If you manage contracts, you know how important it is to keep track of all the details. It can be time-consuming and expensive to do this manually.
But there is a way to make your life easier and save money: contract analytics software. This type of software can help you automate the contract management process.
It can also help you identify areas where you can save money. In this blog post, we will show you how contract analytics software can help you save time and money.
What are Contract Analytics Software?
Contract analytics software is a type of software that helps businesses to better manage and understand their contractual obligations.
It does this by providing tools for analyzing contracts, tracking contract performance, and managing contract-related data.
Types of Contract Analytics Software
There are two main types of contract analytics software: desktop and cloud-based.
Desktop contract analytics software is installed on a local computer, while cloud-based software is accessed via the internet.
key features of Contract Analytics Software
Contract analysis: This feature allows businesses to analyze their contracts to identify risks and opportunities.
Contract tracking: This feature allows businesses to track the performance of their contracts.
Contract management: This feature allows businesses to manage their contract-related data, including documents, correspondence, and payments.
Pros and cons of using Contract Analytics Software
The pros of using contract analytics software include:
Improved contract management: Contract analytics software can help businesses to better manage their contracts, resulting in improved contract performance.
Reduced contract risks: Contract analytics software can help businesses to identify risks and opportunities in their contracts, allowing them to take steps to mitigate risks and capitalize on opportunities. Improved contract understanding: Contract analytics software can help businesses to better understand their contracts, resulting in improved decision-making.
The cons of using contract analytics software include
Cost: Contract analytics software can be expensive, particularly for businesses that have a large number of contracts.
Implementation: Contract analytics software can be complex to implement, particularly for businesses that have a large number of contracts.
Training: Contract analytics software can be complex to use, requiring training for users.
Average prices of Contract Analytics Software
The average price of contract analytics software ranges from $500 to $5,000 per year. Prices vary based on the features and functionality of the software, as well as the size of the business.
Statistics of small business using Contract Analytics Software
Small businesses make up the majority of businesses using contract analytics software. According to a survey by the Small Business Administration, 59% of small businesses use contract analytics software.
Average ROI when using Contract Analytics Software
The average ROI for businesses using contract analytics software is 17%. This means that for every $1 spent on contract analytics software, businesses can expect to see a return of $0.17.
Top 10 Contract Analytics Software
The top 10 contract analytics software products are:
2. Contract Logix
5. eSign Genie
7. keepSolid Sign
So there you have it! Contract analytics software can help you save time and money. If you are looking for a way to improve your contract management process, this is a great option.