Slow, faulty, or an entire lack thereof—a Contract Management process can be a huge road block within numerous company sales cycles. Traditional contract management processes like manual paper pushing, review, approvals, and more can really slow down your business. An online process can cut out a lot of unnecessary steps within your contract lifecycle. By going digital, you can transform how your organization manages risk, and ultimately shorten your sales cycle and reduce spending. We're not just talking about putting files in Dropbox, or moving things from desks to email...
Follow these four steps to make your contract lifecycle process more than just a cost center.
1. Eliminate the contract creation process
We see a lot of companies that rely on "master" templates that live on some shared drive as a Word document. The sales person managing a deal will copy that Word template to their own computer and use it moving forward. Then, versions get out of sync. When contracts are signed, it's impossible to know which version the customer started from. You go to renegotiate a contract, and... you're not in a good place.
Sound familiar? It doesn't have to be this way. Consider a system that acts as the starting point in a contract review process that doesn't rely on a shared drive. That might be nice!
Up to date templates at your sales people's fingertips provide something easy to manage without "change management".
Summoning and sending a ready-to-sign agreement has never been easier. By using ready-made templates, you can push out contracts in the middle of a call - effectively cutting out numerous steps.
2. Adopt click-to-sign technology
Click-to-sign technology greases the wheels of acceptance -- and brings you closer to adding money into your pocket. eSignatures are just as legally enforceable as putting pen to paper, but they are much more efficient. Here at PactSafe, we developed a three step process for obtaining binding electronic signatures for any contract:
- Prepare and Send
- Review and Sign
- Record and Analyze
These three steps allow you to quickly create a contract online, and send it out to others for signature. Our Contract Execution Platform is designed with compliance of laws like E-SIGN in mind, meaning that this three step process ensures that all your digital contracts are legally binding.
3. Use fast, easy-to-digest analytics and redlining tools
Customers like to make edits during the contracting process, no matter the terms. Make it quick and easy for them to provide feedback, and track and understand the variations between contract versions. Check out this case-study to see how TagStation was able to enhance the onboarding experience of their customers by eliminating pain points throughout the entire sales process by using PactSafe.
Redlines are super easy to manage in Word—where things get tricky is what happens when "Track Changes" are going back and forth. Centralizing revisions as part of your contract lifecycle will help keep you sane. How do you do this? Don't sweat buying a tool that does redlines—just leverage a clever naming convention, folder, or system to track those revisions over time by customer:
4. Supervise your sales team
Finally, take the necessary steps to ensure that your sales team is focused on one thing: selling. Permissions and templates put your legal team back in control to handle the legal work and contract drafting, so your sales team can do what they do best.
By strengthening these four aspects of your contract lifecycle process, you can breeze through a number of road blocks and take control of your sales cycle. Does this sound good to you? Read more about how the PactSafe Platform allows you to execute contracts quickly and effciently so you can do business faster.