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As the landscape of business changes and COVID-19 brings with it mandates for preserving revenue, old processes are no longer tenable. Contracts in particular can be a resource drain, and your business needs to run more leanly in order to recover (and preserve) revenue. You need to invest in tools and systems designed to bring contracting practices up to speed and make them essential to your revenue recovery strategy.
In order to really see the economic benefits of efficiency in your contracting process, you need to understand where the process is costing you money, and how to fix it.
Enterprise contracts can cost anywhere from 5 to 7 figures, depending on the complexity of the contract. While many businesses might think this is inevitable, it is actually a hold-over from traditional contracting, which has a narrower place in modern businesses.
Any contract process that is linear (i.e., dependent on a previous step to move on to another) will certainly hold up your business. As sales people have to move their focus to late stage opportunities in order to recover revenue, these manual contract processes are no longer ideal.
CLM, or Contract Lifecycle Management, can't help with the friction introduced by contracts. CLM also impedes sales velocity, the measurement of how quickly your business earns money.
Modern contract processes can allow your businesses to move faster and give sales people the autonomy they need to close business as quickly as possible while still allowing legal to have control over the contracts.
By standardizing contracts and presenting digitally native agreements (rather than Word doc- or PDF-based contracts), businesses can significantly reduce the amount of time it takes to complete a transaction with a prospective and existing buyer. This causes you to spend less time and money on contracts, and empowers you to be more strategic about revenue recovery.
The great thing about this eBook in particular is that no matter where you fall, we have information that can help you fully contextualize how contracts play into your bottom line. The answers, statistics, and other elements of this book are designed to help you present a compelling narrative to the rest of your organization to get them on board.
In this eBook, you will learn:
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