If you’re reading this, you already know the importance of contracts to any organization. Just about every business transaction involves contracts, so it’s important to make the most of them. Here are three reminders of how to use CLM to help you work smarter, make deals faster, and be better informed to make intelligent business decisions and ensure compliance.
Be quick on the draw
With CLM software, you can automate frequent actions such as contract requests, approvals, and renewals. Leverage features including e-signatures, templates, and workflows to make the contract process as seamless and simple as possible.
CLM solutions will boost the efficiency of transactions by allowing sales reps to focus on the deal instead of the details. When you take advantage of customization options and automatic configurations, you avoid human error that results in lost time and quite possibly lost revenue from inaccurate quotes. And if it’s all in the cloud, reps can keep their momentum and confidently close deals from anywhere.
Make your contracts work for you, across the enterprise
Seal bigger deals and shorten your negotiations with CLM solutions. When you integrate contract systems across the enterprise, the benefits of efficiency and streamlining grow exponentially.
Choosing a CLM system that integrates with what you already have running – Salesforce, SAP, and whatever other business intelligence tools you use – will increase opportunities for enterprise-wide adoption and collaboration. CLM solutions provide the tools to easily access the information you need, making your contract processes more effective and favorable to your business.
Get proactive with better insights
When all your contracts are in one accessible system, it’s easier to gain insight into your overall business operations and see where improvements are possible. Use metadata and analytics to optimize existing contract terms, eliminate maverick spend, and identify areas of the enterprise that are operating less efficiently than competitors.
Procurement and sales aren’t the only departments that benefit from better business insights with CLM. It’s estimated that contract compliance errors account for 2% of the annual costs of a business. Most compliance errors are actually human errors. With a secure, searchable database of your company’s contracts, the legal department can better identify and mitigate risk and compliance issues, and focus on more strategic company goals rather than dealing with crises as they arise.
Watch the webinar about solutions that drive collaboration in contract management with recognized analyst Andrew Bartolini of Ardent Partners. You can also download an Ardent Partners white paper: Collaborative Contract Management: Procurement’s Role in Enhancing Compliance and Mitigating Risk.
Contact us to learn how to become proactive, work smarter, and be faster to the deal with the CLM solution that’s right for your business.