Big data is an extremely large set of data that primarily consists of three characteristics volume, velocity, and variability which require storage, interpretation, and analytics to figure out the meaning. Here, data sources could be anything like social media comments, tweets, sensors, health records, smartphones, and on and on.
Deep down this data has a lot to offer, business insights, actionable data, improved business decisions, competitive growth, competitive advantage, goodwill, etc. Well, it is easy to claim and unlock value from big data, but the truth is it requires a tremendous amount of effort, time, and money.
Data in your contracts
Let’s talk about data from contracts – contracts which mostly are unstructured or semi-structured, contain a vast amount of information that needs to be extracted for good use. This is a painful task, but in the modern business environment having immediate access to your data, on-demand, prompted, and pro-actively are the mantra for efficiency.
Extracting information from a large set of contracts is an exhausting job because every contract is different, and language varies from one contract to another.
This has now changed with the advent of modern data extraction technologies. Data from dissimilar contracts can now be extracted and distilled into searchable files with 99.99% accuracy, a reliability factor never before reasonably achieved.
These technologies are proven and provide untold benefits to organizations that are shifting to a systematized structure.
Below are some of the benefits of systemizing your data –
- Insights at fingertips: extract key provisions from all your contacts and gain insight into key provisions, and obligations at your fingertips.
- Compliance: a contract is a bundle of commitments made by the different parties to each other. Having key provisions at hand makes compliance relatively easy and possible in a timely and promised fashion.
- Identification and mitigation of risk: with visibility and access over your contracts, the ability to identify risks associated is easy. All vulnerabilities can be tracked beforehand using advanced tagging options and therefore can be acted upon accordingly for prevention or mitigation action.
- Improved Decisions: with complete information, you have the opportunity to study and understand patterns, and derive more accurate projections and forecasts that can ultimately lead and guide the organizations to better their decision-making processes and strategic initiatives.