MANAGING CORPORATE CONTRACTS

MANAGING CORPORATE CONTRACTS

By W H Inmon

You are standing in front of a group of executives. You ask them a question – does anybody here know – down to a detailed level – what is in your corporate contracts? Not a hand goes up. Not one executive knows what detailed information is in their corporate contracts.

You ask another question.

As an executive, aren’t you responsible for knowing about your corporate liability? All hands go up on this question. Of course, executives are responsible for understanding corporate liability. This is a no brainer.

A third question.

Don’t you think there is liability in your corporate contracts?

There are red faces all around.

This is really a dumb question because corporate contracts are always full of liability. But the executive community has no idea what that liability really is. And they know they have missed the boat.

This scenario has been played out countless times. The truth is that executives in the corporation do not know what is in their own contracts. Around the world. In insurance companies. In manufacturers. In retailers. In airlines. In hospitality. In medicine. In government agencies. In banks.Everywhere.

The excuses you get for not knowing what is in the corporate contracts are –

    There are so many contracts, how can we know?

    We have been running our business this way for fifty years, so who cares?

    Each contract is different, so nobody really knows.

But the truth is that with textual ETL, in today’s world you CAN know what is in your corporate contracts. Once upon a time, corporations tried to read and manage their contracts manually. But there are just too many of them to attempt manual management of corporate contracts. It is error prone, expensive and an exercise in futility to try to manually address corporate contracts.

But with textual ETL, you can let the computer read and manage your contracts. You can create a data base of the contents of your contracts. Once you have created a data base from your corporate contracts, you can read and analyze the data base with speeds and accuracy that are not possible with a human being. Now you can read and analyze your data base and make such proclamations as –

   The accrued receivables for February for all accounts are $10,458,230.21 (accurate down to the penny)

  There will be 4287 accounts whose terms expire on March 15 (accurate down to the day and hour)

  There are exactly 40,376 distinct customers as of July 20 (accurate down to the individual man or woman)

Once the data base is created from the corporate contracts, you can analyze it in just the same way as you would analyze any other data base.

In fact, there is a You Tube presentation on managing your corporate contracts with textual ETL that you might enjoy.

The presentation is – https://youtu.be/JnywbcbjgdQ

Now you can have information at your fingertips which was once impossible to get. Now you can know what information is hiding in your corporate contracts. Now you can know.

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Bill Inmon lives in Denver, Colorado. Three of Bill’s latest books are TURNING TEXT INTO GOLD and HEARING THE VOICE OF THE CUSTOMER, Technics Publications, 2018 and DATA ARCHITECTURE: SECOND EDITION, Elsevier, 2019. Bill’s company – Forest Rim Technology – reads raw text and turns it into a data base. Bill is located in Denver, Colorado.