Every business relationship—whether with suppliers, customers, partners, or employees– begins and ends with a contract. Contracts memorialize the intent of every relationship, and when used effectively, ensure that the intent is realized. This single source of truth for all relationships becomes a powerful dataset that not only protects banks but enables them to capture growth opportunities as markets change over time. However, most banks have not yet recognized the value that enterprise contract intelligence
can offer. Instead, contracts remain siloed in disparate systems, making the contract data challenging to access or integrate across the enterprise. In fact, World Commerce & Contracting reports that on average, medium to large organizations house contract data in 24 different systems. Across these siloed systems, contracts are often managed manually, are
difficult to assess when urgent conditions arise, and may contain hidden risks.