Regardless of size, industry, or strategy, every company has the same sales goals: raise revenue, increase profit margins, improve sales productivity, and shorten sales cycle times. Faster b2b outsourced sales cycles provide salespeople more time to focus on bigger deals and more significant opportunities, allowing companies to meet all of their revenue targets. The signing of a sales agreement usually indicates a successful transaction completion. As a result, the sales contract management process’s efficiency will directly impact sales cycle timeframes.
In most firms, sales teams are responsible for managing the sales contract lifecycle and other sales-related duties. Sales teams are currently forced to work across various platforms and communicate with multiple stakeholders due to the present methodology. Sales contract administration is frequently a bottleneck for sales teams in the absence of a well-designed procedure that establishes transparency and allows for simple communication with legal. As a result, modern firms are implementing a contract management approach to overcome many problems in the sales contract process and minimize sales cycle times.
Longer sales contract cycles have several causes.
- While the prospect is already in the CRM, the salesperson sends an email or fills out a form to the legal team with the prospect’s information.
- Due to the lack of preset contract templates or a shared clause library, the contract owner or legal professional spends a long time authoring the contract.
- Because of the unstructured contract archives and library, the salesman cannot quickly access contracts.
- A laborious and disjointed review procedure involving various parties and countless emails back and forth
- The lack of a collaboration platform that allows sales and legal teams to communicate easily and transparently
- Due to limited visibility, the salesman cannot track the current contract status and progress.
- The salesperson juggles various programs to collect data, collaborate, and complete the contract process.
CRM-CLM integration is a modern sales technique.
Most sales teams use CRM to track opportunities, contacts, and sales pipeline progress. Contract lifecycle management (CLM) software is rapidly being used by legal departments to streamline the entire contract management process, cut cycle times, and improve contract governance.
CRM and CLM integration in the sales team’s IT stack is the next natural evolution as sales models become more diverse and the global business landscape becomes more regulated. The sales team will be able to manage contracts without ever leaving the CRM with the help of a strong sales contract management software integration.
The inability to access crucial contract information when needed is one of contract managers’ most prominent pain factors. All of an organization’s contracts are stored in one place with contract management software with a single central repository.
Contract managers benefit from the advanced search and filter capabilities integrated into a CLM since they have better access to contract information. Contract management software’s analytical features assist you in extracting helpful business insights from your contract data. Furthermore, complete contract management software has various advantages at each stage of the contract lifecycle.
