Contract management has a significant impact on an organization’s sales numbers!
Contract management technology adds wings to the sales team’s productivity and efficiency. Contract Lifecycle Management (CLM) integrates with CRM and ERP systems of the organization to fetch customer details, so the sales team doesn’t have to enter this data manually. CLM also integrates with email clients such as Microsoft Outlook to allow contract requests via the sales team’s familiar platform. Just select appropriate details from a drop-down menu to trigger the right template and clauses, and voila! your contract is ready.
Customizable workflows eliminate ambiguity and the need to attach contracts into email threads to seek approval from relevant stakeholders, thereby streamlining and accelerating the review-approval process. The sales team can also send reminders to relevant stakeholders to act on a specific contract—i.e. review, approve, e-sign, or renew—as required.
As per a research conducted by the Aberdeen Group, CLM usage results in a 24% reduction in sales cycle!
That is, with contract management technology implementation, the members of sales teams can recoup 24% of their day. Before, if it took 4 weeks to close a quarter; with CLM implementation, they will be able to do that in 3 weeks! With shorter sales cycles, organizations get more business done with the same sales team size in the same amount of time, cutting down the sales operation costs.
Furthermore, CLM offers advanced search capabilities that make searching for a contract or supporting document extremely easy. Granular reports provide increased visibility into the contracts, which enable:
- Better identification of opportunities for cross-selling or up-selling of products/services, as well as
- Enforcement of penalty clauses, in case of missed payment milestones
In a nutshell, contract management technology is a solid investment to boost employee productivity, enhance collaboration, and add significant value to an organization’s bottom line.
Contact us at email@example.com to get your contract management concerns addressed.