After discussing the CLM maturity levels currently, it is time to see how a cutting-edge CLM helps different functions in an organization own their contracts and derive greater value from them. This week we’ll be having a closer look at the Sales function.
Contract Management for Sales
Without contract automation, sales cycles are elongated – leading to delayed revenue realization and increased likelihood of errors and miscommunication with prospects and customers. There is also too much reliance on the legal team for all contracts.
A modern CLM solution helps sales by keeping negotiations on track and improves customer satisfaction with rapid and transparent communications. It also accelerates contract customizations and helps get faster contract approvals. A CLM automates:
- Milestone notifications
- Renewal and Expiry management
- Alerts and Notifications to the correct stakeholders
With a CLM solution in place, a non-legal function such as sales can access critical information that helps it drive greater value from the contracts it handles. This value is driven through:
- Reduced bottlenecks
- Pre-approved templates and clauses
- Reduced reliance on the legal team for contracts
- Shorter Sales Cycle Time
- Quicker contract creation
- Better obligation management
- Timely reminders and alerts
- Minimize Revenue Leakage
Next week, we’ll continue with a closer look at how a modern CLM can become an important ally to an enterprise’s financial function in its efforts to seek the best possible returns at the lowest possible cost from a reliable partner. We’d love to know your experience. Please share your thoughts at firstname.lastname@example.org.
You can also access the recording of the latest IACCM webinar, on the same topic, here.