How Contract Management Software Helps Sales Teams
One of the most difficult and lengthy parts of any sales cycle, especially in B2B selling, is the dreaded contract process. The customer has agreed to buy, the salesperson has done their job establishing value and working out an agreeable price, and now comes the time to create a contract and have the appropriate people review it and the appropriate signatories approve it.
Unfortunately, this where the contract process unnecessarily slows down. And, as your volume of deals increases, so do the headaches associated with your contract process.
How often have you or someone from your sales organization asked:
“Why do we have to wait for legal to draft all of our agreements?”
“Have we reviewed and accepted the customers’ redlines yet?”
“Why is it so difficult to submit contracts for review?”
“Who are we waiting on for signature and do they know about it?”
“I requested a contract but how do I know where it stands in the process?
Contract management software is a solution to all those questions and more when it comes to addressing sales teams and their challenges with the contract process. It significantly helps sales and sales operations teams sell faster by accelerating contract cycles and revenue recognition. It ensures that every salesperson knows exactly where their agreements are, it makes submitting and requesting those agreements easy, accurate, and efficient, and it empowers them to get contracts to customers faster.
“Contract management software helps sales teams sell faster by accelerating contract cycles and revenue recognition.”
Here are some key examples of how Contract Logix’s intelligent contract management platform is used by and provides value to sales and sales operations teams.
Close business faster with less legal review or delays
The platform eliminates back and forth email edits and negotiations with built-in contract creation capabilities and redlining of edits. You can set automated alerts, reminders, and notifications to keep the process moving forward and on time and all those involved accountable for their deadlines.
Quickly generate contracts for new opportunities
The software enables sales and sales operations to assemble draft contracts using preapproved language and formats from clause and template libraries. You can add your business rules to the system to take the guesswork out of contract assembly and ensure the right clauses and contract types are used in the situations. For example, only use a certain Limited Liability clause in California or always use this version of the NDA for a customer type.
Eliminate burdensome contract request processes
With online contract request and submission forms, you can easily and accurately capture 100% of required information to begin the contract cycle which saves your sales team time. You can also efficiently submit third-party contracts for approval. All requests and submissions can be made using any device from anywhere which cuts time and adds convenience.
Expedite approvals between other stakeholders
The platform provides automated workflow management and a visual workflow editor. This ensures contracts are quickly and automatically routed to the appropriate party to keep deals moving forward and on track. Then, for internal and external approvals, leverage e-signature to get contracts executed fast and efficiently. And with contract stage and status tracking, you will instantly be able to visualize where every agreement is in your process.
Takeaway
With contract management software, sales and sales operations team can gain significant efficiencies in their contract process. These efficiencies can have a big impact on the top and bottom line by capturing revenue faster and cutting the costs of doing business.
For more information on how Contract Logix’s intelligent contract management platform can help your sales organization, please schedule a live, interactive demo of our platform.