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 info@zycusicontract.com.

You can also access the recording of the latest IACCM webinar, on the same topic, here.

Author Arthur Raguette

Arthur is the EVP for Sales and Marketing at Zycus & Verdantis Inc. He is passionate about the application of innovative technologies to solve real-world business problems and writes to share his thoughts with technology enthusiasts.

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