Close Menu
Exposed News UKExposed News UK
    What's Hot

    Phenomenon Studio: A Benchmark in Global Product Design

    October 2, 2025

    Teslaman90’s Operation Magazine: The Discontinued Mod That Changed War on the Sea

    September 25, 2025

    Understanding the benefits of Silicone-Free shampoos for healthy hair

    September 24, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Phenomenon Studio: A Benchmark in Global Product Design
    • Teslaman90’s Operation Magazine: The Discontinued Mod That Changed War on the Sea
    • Understanding the benefits of Silicone-Free shampoos for healthy hair
    • How Binance Coin Fits Into a Balanced Crypto Portfolio
    • 5 Common Real Estate Challenges That CRM Software Can Solve 
    Facebook X (Twitter) Instagram
    Exposed News UKExposed News UK
    Subscribe
    Tuesday, October 14
    • Home
    • News
      • Law
    • Business
      • Finance
      • Education and career
    • Tech
      • Automobile
      • Gadgets & Tools
    • Entertainment
      • Sports
      • Media & Culture
      • Game
    • Review
    • Protect Your Child
    • General
      • Lifestyle
      • Home and real estate
      • Health
      • Travel
      • Digital Life
    • Contact
    Exposed News UKExposed News UK
    Home - Business - 5 Quick Business Intelligence Tips For Contract Management

    5 Quick Business Intelligence Tips For Contract Management

    Exposed NewsBy Exposed NewsFebruary 23, 2023 Business
    Exposed News UK
    Share
    Facebook Twitter LinkedIn Pinterest Email

    It’s no secret that technological advancements in reporting analytics and business intelligence have revolutionized how C-level executives approach all business processes. Contract lifecycle management (CLM) is no exception in the digital era. And good contract management software takes CLM in a new direction by using cutting-edge automation features to digitize the process from start to end and boost productivity at every turn. However, contract intelligence can do even more. Since CLM affects nearly every aspect of business operations, using your contract management software to glean actionable insights and implement them is crucial for long-term success.

    Read moreViktor Ponomarchuk: The Vinnitsa Business Magnate Fueling Ukraine's Infrastructure Evolution

    Here are five business intelligence tips to help you run your corporation contracts efficiently.

    Table of Contents

    Toggle
    • 1. Determine the right KPIs for your business. 
    • 2. Use a good ERP data warehouse.
    • 3. Capture the right BI data. 
    • 4. Conduct a need-gap analysis. 
    • 5. Develop a plan for data governance. 
    • Conclusion
      • Author Bio: 

    1. Determine the right KPIs for your business. 

    If you wish to leverage contract management for long-term success, it’s imperative to stay vigilant in monitoring the performance of your contracts. It’s not that simple, though. When you have several ongoing contracts, each with varying conditions, it can be hard to quantify the efficiency and effectiveness of every single one of them. Fortunately, four key performance indicators (KPIs) can help you determine the success of an agreement, regardless of its complexity. They are:

     

    • Cost: It may be necessary to reevaluate a contract if it incurs unanticipated costs without generating a satisfactory return on investment.

    • Timeliness: The performance of a contract may suffer if the other party is chronically late in delivering on their commitments.

    • Reliability: To keep your business running well, you must have a strong and effective working relationship with your contracting partners and suppliers. 

    • Quality: Prioritizing quantity over quality often results in subpar work. High-quality completed contracts are essential to retaining existing clients and on boarding new ones.

    2. Use a good ERP data warehouse.

    Data warehousing is integral for the success of any enterprise. Every BI strategy needs a centralized data source to deliver desired results. Almost all businesses have a system to collect and analyze information. Yet, they must ensure they include all the necessary data aspects for a BI Strategy.

     

    For starters, you need a clearer idea of the information and infrastructure you’re looking for. There’s a large number of enterprise resource planning (ERP) and line-of-business (LOB) tools for you to choose from. But if you don’t want to take that route, don’t worry. Thankfully, many software vendors nowadays offer generic data warehouse models that can be tailored to an organization’s specific needs and incorporate data from any app in use. 

    3. Capture the right BI data. 

    BI and analytics tools offer different functionalities and use cases. Therefore, it would be best to do your due diligence and compare the features of available options to your company’s data analytics and reporting needs. When integrated with contract management software, the ideal BI tool should be able to provide valuable insight into essential contract data such as:

     

    • client and vendor information

    • contract start and end dates

    • deliverable dates

    • payment schedules

    • pricing plans

    • expiration date

    • renewals

     

    You might want to capture the information you may require for a need-gap analysis (more on that below) that helps identify gaps and inefficiencies in your contract workflow. With the proper data, business strategists can ensure efficient data analysis and improved business decisions.

