Product Area:
Contract Management and Reporting
Impact of Change:
New Feature Launch
Roles Impacted:
All SpotDraft users with access to analytics; particularly Admins
Details
We are excited to announce the launch of Contract Analytics, a powerful new feature that provides a 360-degree view of your contracting processes. This feature empowers users to identify bottlenecks, optimize workflows, forecast workloads, and demonstrate the value of their legal teams.
What’s New
Contract Analytics offers four out-of-the-box dashboards:
- Lifecycle Dashboard: Tracks contract volume, execution, expirations, and usage of different contract types. This helps you understand the overall health of your contract portfolio and identify trends in contract activity.
- Approvals Dashboard: Provides insights into the approval process, including pending approvals, average time spent, and completion rates. This allows you to identify bottlenecks in the approval process and optimize workflow efficiency.
- Review Dashboard: Tracks review requests, pending reviews, average review time, and completion rates. This helps you understand the review process, identify areas for improvement, and manage reviewer workloads effectively.
- Turnaround Times Dashboard: Offers a comprehensive view of the time taken for each stage of the contract lifecycle, including drafting, redlining, approvals, and signature collection. This provides valuable insights into the overall efficiency of your contracting process and helps you identify areas for improvement.
Value to Users
Contract Analytics provides several key benefits for SpotDraft users:
- Improved Efficiency: Identify bottlenecks and optimize workflows to reduce contract turnaround times and improve overall efficiency.
- Data-Driven Decision Making: Gain actionable insights into your contracting processes to make informed decisions about resource allocation, workflow improvements, and contract management strategies.
- Enhanced Visibility: Track key metrics and gain a comprehensive understanding of your contract activity, allowing you to proactively manage your contract portfolio.
- Demonstrated Value: Showcase the impact of your legal team and justify resource allocation by providing data-driven insights into their performance and contribution.
Important Note on Contract Analytics
How to Enable:Contract Analytics is ready for deployment to customers starting July 30, 2024.
- All members of the “Admin” team will get access to analytics by default on August 20th.
- Admins can choose to share access with other teams.
- To receive early access, please reach out to your CSM.
- If you wish to opt out of this feature, contact your Customer Success Manager (CSM) before August 20th.
Please Note: Users who have access to analytics can see all metrics (along with the names of the contracts, and process data like transition dates, times, reviewers, approvers, etc.) associated with contracts present in the repository, irrespective of whether they have access to the contract via access control. However, they will not be able to see the metadata or the language of any contracts they don’t have access to.
Relevant Resources
Help Center Documentation
Product page with interactive demo