Ironclad, the leading digital contracting platform, today announced the release of Insights, a full-scale contract analytics and visualization platform. By capturing data around the entire contracting process, along with metadata within contracts themselves, Insights allows every organization within a company to have a deeper understanding of their contracts, obligations, and opportunities.
“Because contracts are legally binding and used across every business function, contract data has an incredibly high degree of integrity – and effectively contains all knowledge about a business,” said Steven Yan, SVP of Product at Ironclad. “Ironclad Insights is democratizing operational analytics, giving any department in the company a real-time understanding of the business, without needing an analytics team or technical resources.”
Built to be highly customizable and used by any department, Insights allows users to create visualizations of crucial operational and business data to make faster decisions, pinpoint bottlenecks, and present findings in a digestible way for key stakeholders. For example:
- Legal departments can track contract execution time and identify language bottlenecks.
- Sales teams can better understand their sales cycles and in-flight negotiations.
- Leadership teams can break down how much business has been executed by which counterparties, team member or organization, and contract type.
- HR teams can understand salary commitments made to employees.
- Marketing teams can visualize spend, term-length, and quickly access customer marketing agreement information.
- Procurement teams can easily track their commitments, renewal dates, and spend across the organization.
- Finance teams can instantly see cash inflow and outflow across the company and understand future financial obligations.
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A fully customizable analytics and visualization tool, Insights will launch with pre-packaged reports to let customers answer questions like:
- How many contracts are in flight, what types, and what is the status of those contracts?
- How long did different types of contracts take to execute? And how much work went into them?
- What’s the current workload across the legal team, and in the organization?
- Which areas of the business are moving the fastest – and slowest?
The launch of Insights comes on the heels of Ironclad’s recent release of their enhanced dashboard, which has saved customers a total of nearly six years finding in-flight contracts in the three months since its launch. Later this year, Ironclad will release additional functionality to closely track the negotiation process with a “turn tracking” feature, and analyze and visualize historical contract data.
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