    4. Conduct a need-gap analysis. 

    As a business owner, you can benefit significantly from conducting a need-gap analysis to check whether your business is achieving business objectives or not. And what steps you should take to meet them.

     

    Ideally, a contract management solution should be able to tell you how long each step in the approval and signing processes takes on average and list all contracts that are currently in progress. A need-gap analysis will help you shorten the duration of the contract lifecycle by highlighting the problem areas so you can act proactively to eliminate them. Having the data to indicate team communication gaps and bottlenecks is sometimes all we need to get things back on track.

    5. Develop a plan for data governance. 

    Business decisions based on accurate and relevant information seldom fail. To guarantee the success of your business intelligence strategy, you need a good plan for data governance. That way, you can rest easy knowing that your data is reliable, actionable, and consistent throughout your organization. In addition, a data governance policy will help guarantee that only authorized users can access your data. Lastly, having a solid data governance plan in place will help you avoid trouble with the law if you ever run into problems with data privacy. 

    Conclusion

    From identifying trends, risks, and opportunities for business growth to staying top of mind with clients and prospects, contract intelligence—if done correctly— can propel a business to the forefront of its industry. Hopefully, using the above tips, you can create a powerful BI strategy that will give you a leg up on the competition.

     

    Author Bio: 

    Qurat-ul-Ain Ghazali, aka Annie, is the growth manager at Contract book and looks after all the organic channels. She has been with tech startups and scale ups for a couple of years with a B2B focus. You can find her socializing, traveling, indulging in extreme sports, and enjoying the local desserts when she is not working.

     

    Exposed News
    • Website

    Marketing Director with over 8 years of experience in public relations and marketing. Passionate about discussing content creation and SEO. I contribute to Exposednews.co.uk, xposedmagazine.co.uk, Exposedmagazine.co.uk, and various other publications on topics related to blogging and website strategy.

    Keep Reading

    Phenomenon Studio: A Benchmark in Global Product Design

    The Role of Annuities in Planning for Retirement

    Thermal Printer Stickers & 4×6 Labels: The Perfect Printing Solution for Your Business

    Brand Registration in the EU: From Idea to Protection

    The Impact of Global Geopolitical Changes on the South Caucasus: Challenges and Opportunities for Azerbaijan

    From Chaos to Clarity: How a Bookkeeper Can Save Your Sanity (and Your Saturday Nights)

    News

    • Teslaman90’s Operation Magazine: The Discontinued Mod That Changed War on the Sea
      by Exposed News
    • bbcurdu صفحۂ اول: Daily Exposed News Portal
      by Exposed News
    • Deztoicey Webcam Recordings & Viral Videos: What’s Really Going On?
      by Exposed News
    • BBCUrdu: Bridging Global News and Urdu-Speaking Audiences Since 1940
      by Exposed News
    • Unlocking Aoomaal Mysteries: Beginner’s Guide
      by Exposed News
    • εμφανιση σβισμενον φωτογραφιων: A Guide to Restoring Faded Photographs
      by Exposed News
    • The New Wave of British Pop Culture: Trends Shaping the Future
      by Gretchen
    • FBI Search Niles Ohio Home
      by Exposed News
    • How Many Years Have Passed Since 2023-1954
      by Exposed News
    • Amateur Wife BBC: A Beginner’s Guide
      by Exposed News
    Editors Picks
    Latest Posts

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Advertisement
    Most Popular
    • Phenomenon Studio: A Benchmark in Global Product Design
    • Teslaman90’s Operation Magazine: The Discontinued Mod That Changed War on the Sea
    • Understanding the benefits of Silicone-Free shampoos for healthy hair
    • How Binance Coin Fits Into a Balanced Crypto Portfolio
    • 5 Common Real Estate Challenges That CRM Software Can Solve 
    About Exposed News UK

    Exposed News UK brings you breaking headlines, trending updates, and reliable news coverage from the UK and around the world. From politics and business to lifestyle, entertainment, and technology, we deliver stories that matter. Stay informed with unbiased reporting and real-time updates from our team of dedicated journalists.

    For editorial inquiries or collaborations, contact us at:
    📧 officialtalkseo@gmail.com

    Top News & Information Sites
    • Latest UK News – BBC
    • World News – Reuters
    • Business News – Financial Times
    • Entertainment News – The Guardian
    • Real Estate News – Property Week
    • Lifestyle Trends – Vogue UK
    • UK Law & Legal System – GOV.UK
    • Technology News – TechCrunch
    • Sports Headlines – Sky Sports
    • Contact Exposed News
    • Home
    • Sitemap
    • Privacy Policy
    • Contact
    • Where To Buy Crypto
    © 2025 Designed by Exposednews.co.uk.

    Type above and press Enter to search. Press Esc to cancel.