Contracts are one among the difficult documents that ought to be evaluated befittingly, and if there isn’t a clear system for the solid review process in place the terms may be overlooked leaving a company in a weaker position.
Across your business, whether in sales, legal, marketing or vendor management, contracts help protect the company, provides clarity and transparency, define relationships and solidify ongoing business relationships.
Contracts are one of the most important documents of any sales process. They act as proof that guides the terms between the two parties and also reduces risk keeping your business relationship intact. If not managed properly, it could result in increased cost for the organization leading to unnecessary legal as well as financial risks.
A sales representative spends a lot of time negotiating, reviewing and obtaining approvals for the execution of a contract, during these phases, there are chances that your contract might have come across various changes. Say, if a changed renewal or expiration term gets unnoticed by your sales team then it could lead to loss of revenue or a valuable client.
Contract lifecycle management software can help the sales team manage their contacts and contracts effectively. A CLM solution can help sales teams in various ways, some important ones as follows:
- A cloud repository makes your contracts safe, secure and easy to locate.
- With the help of the CLM system, you can have a handy renewal and expiration dates that help the sales team approach clients well before in advance, giving clients enough time to review and renew the contracts. The faster workflow of contracts helps minimize administrative work and drive productivity.
- When negotiating a new contract, you can identify bottlenecks or delays that happened with previous clients. This can leverage your team during negotiations.
- CLM solutions help to expedite the sales process and ensure contract quality and eliminate errors.
- A CLM generated report can provide more insight into executed and pre-executed contracts. Helping the sales team target new prospects and opportunities.