Leaders are being asked to do more than manage costs; they’re expected to find new ways to deliver value. According to Deloitte’s 2023 Global Chief Procurement Officer Survey, “Procurement has become a key driver of business performance and a critical enabler of growth, innovation, and enterprise resilience.”

Your contracts hold the power to make this vision a reality.

They aren’t just agreements. They’re tools that can drive stronger supplier relationships, uncover hidden savings, and align procurement with your organization’s biggest goals. Here are 10 ways to unlock the value already hiding in your contracts and lead the way forward.

1. Improved Cash Flow Through Better Payment Terms

Flexible payment terms, such as early payment discounts or staggered invoicing, can free up working capital and improve financial stability. By analyzing your contracts, you can negotiate structures that support both your organization and your suppliers.

2. Unclaimed Savings in Missed Renewal Deadlines

When contracts auto-renew without review, outdated terms get locked in, and valuable opportunities to renegotiate better deals are missed. Staying ahead of renewal dates lets you revisit pricing, adjust terms to meet current priorities, and cut agreements that no longer serve your needs.

3. Hidden Rebates and Cost-Saving Clauses

Contracts often include rebates, volume discounts, or performance incentives that go unnoticed. Each one of these identified terms might save you thousands, but without centralized visibility, they’re easy to overlook. Reviewing your contracts regularly ensures you act on the savings they promise.

4. Opportunities to Consolidate Suppliers

Working with too many vendors creates inefficiencies and drives up costs. Reviewing contracts for duplicate services lets you consolidate suppliers, reduce spend, and strengthen your position in future negotiations. This is especially true for companies active in the M&A space as organizations can be caught with having two contracts with the same vendor - often with different rates and fees.

5. Performance-Based Supplier Incentives

Supplier performance clauses often tie incentives to achieving specific goals. Actively tracking and enforcing these terms ensures suppliers deliver on their promises, driving accountability and stronger partnerships.

6. Outdated Terms That Increase Risk

Contracts signed years ago may include clauses that no longer meet today’s standards, like outdated liability terms or compliance requirements. Updating these agreements reduces risk and strengthens your overall procurement strategy.

7. Alignment with ESG Priorities

Many organizations are embedding Environmental, Social, and Governance (ESG) goals into their contracts. By identifying clauses that already support sustainability, supplier diversity, or ethical labor practices, you can expand these terms and position procurement as a key player in advancing organizational values.

8. Renegotiation Triggers You Can Act On

Pricing adjustments, termination options, or performance reviews are often baked into contracts but overlooked. Acting on these opportunities lets you adapt to market changes and ensure your agreements deliver maximum value.

9. Smaller Contracts Hiding Long-Tail Savings

Low-value contracts might not get much attention, especially when manual tracking feels too costly or time-consuming to justify. Many organizations set thresholds for rebate collection or contract review to focus only on higher-value agreements, leaving smaller contracts unchecked. But these overlooked contracts can add up to significant savings. 

10. Flexibility to Adapt to Changing Needs

Rigid contract terms can create roadblocks when priorities shift. Flexible clauses like adjustable pricing, volume changes, or renegotiation options help you stay agile without unnecessary delays or costs.

Contract intelligence uses artificial intelligence (AI) to extract, organize, and analyze contract data, giving you quick access to the insights procurement needs to uncover these hidden opportunities.

Instead of manually reviewing hundreds of contracts, procurement teams can use AI-powered contract intelligence to surface unclaimed rebates, renegotiation triggers, or underutilized supplier incentives in seconds. 

Procurement teams using contract intelligence have saved time, uncovered hidden value, and found better ways to get the most out of their contracts. By making it easier to spot opportunities and take action, contract intelligence helps leaders strengthen their impact and bring even more value to their organizations.

Ready to discover how contract intelligence can help unlock the value hiding in your procurement contracts? Read on.