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Your sales team works hard to provide a smooth customer journey that starts with a potential client’s desire for a product or service and then transitions to brand awareness, contract negotiation, and hopefully a sale. The journey can go a lot smoother if a contract lifecycle management (CLM) tool is used to accelerate the approval process.
On average, contracts will take 3.4 weeks to get approved according to research by Forrester and Aberdeen. Using a robust CLM solution can reduce that time by up to 82%. If you could get a contract signed in four days instead of 20, think of the time and money that would save. The customer experience would be improved and could lead to further business transactions.
Not all customer journeys are smooth. Things can slow down due to negotiation conflicts between decision makers or pricing and budget concerns. The last thing you need is for the contract management process to be the bottleneck. If the contract process forces the deal into the next month, quarter, or year, it can take time away from other deals in the making and opportunities to engage with other customers.
Manually managed contracts are to blame for the biggest contract-management bottlenecks, typically. If the contract and its iterations are bouncing around in multiple emails or worse—on paper and via “snail mail”—it’s going to add considerable time to the sales process. It’s hard to discern where the contract is in the review and approval process and to locate who the contract is currently with so that person can be prompted to act. It’s also easy to have the wrong version passed around, wasting more time and effort in the process.
An expeditious delivery of products or services and a positive customer experience is always the primary objective of a sale. That is why choosing a CLM solution that can help organize the process and enable employees to work more efficiently is a worthwhile investment.
After prospecting for potential clients and preparing for the sales pitch and approach, which typically requires salespeople to earn trust and build a rapport to entice clients to do business, it’s time for the drawing up of contracts. These CLM features will help you improve the sales cycle and close the deal faster:
Finding these CLM features in software that is intuitive and that will easily integrate with your existing internal IT systems will go a long way toward improving efficiency and closing sales deals faster. Speak with your IT department and find out what type of system software will work best, then investigate solutions that offer these features to assist in the deal cycle. Your sales team will thank you.
ConvergePoint offers a robust Contract Management solution with these features and more. Schedule a demo to learn more.
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
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Visit our resource library for industry best practice tips and for case studies on how our software has helped clients in your industry.