Quantifying Your Data with RealAnalytics
Contract Management initiatives have suffered from a lack of quantifiable benefit, sidelining the value to simply improving governance and compliance. Over the last two decades research houses have made a stab at the financial benefits, anything from 2 to 7% on procurement spend, improvements in revenue collection, to 9% of a company’s value. Capturing and proving the financial benefits however has been difficult, which has made the return on investment argument hard to make, until now.
RealContract has always had as its core, quality structured contract data, automatically captured from the processes of drafting and managing agreements. This data is organized by contract types, with the flexibility to add and remove fields. This data reservoir is able to be connected to other 3rd party systems, allowing information to flow across business silo’s.
Now RealAnalytics takes the 3rd party data sources, combined with contract data, to provide the organization with measurable business improvement metrics, both financial and operational. These tools have value to not only reduce financial leakage on the spend and revenue side, but also into performance metrics for suppliers and customer support. It’s a major step forward in establishing the true value of implementing an automated contract management application, and to measure the extent of the benefit for the organisation.
By taking the data analytics metrics at the outset of the project, the “as is” position is determined, then along with business the improvement goals can be set, and the outcome measured over time. Incredibly powerful, an uncomplicated, executionable activity that links the business silo’s into delivering quantifiable benefit.
It takes the last piece of an organisations typically manual, inefficient processes and turns it into an automated, digital, data driven and measurable performance enhancer. No longer a governance grudge purchase, these are tools and insights that will transform the organisations value.