Contract data is information contained in contracts or legal agreements. This data can cover a wide range of details, such as contractual terms and conditions, personal details of both parties, and contractual values. This data can be collected from different types of contracts and agreements, including enterprise contracts, service contracts, and employee contracts, using technologies such as streaming data capture .
Some typical data collected from contracts include:
Contracting parties: Names, addresses and contact details of the contracting party or supplier and the customer or client.
Terms and Conditions: The rights, obligations, responsibilities and expectations of each party.
Contract Duration: This includes the start and end date.
Payment Details: Payment terms, amounts, frequency and payment method.
Scope of Work: The products, services or supplies to be provided under the contract.
Renewal and Extension Terms: What Happens When the Contract Expires and How Will It Be Renewed?
What are the benefits of contract data acquisition for SaaS companies?
Data-driven decision making
With contract data, your business can gain insights into important details like teacher data customer preferences and usage patterns, as well as general market demands. With this data in hand, you can use it to create data-driven decisions for a variety of strategies, from marketing to contract negotiations.
Optimized prices
Price research process
Image source from HubSpot
By analyzing contract values and terms, you can optimize your pricing models. Contract data provides a granular view of how customers interact with different features or tiers of your SaaS product. Analyzing this information helps you understand the perceived value of each component, guiding you in adjusting pricing to align with customer expectations.
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