Clause and Deviation Insights Reports
When reviewing agreements, negotiators are more likely to depend on their domain knowledge and expertise. This knowledge is not transferrable as it is solely based on their experience. As a result of this, when new negotiators come in to review similar agreements, the agreements may not be negotiated optimally because of the lack of historical data or expertise, often causing delay in approvals.
Availability of essential insights and trends such as cycle times, deviations and other metrics help predict the outcome of the negotiation, like the clauses that are likely to be approved quickly and the ones that may require more negotiation, thus helping to close contracts sooner.
Now, in ICM, negotiators will be able to leverage historical data and contextual insights on the cycle time required to close agreements for faster and smarter negotiations. This will help them make timely, informed decisions.
Note: The accessibility to the Clause and Deviation Insights Reports are available through a technical configuration and user accessibility to Advanced Analytics as well as DiscoverAI and NegotiateAI apps.
Clause Insights
The following clause insights are available within ICM.
To view them:
1. Click Agreement Management. The Agreement Management page opens.
2. Click the View Record icon. The agreement Details page opens.
3. Click the Agreement Clauses tab.
4. Click the icon next to the clause you want to view the insights for. The Clause Insights report opens.
Here is a brief description of the Clause Insights report:
- The Clause Usage Overview section gives an overview of the clause present in agreements along with the agreement cycle time. In the above example, the clause is present in 82 agreements out of a total of 280 agreements with Executed+ status, which means that the clause is used in 29% of the agreements. In addition, the inclusion of this clause has increased the agreement cycle time by 1%.
- The report contains 5 cards: In Contract Type, Party Name, Organization Unit, Contract Value and In Region. If the value for a card is not present, it will not show up in the report. For example, when creating the agreement, if the user does not enter the value for region, the In region card will not be visible in the report.
- Each card is further categorized into 2 sections - Used in agreements and Agreement cycle time. Here is a brief description of the sections:
