Whether by accepting a clickwrap agreement online or manually signing a piece of paper, contracts cross our paths every day. Salesforce and every other SaaS teams spend hours perfecting their sales cycles with the best practices for closing deals. These tips help us personalize the sale and serve our customers' needs, but what happens after that?
Deals are squared away, but that waiting period before everything is off the ground is real. Product implementation is only possible after contracts are final. In fact, finalizing contracts is one of the many obstacles involved in closing B2B deals.
There are easy ways to expedite the contract completion process and get customers rolling with their new products easier than ever. Food for thought:
1. Implement Contract Lifecycle Management
Where legal is involved, contract management typically consists of file folders and print-outs. Online contract management allows for contracts to be created, redlined, sent, signed, and maintained within one platform. Seeing what stage a contract is in right from a browser helps teams communicate more effectively and evaluate what gaps need filled in the contract lifecycle.
2. Go Completely Digital to Increase Speed
Software and services in the tech sector are thriving in the digital space, so why shouldn’t legal? Surprise! Legal tech is thriving! Lawyers are slowly but surely jumping on the technology bandwagon, next up is the online contract evolution to digital. The sales cycle is drastically shortened once online contract management is introduced allowing for deals to close faster and more often.
3. Take Advantage of Smart Data
This is one of our favorite contracting tips; having a dashboard containing a history of every contract created, sent, signed, and pending, increases transparency within a company or department. Aside from that, digitally managing your contract lifecycle grants access to all kinds of analytics. The numbers don’t lie! This smart data can play a major role in future strategic projections.
4. Use automation
Automated time stamps and contained records of any type of contract moving across your email, website, or app is going to earn back working hours that would otherwise be lost. Plenty of times, lack of progress within the sales cycle is from redlining turnaround. Contract management like PactSafe can notify all contract contributors and prompt reviews, edits, sends, and signatures.
According to a contract management trend study conducted by Apptus, fifty-percent of Legal admit to lacking the necessary insight into critical contract information, including cycle times, number of active contracts and term success rates. Digital recordkeeping automated throughout PactSafe's contract execution platform would drastically reduce that stat.
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