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 2024.
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Best Contract Analytics Statistics
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- 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 canāt find at least 10% of their contracts. [2]
- Because up to 95% of a contractās cycle time is spent on non productive work delays, itās 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 āpuck luck.ā16. [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 āpuck luck.ā17. [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, weāve 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, Sievoās 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, weāve 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 2015āalmost 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 ratesāthe percentage of total obligations reported for competitive contractsāremained 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 Cookās 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. Donāt forgot to check latest Contract Analytics statistics of 2024.
Reference
- leverton – https://leverton.ai/blog/2019/04/10/your-essential-guide-to-contract-analytics-from-data-visualization-to-data-insight/.
- sirionlabs – https://www.sirionlabs.com/contract-analytics/.
- parleypro – https://parleypro.com/blog/5-benefits-of-contract-analytics-that-help-you-create-value-long-term-success-for-your-organization/.
- lakelawgroup – http://www.lakelawgroup.com/enhanced-statistics/.
- sievo – https://sievo.com/resources/procurement-analytics-demystified.
- lexology – https://www.lexology.com/library/detail.aspx?g=92b32492-d043-4cf9-b455-3f7cc4179928.
- gao – https://www.gao.gov/products/gao-17-244sp.
- lawinsport – https://www.lawinsport.com/topics/item/why-enhanced-statistics-are-a-game-changer-for-nhl-contract-negotiations.
How Useful is Contract Analytics
At its core, contract analytics involves the use of advanced software to analyze and extract key information from contracts and other legal documents. This includes identifying, categorizing, and retrieving data such as key terms, clauses, dates, obligations, risks, and more. This automated process not only saves time and reduces the risk of human errors, but also unlocks valuable insights that can inform better decision-making and strategic planning.
One of the most striking benefits of contract analytics is its ability to improve efficiency and productivity within an organization. By automating the contract review process, companies can significantly reduce the time and resources spent on manual contract analysis. This means that legal teams can focus their efforts on higher-value tasks, resulting in faster deal cycles and increased overall efficiency.
Furthermore, contract analytics can help companies mitigate risks and prevent costly legal disputes. By identifying potential compliance issues, discrepancies, or obligations that may have been overlooked, businesses can proactively address these issues before they escalate into real problems. This not only protects the company from financial and reputational harm but also ensures that all parties involved adhere to the terms of the contract.
Additionally, contract analytics can provide valuable insights that can inform strategic decision-making and drive business growth. By analyzing contract data, companies can identify trends, patterns, and opportunities that can be leveraged to negotiate better terms, optimize pricing structures, identify areas for cost savings, and improve overall business performance.
In today’s fast-paced, data-driven world, the ability to extract actionable insights from contracts and legal documents is more important than ever. Contract analytics empowers companies to make more informed decisions, mitigate risks, and drive growth. It is a powerful tool that can revolutionize how businesses manage their contracts and legal agreements.
In conclusion, contract analytics is not just useful ā it is essential for modern businesses looking to stay competitive and agile in today’s complex business environment. By harnessing the power of advanced technology and artificial intelligence, companies can unlock valuable insights that can inform better decision-making, mitigate risks, and drive business growth. Whether you’re a small startup or a multinational corporation, contract analytics is a game-changer that can revolutionize how you manage your legal agreements and contracts.
In Conclusion
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