Contract lifecycle management is critical to your organization’s overall health. After all, once you update contracts quickly according to accurate data and information and administer them efficiently, you can expect benefits to both your company and your customers.
If you want to simplify the process, drive additional value for your organization, and serve the needs of your clients or customers, utilizing contract lifecycle management software is advantageous.
Many sales leaders would agree that “time kills deals.” Remember that each extra moment you spend going back and forth on negotiation, waiting on legal approval, or searching for the latest version of the contract is an extra opportunity to waste time on closing a deal.
That is why having an efficient contract lifecycle software by your side is crucial to close deals faster. Below are some of the reasons why your sales team should implement contract lifecycle management software as soon as possible:
Quick Contract Generation to Achieve New Opportunities
During the contract creation stage, sales representatives often request for contracts to be drafted by their legal team. However, delays may occur due to different reasons, such as the legal team failing to get the necessary information or competing priorities. As a result, your sales process will slow down while increasing the risks when sales representatives bypass the legal team to close deals faster.
Meanwhile, contract lifecycle management software offers contract clauses and template libraries that help avoid frustrations and congestion. The software also empowers non-legal teams the necessary framework for generating legally approved and self-serviced contracts as quickly as possible.
Internal Approvals Expedite and Organizational Collaboration Optimization
The sales team usually considers internal approvals a headache. That is particularly true when multiple approvals are required before sending over the contract. On average, you have to wait for 3 to 4 weeks before getting a contract approved.
However, if you use contract lifecycle management software, you can gain back a lot of that time. The software allows the sales representatives to set granular permissions. They can also run automated approval workflows in the software. Email reminders and notifications also help keep review tasks in from the people involved in the approval process. All of this together helps to keep the deals moving forward.
Track Deal Progress Automatically Combined with Real-time Audit Alerts and Trails
The sales team will find it hard to track and follow up on the progress of every deal throughout the contract creation process if there is no proper system. In return, it slows down your sales cycle while taking away significant time to find new deals.
Contract lifecycle management software can automatically track deal changes and interactions using cloud-based audit features. You can find software that can send email alerts to associated stakeholders once a contract updates. Everyone can see what steps are still necessary and where the deal stands. This allows stakeholders to stay updated with the contract progress while keeping the deals moving forward smoothly.
Contract lifecycle management software is crucial to help the sales team to increase efficacy and efficiency. Using this software will help sales representatives increase revenue by reducing contract settlement delays. Once this is complete, this will be able to focus on their primary job, which is finding new leads and generating new sales activity.