How Contract Management increase the Efficiency of Sales Department
Sell-side contracts are frequently the duty of the earnings and sales operations teams. From requesting contracts to authoring and registering off contracts, earnings or need to juggle between multiple procedures while concentrating on their main function, which is to achieve their sales targets.
As contracts may acquire complicated and time-consuming at the absence of integrated procedures and automated workflows, implementing a complex, AI-powered contract management alternative can alleviate the burden of sales teams and earn contracting easy, fast and accurate and also contract management solutions are making life easier.
However, as per an Aberdeen group report, 85% of companies are using manual processes to handle sales contracts!
Let us look at how advanced contract lifecycle management increases the efficacy of sales ops and why executing it makes great sense, particularly when studies show high-performing sales teams use almost 3 times as much sales technology than below performing groups (Salesforce survey report):
4 Common Features of Contract Management Software to Boost Sales Department
1.Uncomplicated request intake
A contract management alternative makes requesting a new contract fast and easy. It auto-populates the right contract template from the data, the sales teams fill to a pre-configured form.
The revenue teams also have the choice of generating new requests out of their CRM platforms, or even through Outlook, instead of having to log on to some new CLM platform.
This automation in generating new contract requests and workflows reduces the time required for this procedure from a few weeks for example little as a few days or even hours.
2. Seamless collaboration
Advanced contract management methods can be readily integrated with an organization’s ERP, CRM, and billing systems.
This ensures effective cooperation and increases interdepartmental visibility and transparency. Revenue ops teams may collaborate with other groups like legal easily through the CRM platform.
Any amends created at their end reflect from the contract management system immediately. Moreover, all amends created to contracts are automatically routed to the legal team for approval reducing the turnaround time.
3. Real-time visibility and tracking
It’s very important to sales teams to handle contracts not just during the authoring, reviewing and sign-off phases but also post sign-off. Integrated contract lifecycle management techniques supply a real-time perspective of key contract information in the form of a dashboard.
All upcoming deadlines and other important data are reflecting in CRM systems such as Salesforce also, enabling sales ops teams to take necessary steps punctually. Sales operations are also alerted with triggers and reminders of almost any renewals ensuring ample time for negotiation.
4. Advanced compliance direction
Contracts come with a large number of complex regulations and duties and any breach of them could lead to significant financial and reputational losses. These state, national, and federal regulations change and update all of the time and the same needs to reflect from the contracts to stay compliant.
This makes monitoring contracts to guarantee whole compliance a necessity across a contract life cycle. Reviewing countless contracts for compliance is next to impossible if handled manually but equally hassle-free with advanced CLM.
Contract Lifecycle Management solutions through upgraded smart clause libraries and pre-approved templates guarantee contracts are compliant during the authoring and review stages.
They also keep a precise audit trail by automatically saving all types of files. Any upgrades to postings or regulations in obligations fulfillment are promptly reflected in the CRM and CLM platforms. This ensures effective monitoring of compliance and contracts during their lifecycles.