In-house legal teams often view contracts solely as risk management tools, neglecting their potential as vital data sources. Contracts contain critical business data that, when ignored, hinder operational efficiency. Many legal departments treat contracts as static documents rather than dynamic assets rich in information such as risk positions and clause trends. This oversight leads to issues in communication with sales, finance, and procurement, which affects overall business function. Legal technology should focus on enhancing visibility of contract data, allowing teams to better navigate and leverage business operations.
"Contracts really are how businesses run. They're the lifeblood of a business - and they contain a lot of valuable data that often goes unnoticed or not tracked or not acted upon."
"Contract data isn't limited to party names and payment dates. It includes risk positions, clause trends, cycle times, fallback usage, and term variations. It's business-critical information hiding in plain sight."
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