Why is contract analytics so important?
Contract analytics is believed to have a great impact in the procurement process over the coming years. And even though the value of analytics in procurement is being realized, very few of CPOs are actually using them to drive decisions. Contract analytics can help provide insights into the supply chain lifecycle, thoroughly. Here are a few areas where contract analytics can make a difference. Cycle Time Visibility There is a lot of pressure on enterprise companies to improve efficiency. In order to stay competitive, the cycle times has to be reduced. And where can such efficiencies come from? Not even 5% of contract cycle times are related to performing any tasks. More than 95% of contract cycle times could be attributed to the non-productive delays such as duplicating work, waiting for approvals, and unnecessary repetition. Contract analytics can enable you to discover opportunities and identify inefficiencies, by providing transparency into each stage of contract lif