In the world of sales, speed is key. From when a customer shows interest in your product or service till the time that a contract has been signed, speed is key. No doubt that the speed of the customer transaction should not come at the expense of accuracy but... speed is key. Sales people are almost always willing to roll-up their sleeves to get that sale over the line. Take for example, when the business is acquiring a new customer, there are many different milestones to be completed to convert that lead into a customer. Doing a demo, answering customer queries, preparing a quotation, negotiating, securing internal approvals for price, discounts etc, working with internal teams to secure customer commitments towards delivery times, customisations etc., preparing contract documentation and chasing for signatures are some of the milestones in that transaction. And sales people will be there to make sure this happens yesterday. That's just the nature of the game. Get that sale over the line come what may! And in an effort to do so, sales people waste a lot of time in administrative tasks, not because they want to but because automated solutions for those tasks are not available to them. Under that umbrella of "administrative tasks" falls contract management. And the stats on that...
A whopping 18% of the selling cycle is consumed by the contract processes. - Cottrill Research
Efficient contract management is a critical component good customer relationship management driving revenue and ensuring long-term customer satisfaction. Traditional manual processes, involving piles of paperwork and endless email exchanges not only impact sales productivity but also prone to errors and miscommunication. Thankfully, the rise of Contract Lifecycle Management (CLM) solutions and Artificial Intelligence (AI) has revolutionised the way sales teams handle contracts, enabling them to streamline the entire process, improve collaboration, and accelerate deal closures. In this blog post, we will explore the benefits and applications of CLM for sales teams and discuss how it enhances their overall effectiveness.
One of the primary advantages of contract management software for sales teams is the significant increase in efficiency throughout the contract lifecycle. CLM platforms automate various stages of the contract process, including creation, negotiation, approval, and execution. And with the adoption of artificial intelligence, CLMs now use AI/ML to help with drafting, search, match and recommend insights into contract management. By eliminating manual tasks and repetitive administrative work, sales representatives can devote more time to building relationships with customers and closing deals. Watch how Scribe Zero can automate your standard contracts such as NDAs and Sales Quotations here.
Sales processes often involve multiple stakeholders, including sales representatives, legal teams, finance departments, and customers. So a good CLM should be able to offer integration capabilities between a CLM and CRM so customer and deal data collected into the CRM can seamlessly move into the CLM so the right type of contract can be created at the right time. solutions provide a centralized platform where all relevant parties can collaborate seamlessly. With real-time access to contracts, sales teams can easily track changes, monitor contract status, and obtain instant updates. Effective collaboration and communication between teams lead to faster resolution of contract-related issues, minimizing delays and maximizing sales opportunities.
CLM tools offer comprehensive contract visibility, allowing sales teams, legal teams and finance teams to gain insights into the status, terms, and obligations of each contract. They provide a centralized repository for storing and retrieving contracts, making it easier to locate specific agreements and related documents. Additionally, CLM platforms often include features like version control, audit trails, and advanced search functionalities, ensuring contract compliance and mitigating risks. Sales teams can stay informed about critical contract milestones, such as renewals and expirations, empowering them to proactively engage with customers and drive revenue growth. Watch how Scribe Zero can help you build an AI-enabled central repository that helps store, index and track key contract information here.
Time is of the essence in sales, and any delays in contract processing can impede deal closures. CLM solutions expedite the contract lifecycle by automating workflows and enabling electronic signatures. E-signature capabilities eliminate the need for physical document handling, reducing the time and cost associated with printing, scanning, and mailing. With CLM, sales teams can shorten contract turnaround times, respond quickly to customer demands, and close deals faster. This increased speed gives sales professionals a competitive advantage, as they can capitalize on opportunities swiftly, leading to increased revenue generation.
CLM platforms offer robust reporting and analytics capabilities, empowering sales teams to derive valuable insights from contract data. By analyzing contract performance metrics, such as win rates, contract value, and cycle times, sales leaders can identify patterns, make data-driven decisions, and optimize their sales strategies. These insights help sales teams understand their customers better, negotiate contracts more effectively, and tailor offerings to specific client needs. By leveraging CLM analytics, sales organizations can continuously improve their sales processes and drive better outcomes.
In the dynamic world of sales, embracing Contract Lifecycle Management (CLM) solutions is a game-changer for businesses. By streamlining the contract management process, enhancing collaboration, and improving visibility, CLM empowers sales teams to drive revenue growth, close deals faster, and ensure customer satisfaction. The benefits of CLM, such as increased efficiency, improved collaboration, enhanced contract control, accelerated deal closures, and data-driven insights, make it an indispensable tool for sales organizations seeking to stay ahead in a competitive marketplace. Embrace the power of CLM and unlock the full potential of your sales team!
Scribe Zero CLM has been custom built for Sales teams. We understand the sales journey all too well and have designed our UI and User Experience to help improve Sales cycles.
Scribe Zero AI Storage understands key information of the contract document such as
and many other data points, keeping the data ready for you to access when needed. With this feature, Sales teams can ensure to never miss a renewal and start the negotiation process ahead of time ensuring customer retention and higher renewal rates.
Scribe Zero's integration libraries help sales team to bring their CRM data seamlessly into a contract. This ensures you never end up with inaccuracies on key data such as customer, product and price information
Scribe Zero's workflows helps you to design your transaction on various fronts
In doing so, sales teams get full control to dictate the pace and process of every transaction.
The powerful audit trails featured in the repository improves traceability of every contract document created on Scribe Zero. Find out what workflows are in progress to who needs to take action. With this functionality, you can ensure that all contract documents are being shipped out to business requirements.
Scribe Zero is a digital contract lifecycle management (CLM) platform which helps organisations with all aspects of digital contracting. We are harnessing the power of machine learning and AI to secure and enhance our customers' experiences. Our CLM platform helps customers to improve their speed of contracting without compromising on their compliance requirements. Whether that's a Sales agreement, an employment contract, a licensing agreement or an NDA, the Scribe Zero CLM has been built to improve collaboration, extract critical insights from documents and route tasks to the right people at the right time.
