Meet Ironclad Insights, the new contract analytics and visualization tool in Ironclad CLM. Now, you can easily extract insights from the metadata contained in your contracts and surface data around your actual contracting process. Understand where bottlenecks are and resolve them with exactly the right data at your fingertips.
With Insights, you can:
- Visualize your contracting process and contract data in various types of charts in real-time
- Customize and filter charts using any contract data
- Drill down to associated workflows, monitor performance
- Export charts and underlying data
“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.” – Steven Yan, SVP of Product, Ironclad
Picture the possibilities
Just as a picture conveys a thousand words, charts and graphs make it possible to grasp metadata that could otherwise be overwhelming—allowing you to more easily comprehend and compare metrics. There’s no longer a need to flip through reams of data-point reports when you can generate an instantly informative graph to answer nearly any question about operations.
Actionable information might include how many contracts are in the air at any given moment, how long different types of contracts take to execute, or the workload for different users and teams across the organization.
From task to opportunity
These capabilities with your metadata change the contracting dynamic from a chore and cost storing files to an opportunity for a company to learn from its up-to-the-minute history for faster decision-making and deeper insights, helping predict demand. This is useful for the accounting department through to warehousing.
“Legal is the gear that is helping all the other gears at Signifyd. Through Ironclad, we’re able to link pre-and post-sales activities. Now we can close six-figure deals in a matter of minutes.” -Zuhair Saadat, Contracts Manager, Signifyd
- Legal departments can apply metrics to their work such as time and scale to contract execution, breaking it down by steps, and can identify contract language bottlenecks.
- Sales teams can gain a deeper understanding of their sales cycles and in-flight contract negotiations.
- Leadership can understand how much business has been executed, and break down how much business was directed to specific counterparties, by whom in your organization, and by what type of contract.
- HR teams can understand their salary commitments made to employees and track accordingly moving forward.
- Marketing teams can quickly visualize where their marketing dollars are being spent, term length of each allotment, and know which customers have signed marketing agreements.
- Procurement teams can easily track contractual obligations, applicable renewal dates, and get a holistic view of spend across the organization.
- Finance teams can instantly see cash inflow and outflow for every business decision made across the company and understand what financial obligations the company is tied to in the future—all in one place.
All of these teams would clearly benefit from using Ironclad Insights, and it’s helpful overall when everyone in a company is looking at the same up-to-date information.
This ability to put your data to work separates inert Excel spreadsheets and PDFs from contract lifecycle management (CLM).
Unlock the answers
The Insights dashboard tool can help guide teams toward the most productive areas to focus on, and possibly discover money pits. While the tool is fully customizable, to get the ball rolling there are nine pre-packaged reports available right out of the box to answer key business questions, such as:
- What is the status of deals in progress?
Of all your work in progress, what is taking the longest, or taking the most work to finish? What is being held up, when, and why? Repeatedly? Learn where your team could prioritize, what works and doesn’t, and understand instantly with graphics the major issues from the minor.
- What are your different types of deals?
All companies have a range of contracting agreements – from sales and legal to software. Generate reports that can visually arrange your various agreements and highlight what needs attention and where your efforts are best spent.
- What is the current workload of different users?
By distilling team workload into charts, you’re able to plan more effectively. It’s also possible to see if you’re allocating resources well. Is everyone overloaded? Maybe it’s time to look into hiring—and you would have data documentation to justify it.
- What type of work was requested, and when?
Examine all workflows as a time series chart on the created date, by workflow configuration.
- What is the status of the work requested this quarter?
All workflows can be filtered by quarter and broken down into stages for a clear picture of performance.
- Which workflows took the longest to execute this quarter?
All workflows can be filtered to reveal the sum of time to execution to reveal where there’s room for improvement, or where training might be needed.
- What has been the trend of average time to execution for different types of workflows?
Create a time series chart by workflow configuration to understand quarterly patterns supporting the EOQ rush.
- How many different types of workflows were completed each month?
The time series chart organizes workflows by date and configuration.
- How many workflows are executed each quarter, by owner?
This overall view of output and performance can document your top performers and help establish reasonable benchmarks.
Make data-driven decisions
Become better partners to your organization by using Insights to become a data-driven legal team, reducing risk and driving strategy forward across the business.
Get in touch with one of our contract specialists today to see how it works.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
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