting percentage to on ice save percentage to measure what is commonly referred to as “puck luck.”16. [3]
  • When combined the average percentage of the two values should equal 100%. [3]
  • When a the resulting value is above 100% it can be said that the team or player is on a lucky stretch, and conversely a resulting value below the average can indicate that the player or team is suffering from bad “puck luck.”17. [3]
  • According to the NHL CBA, a free agent is a term used, in accordance with certain specified criteria, to describe a player whose contract has expired.25 One of the first free agent players the Maple Leafs targeted was Pierre. [3]
  • The following chart explores how Parenteau compares to the other free agent forwards identified in Figure 1, in terms of Corsi For Percentage. [3]
  • Looking at Parenteau’s CF% for example, indicates that for all of the Corsi events that occurred while Parenteau was on the ice last year, 50.7% of them were taken by Parenteau’s team. [3]
  • As a means of providing a wider perspective, Sidney Crosby, arguably the best player in the world, posted a CF% last year of 56.3%. [3]
  • Additionally, Parenteau has been very consistent throughout his career, in terms of his CF%, posting a 50.4% for his career. [3]
  • Again Parenteau posted the highest percentage among the comparable players, with an FF% of 51.5%. [3]
  • Parenteau’s FF% is a very strong number, by a means of comparison, Sidney Crosby posted an FF% of 56.3% last season.30 Figure 3. [3]
  • as a procurement team, we’ve increased our spend under management from 60% to 67% over the past 12 months. [4]
  • The best practice in spend classification suggests at least 90% accuracy to identify spend opportunities, however reaching a 95% or better accuracy level is crucial for savings tracking and management. [4]
  • As the further breakdown occurs for deeper level reporting and tracking management, Sievo’s collaborative classification approach allows spend to be mapped down to the last dimension 100% error free. [4]
  • The future is human + machine collaborationEven when category experts can improve classification to close to the 100% error free level, there is still the question of prioritization. [4]
  • as a procurement team, we’ve increased our spend under management from 60% to 67% over the past 12 months.”. [4]
  • Even when category experts can improve classification to close to the 100% error free level, there is still the question of prioritization. [4]
  • Consider the fact that an estimated 90% of a company’s annual revenue is dependent on their negotiated contracts. [5]
  • For example, the average time to close an M&A deal has risen more than 30% in the last decade. [5]
  • Slow negotiations can sap the value of a deal, with KPMG estimating that up to 40% of a transaction’s value can be lost due to poor deal velocity and inefficient contracting. [5]
  • Federal agencies spent over $430 billion on contracts for goods and services in 2015—almost 40 percent of all discretionary spending. [6]
  • From 2011 to 2015, we found that spending at defense agencies decreased by almost 32 percent, while spending at civilian agencies remained fairly steady. [6]
  • We also found that contracts awarded through competition stayed steady at about 64 percent, and the use of fixed price contracts stayed steady at over 63 percent. [6]
  • Governmentwide competition rates—the percentage of total obligations reported for competitive contracts—remained steady at just below two thirds over fiscal years 2011 through 2015. [6]
  • From fiscal year 2011 through 2015, federal agencies used fixed price contracts for an average of 63 percent of obligations, mitigating risk to the government. [6]
  • Federal agencies obligated over $430 billion through contracts for products and services in fiscal year 2015, accounting for almost 40 percent of the government’s discretionary spending. [6]
  • Earnshaw Cook was one of the earliest innovators in the field.1 Cook’s book, Percentage Baseball, which was first published in 1964, was widely criticized at the time.2. [7]

I know you want to use Contract Analytics Software, thus we made this list of best Contract Analytics Software. We also wrote about how to learn Contract Analytics Software and how to install Contract Analytics Software. Recently we wrote how to uninstall Contract Analytics Software for newbie users. Don’t forgot to check latest Contract Analytics statistics of 2022.

Reference


  1. leverton – https://leverton.ai/blog/2019/04/10/your-essential-guide-to-contract-analytics-from-data-visualization-to-data-insight/.
  2. sirionlabs – https://www.sirionlabs.com/contract-analytics/.
  3. parleypro – https://parleypro.com/blog/5-benefits-of-contract-analytics-that-help-you-create-value-long-term-success-for-your-organization/.
  4. lakelawgroup – http://www.lakelawgroup.com/enhanced-statistics/.
  5. sievo – https://sievo.com/resources/procurement-analytics-demystified.
  6. lexology – https://www.lexology.com/library/detail.aspx?g=92b32492-d043-4cf9-b455-3f7cc4179928.
  7. gao – https://www.gao.gov/products/gao-17-244sp.
  8. lawinsport – https://www.lawinsport.com/topics/item/why-enhanced-statistics-are-a-game-changer-for-nhl-contract-negotiations.

In Conclusion

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