100, 1000, 5000, 10000, … no idea?!
For many companies and non-profit organizations it is impossible to determine the number of contracts that have been committed to because there is poor, or no control over the contracting process.
PWC estimates that an average Fortune 2000 company has between 20,000 and 40,000 contracts. Research firm, Faulkner estimates that over 10% of contracts are lost or hidden to the Business.
Image for a moment what might be contained within those 2,000 to 4,000 lost or hard to find contracts.
The average procurement contract contains quality, delivery or discount incentives that, if not managed fastidiously, can lead to significant wasted opportunities for Procurement to add value to the bottom line.
Many commercial and services-based contracts include service level agreements, milestone or deliverable-based obligtions that need to be met and managed correctly to maximise revenues or avoid costly penalty payments.
So you see, it is absolutely vital that your business is able to identify, locate and manage contracts with key suppliers, customers and partners.
Seal Software has developed the first Discovery Engine for legacy contracts. Seal’s unique Artificial Intelligence-based engine will search and identify legacy contract documents saved on computer desktops and Windows file shares that are lost or hard to find. Seal will extract key contract milestone data from the contract documents and present key business managers with a management console illustrating the pertinent details hidden within those contracts, like:
- Total number of contracts (by contract type)
- Contract due to expire (in the next 90, 60 and 30 days)
- Right to assign contracts, and many more.
Visit www.seal-software.com for more information.