Insights from over 1,400 contract positions surface risk and monetization opportunities for legal and procurement teams
UnitedLex, a leading data and professional services company for legal, announced a legal industry first: Contract Data as a Service (CDaaS). CDaaS combines technology, data science, and expert review, to convert complex contract legalese into structured data that provide insights to inform business decisions, ensure compliance, reduce risk, and increase profitability. Powered by UnitedLex’s proprietary Contract Data Model™, consisting of more than 1,400 structured contract positions, CDaaS delivers unrivaled data mining capabilities and mission-critical insights.
Companies invest millions of dollars to negotiate contracts for their organization, yet most enterprises lack visibility into the terms of those contracts that drive revenue, profitability, and spend. Contract Lifecycle Management (CLM) systems attempt to resolve these issues but can fall short, costing organizations money and creating problems. Harvard Business Review reported companies leak up to 40% of value in their contracts, and Precisely found 80% of C-level data executives report “it is challenging to ensure data is consistently enriched with proper context at scale, necessary when making more informed business decisions.”
CDaaS builds on Contract Lifecycle Management to provide all members of an organization the answers they seek from contracts to drive business goals, modernizing enterprise legal departments and offering a blueprint for effective contract management. As an end-to-end offering, CDaaS surfaces critical, granular insights by converting complex contract data into simple, easy-to-use information.
“Contracts are a critical asset to every organization, but contract volume can quickly become overwhelming, putting companies at risk by losing track of obligations, overlooking what the company is owed, and heading into negotiations ill-equipped,” noted Dan Hendy, UnitedLex EVP of Corporate and Commercial Solutions. “With CDaaS, we’ve taken this weakness and turned it into a strength by enabling companies to quickly and efficiently mine and convert signed contract language into digestible insights that not only inform them of what’s in their contracts but also how to leverage that information.”
To learn more about CDaaS, visit: https://unitedlex.com/services/contract-data-as-a-service/
About UnitedLex
UnitedLex is a data and professional services company delivering outcomes that create value for high-performing law firms and corporate legal departments in the areas of digital litigation, intellectual property, contracts, compliance, and legal operations.
Founded in 2006 with a mission to push the boundaries of legal innovation, we provide solutions that enable measurable performance improvement, risk mitigation, revenue gain, cost reduction and digital business synergy. Our footprint spans 26 jurisdictions with major operation centers in 18 countries and a team of 3,000+ legal, data and technology professionals around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221011005355/en/
Contract Data as a Service combines technology, data science, and expert review, to convert complex contract legalese into structured data that provide insights to inform business decisions, ensure compliance, reduce risk, and increase profitability.
Contacts
Susan Hamman
Director, Strategic Communications
press@unitedlex.com
