Our new contract system gives us amazing new insights, but you need to key in all the data. Whaaaa...?
Given the obvious value of knowing quickly what's in your contracts, why do so many businesses end up tracking only a dozen or so fields? The answer is simple. Nobody wants to key it all in. Nobody wants to keep it all up-to-date. Human data entry is slow, expensive, and error-prone. The more data you try to track, the more work you take on. And so, only the most high value stuff is tracked as data. Everything else is left until there's a fire drill.
The only way this will ever change is by deploying scalable contract analytics software that actually works, and that can be trusted to populate a contract management system with quality data and minimal human oversight.
Early iterations of contract AI gave many contracts and legal teams hope that a data-powered era of contract intelligence had arrived. Many of those teams expanded their vision of the data they'd love to track and analyze. But when the products fell short on data quality, those very same teams were stuck with checking and re-keying data manually, or paying someone else to do so. Or, they abandoned (most of) their data dreams, and focused on templates, clause libraries and automated workflows.
If this was your experience, Catylex is here to give you fresh hope. The Contract AI you dreamed of, that gives you data without massive human effort, is finally here. And it's here in time to help you as a new wave of contract questions ripple through your business. Which contracts allow us to trim spending? What spending commitments are contractually locked in? What's our risk of revenue surprises if customers have the right to terminate agreements earlier than expected? What do our contracts say about inflation and price adjustments?
By all means be skeptical, and ask any vendor (including us) to prove that they can deliver the data you need (without human effort). But don't give up hope.