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60%-80% of B2B deals are governed by contracts, but 85% of companies are still using manual processes to manage those contracts. Your organization might be one of them. If it is, you know about how slow the contract cycle can be and the headaches that come with contract negotiations (trying to track versions accurately, keep up with redlining, and find out where a contract is in the process and who has it).
What if I told you… there’s a better way than the slow manual processes? The back-and-forth with legal? The editing the wrong version, hunting through email, and time-consuming CRM manual data entry?
Finding a solution for inefficient contract processes is essential to saving money and increasing revenue, no matter the size or type of business. Doing so can cure the headaches that come with laborious, confusing manual procedures and accelerate contract cycles.
2:00 p.m. Sales person gets a verbal yes.
2:03 p.m. Salesperson opens record in Salesforce and clicks the “Generate Contract” button and selects the appropriate bundle of terms.
2:06 p.m. Contract is automatically generated with the appropriate terms.
2:10 p.m. Contract is emailed as a Word attachment to the buyer.
8:00 a.m. the next day. Salesperson checks status of contract in CRM. Contract has been returned by the buyer directly into the CRM with redlines. The company’s HQ address has been updated in the document and has already updated the record in Salesforce.
8:02 a.m. The salesperson reviews the redlines in CRM and sees payment terms and start date have been modified, within the parameters set by the legal team. She accepts them, then clicks the “Send for Signature” button, generating the document for eSignature.
9:17 a.m. The contract is signed and returned to Salesforce CRM, already associated with the appropriate record, and the sales person picks up the phone to make her next sales call.
Join our webinar on May 11th, “Best practices for streamlining your contract processes,” to learn more about the downside of manual contract management processes and the results of improving versioning, redlining and contract visibility. Hear how the Utah Governor’s Office of Economic Development applied best practices and technology to cut down on the pain and costs often associated with a manual approach.