We live in a world driven by data. Capturing metrics has become a necessity, and determining which that information is a Key Performance Indicator (KPI) could determine how an organization succeeds.

Managers are often tasked with not only ensuring that their direct reports work to the best of their ability, but also with reporting to their own superiors on how the team is performing. It can take as much as 40 % of a manager’s time to gather, interpret, and collate data to create informative and actional reports. As important as it is to capture metrics on daily operations, it is counter intuitive to expend extra resources trying to gather this information. Most precious of these resources is time, which is probably the KPI most critical to a majority of organizations.

One way to increase efficiency in reporting, is to build data gathering methods into normal day-to-day business processes. This can prove challenging, and time consuming if the captured data still must be inputted into a separate document or software. In comes Automated Lifecycle Management solutions.

Automated Document Management and Assembly tools with a robust Document / Contract Lifecycle management solution are geared to increase efficiency. Some of the very tools that power automation tools also serve as great ways to capture data, for instance:

Automated Document Assembly

Automatically generated clauses that are vetted by subject matter experts are dynamically generated and added to documents based on conditioned logic. Key information that is automatically captured can include the frequency of use, as well as in what scenarios certain clauses were used (e.g., document type, client / vendor industry, etc.).

Document Records

Every document that is created in a powerful document management automatically creates a record containing key information about that document stored in a database. External documents can also be recorded in this database, providing a great tool for categorization and reporting. Document Record Properties provide ways to capture more specific document information for deeper analysis. 

Workflows and Approvals

Workflows and Approvals streamline business processes while adding a layer of transparency. Important information can be picked up from reviewing recorded Workflow information, including how much time different individuals or User Groups needed to review documents, as well as what kind of clauses routinely failed to be approved. This information creates the kind of insights that can, for instance, inform Template designers to revise certain clauses in the Automated Assembly feature to avoid delays later in the process.

Document Timeline  / Audit Trail

Document Timelines capture all the actions that occur to a document, when used properly, its possibly to see the time and date of an action, the action type, and the actor. This level of detail can be organized in a way to provide an overview of a department’s activities, and allow leaders to take the proper steps to improve efficiency.

Automated Document Management solutions, when integrated seamlessly, will not only increase your efficiency upon implementation, but continue to add value as it gathers metrics and highlights the KPIs you need for success.

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