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Closing deals starts with contract management

Mar 21, 2016 4:15:00 PM

Furthering employee education often begins with communication skills, leadership, and teamwork--which are surely integral components of a functioning workplace. However, if you could create value within other facets of your business, wouldn't you?

Do business faster with PactSafe.Closing deals is a huge portion of company education--but what about managing the contracts containing the specific details of those deals? You'd have to fork out several thousand dollars for one day of Contract Management or Contract Negotiation Training. It’s important to understand contracts, acquisitions, and prepare to manage procurement processes, but shouldn’t there be an easier way? It’s hard enough accomplishing transparency between your legal team and the rest of the company.

According to entrepreneur.com, fostering learning in the workplace is important. Being a voracious learner means staying on top of trends and having a competitive hunger to improve skills and acquire new ones as well. Considering fostering new skills, such as Contract Management Training, with software could create valuable insights for your team and be the beginning of closing deals faster and more frequently.

Contract Management Software

One way to bridge the gap between slow sales cycles and increased learning is to try your hand at implementing contract management software for your team. Closing deals can become muddled and unorganized if there isn't a tride and true process for assembling contracts. It is necessary for more than just the legal department to know how to do this. Once that point is reached, you'll notice the value of this knowledge and an increase in company productivity.

When implementing this type of software within your company, the communication skills, leadership, and teamwork associated with furthering employee education will combine seamlessly.

Communication

Communication will better between departments once contracts are accessible to all involved parties. Instead of legal having all of the power in this situation, transparency will be increased. Distinguishing which contracts are available for what deals, as well as the status of each contract will be a monumental transition. 

Leadership

With contract management, your employees are in control of their own deals. With less back and forth between legal and procurement teams, there is a quicker contract turnaround. Your team will benefit tremendously by being able to own their customer deals and easily track contracts throughout the entirety of their lifecycles.

Teamwork 

Using software to facilitate team interaction may seem like the opposite of strengthening teamwork, however, increasing the amount of shared knowledge your employees have internally makes a huge difference. Using a contract organization system opens the door for employees to go beyond their own needs and be informed enough to assist colleagues or even ask for help when necessary.

Other benefits of implementing contract software include: 

  • Use ready-made templates to push out contracts right in the middle of a call.

  • Eliminate the contract creation process by summoning and sending a ready-to-sign agreement in seconds.

  • Click-to-sign technology greases the wheels of acceptance -- and brings you closer to money in your pocket.
  • Supervise your sales team -- and know the language in every contract with a single look.
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Amber Ferrari

Written by Amber Ferrari

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