Malaysia Hotline: +603- 2141 8908
When
thinking about how to free up time to sell more while still maintaining a firm
grip on each contract’s lifecycle, consider the following benefits of
automating your contract management process.
Improve
sales cycle time by working smarter, not harder
Imagine
if three 15,000-unit orders arrived on the last day of the quarter. Working
smarter, not harder, would have made it possible to close on those deals using
a contract management system to streamline reviews and approvals. You would
eliminate all-nighters, which would reduce the chance for errors and—best of
all—roll-up contract value immediately into the prof-forma financials of your
company.
Get
your salespeople the information they need right away
Since we
know that sales cycles generally slow down due to lack of information on a
given account, the clear remedy is to have all information easily accessible,
and in one place.
Say that
you, a sales person, are taking over an account for another member of the sales
force who has since moved on to a different company. You are new to the
account, and need to search for all associated documentation in order to close
the deal and have a complete contract submitted for approval. With an automated
contract management process, you can simply enter a search query and end up
with the desired documents. However, with a manual process you’d most likely
end up hunting through file folders—or begging someone in Sales Operations to
do this for you while you’re in the field working to sell more. Information you
need may be filed in disparate systems, leaving you to search through multiple
databases with the same query. If there had been better account control from
the beginning, this process would be simple, regardless of any account
changing-of-hands.
Minimize
risks associated with manual data entry
When
teams are tired, stressed, and trying to capture all of the information in
their stacks of contracts and documents accurately, errors are almost
inevitable. It is common for packages containing complete contracts to also get
lost at the end of quarters — when they literally arrive in crates and
containers.
Erroneous
entry opens the door to a multitude of problems in the contract management
process down the road including incomplete, inaccurate pricing, lack of focus
on the correct product features and options, lack of consistency with previous
special pricing concessions, and — worst of all — no visibility of how the
contract concessions impact gross margin company-wide. Allowing a reliable
contract management system to capture the information for you — faster and more
accurately — ensures that sales teams can not only focus on closing deals and
spending face-time with customers, but also save the company money that would
otherwise be either spent on contract re-work or lost on missed renewal
opportunities.
Hit
your sales goals
It’s no
secret that automated contract management processes reduce administrative
costs, improve compliance, and diminish risk. Organizations who utilize
contract management improve contract renewal rates by 25%, increase revenue by
1%-2%, and cut contract cycle time in half, which means more time to create
more sales.
Strengthen
customer relationships
By
implementing robust systems to control information flowing between you and your
customers’ companies, you demonstrate to your customers that you are committed
to going above and beyond to manage, track, and maintain a relationship with
them. It is important not to neglect the wealth of information available in
contracts, such as pricing, product schedules, promotional programs including
Market Development Funds (MDFs) and Marketing CO-OP Funds. These details paint
an inclusive picture of an entire customer relationship.
Build
solid channel relationships
The best
complement you can give any channel partner is your undivided attention.
Automating contract processes gives you the time to focus instead of always
running from one fire drill to the next. It gives you control over the “R” word
— resources — so you can make the most of your channel relationships and
continue to build positive, new ones.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com