By Benjamin Fleshman
Tens of thousands of contracts are negotiated, signed, and activated every day across the United States alone. Contracts are vital to the stability of every company, providing the framework for business transactions, security for potential crises, and timelines for deliveries. Many companies, particularly larger, best-in-class companies that employ large sales teams, have thousands of active contracts at any given moment.
Managing so many contracts can be a difficult task, but if done with the right technology and methodology, it is no trouble at all. That’s why, according to an Aberdeen Group study, best-in-class sales organizations are 116% more likely to establish a system for streamlining their content management process than other businesses. They are also 34% more likely to report a “nearly perfect” contract lifecycle, meaning no post-sale amendments are required.
The drastic increase that the Aberdeen group measures for the best-in-class companies is dependent on several best practices. The most effective of which hinge on effectively utilizing Salesforce and storing and developing contracts with a contract management system.
Below are the top five best practices for salesteams to increase their productivity relative to generating, developing, and executing new contracts.
Integrate Salesforce with your Contract Management System
The first, and most effective thing for maximizing sales output is to integrate your contract management system with Salesforce. By doing this, sales teams become much more efficient with their time, and more accurate with their records. An integration allows salespeople to save time by simplifying the generation of a contract down to a few mouse-clicks. Ease of compliance with standards and regulations is also streamlined and standardized. With an integration, the necessary fields in Salesforce can be populated from a centrally controlled set of contract templates, and e-signatures used to instantly execute contracts via the cloud.
Integrating your contract management system with Salesforce is a huge time saver, greatly enhancing the efficiency of your sales teams. Visit concordnow.com to learn more about integrating Salesforce with a contract management system.
Use Pre-Approved Quotes and Non-Disclosure Agreements
Too often, sales teams, who can be unfamiliar with legal language, attempt to sift through legal jargon which can lead to confusion and frustration. Use pre-approved quotes and non-disclosure agreements with proposals, contracts, etc. to predetermine contractual language, pricing, and acceptable terms. Doing so will help maximize sales team time efficiency and free them from tedious tasks they may be unfamiliar with. This will save them time in closing the deal, and help free up more time to spend closing deals.
Have a Central Contract Repository
Hunting around in filing cabinets to find that one document, that may or may not be filed correctly or lost, can be a huge time waster. Best-in-class companies almost always have a central, secure location where their contracts are located and easily and efficiently accessed. This location is rarely an office, however. Most corporations don’t manage their contracts by hand anymore, simply because there are online and cloud-based contract management systems which offer benefits like e-signatures, audit trails, version management etc.
Cloud-based contract management systems, like Concord, utilize secure databases where you can store your contracts and legal documents and access all the tools individuals and enterprise level organizations need to manage them. They are organized repositories that allow you to draft, negotiate, collaborate, sign, and manage your contracts. They are the best way to manage your contracts in the digital age.
Take Advantage of Available Technology
In Concord’s contract lifecycle management system, there are myriad of methods for streamlining your processes. There are interactive and collaborative tools that most online systems use, such as note taking, track changes, comments, messaging, administrator oversights, API integration with dropbox, google, and Salesforce.
With cloud technology, it is possible to do much more than just manage a single contract at a time. Efficiency is g greatly enhanced by being able to draft and renew contracts and accomplish certain tasks in bulk. There are also general templates available, which returns us to the pre-approved quotes and NDR’s. This decreases the amount of time that your sales team might spend rummaging around, drafting contracts and proposals, and sorting through ‘legaleze.” Instead, they can be focused on procuring new contracts, making sales, and securing customer relations.
Digitize Your Audit Trail
One of the most advantageous benefits of using online management for your contracts is transparency. It is much easier to have a clear, easy-to-follow audit trail when you use an automated system. Creating this transparent audit trail is virtually automatic, because all of your transactions are recorded and documented in the online system. This also means that anyone within the sales team can accurately trace consumer relations, transactions, and contract lifecycles.
Your sales team will benefit from the use of an online contract management system. It will streamline the entire contract lifecycle process, and it will save your sales organization a lot of time and money. Start using Concord’s contract management software today to start seeing the benefits begin.