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Today, the average enterprise is gigantic. And – in many cases – "too complex" to move quickly. They feature dozens of departments and a large, diverse employee base. Throw in a reliance on legacy contracting processes, and it’s no surprise that many aren’t ready to compete in the digital transaction economy.
Business as everybody knows it is different. More fluid-feeling. So by clinging to outdated ways of working, you’re only making the transition more difficult for yourself. Because the world is rapidly moving toward a reliance on digital customer experience.
In order to keep up with the demands of online selling, some companies are spending an outrageous sum on creating, negotiating, and finalizing contracts. But that’s time, money, and attention that they can’t get back or redirect into more mission-critical initiatives.
Simply having a digital experience or an online store isn’t enough. Your contracts need to be executed at a speed and scale that makes your business competitive with anyone on the planet.
As you evaluate your sales strategy evolution and take stock of what you need to change going forward, there are a few key things to think about first. Consider how a more efficient contract management structure, automation, and Clickwrap Transaction Platforms (CTPs) can help you satisfy buyer demands as the digital transaction economy grows.
We see it all too often: traditional contract management feels like a tug-of-war taking place between sales, legal, and product teams fighting for control. But do you know who the real victim is thanks to these scenarios?
Your customer experience.
In the siloed contract management approach of yesterday, enterprises have to choose a direction: legal enforceability, or keeping up with buyer demands throughout the digital experience. They can’t have both. And that means your sales cycle suffers. Because contracts can’t be executed with the speed and efficiency to consistently bring in online revenue.
With this approach, deals get delayed all the time – and when they do, you’re faced with a tough choice. Do you wait it out (and potentially lose the customer), or move forward without legal’s blessing and hope the deal you deliver is safe? Either way, somebody’s not going to be happy at the end of the day.
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As your organization enters the digital transaction economy, agreements delivered via email or PDF simply can’t keep up. Sure, they may have done the job years ago when your team processed 100 contracts per month. But is that structure built to handle 1,000? Or 10,000? A legacy contract management approach lacks the manpower to take on the volume of demands a truly digital customer experience delivers.
Instead, your agreement structure should operate as a hub-and-spoke environment. Think of your overall contracting process as an old-timey wagon wheel. At the center is the hub, a.k.a. pre-approved, templated contract terms. And every department forms its own spoke – meaning that, while everybody plays a role, you’re not stuck waiting or relying on anybody else’s support to close deals.
The sales team can give online agreements directly to customers at the point of sale – giving them the ability to agree and purchase instantly. Even if a contract needs to be personalized, a templated version can be generated by collecting key details through a brief questionnaire. No longer does legal need to be involved in most of your sales. And that likely makes your customer experience one that online shoppers will continue to come back to.
Your legal department can write contract language frameworks that live in a centralized location that everybody can access. That way, updated terms and conditions are guaranteed anytime a change is made.
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And your product experts can integrate the relevant, pre-approved legal framework into their product/service – allowing your business to easily and conveniently digitize contracts such as:
But your approach is only half the battle. To truly succeed in the digital transaction economy, you also need the tools and technologies that separate you from your competition.
A satisfying digital customer experience is all about making your business faster and more effective. Traditional contracting, on the other hand, is a far cry from that – they’re typically very manual and linear. Not to mention bottlenecked, because one agreement must be completed before the next can begin.
By implementing software to automate contract creation and presentation, however, your company can streamline this process to deliver an engaging and efficient digital experience to potential customers.
Related Content: Contract Automation for Competitive Advantage
Embracing contract automation isn’t just for your business, though. It helps you too by putting more time back in your day. Legal and product teams get the control they want, and you’re not stuck going back and forth with them to deliver contracts – giving you the chance to do what you do best: sell.
The digital transaction economy craves speed, and so do online buyers. The process of manually creating, negotiating, and approving contracts is way too time-intensive and expensive to keep up. Constant redlining prevents you from capitalizing on efficiency gains – especially in instances where your terms should be standardized.
Through contract automation, you can help your company shift its thinking to an acceptance mindset where the goal isn’t getting a signature – it’s implementing a one-click approval process through clickwrap and universal terms. And that means extra hours spent on satisfying strategic business needs instead.
When you’re working at peak efficiency, you’re far more likely to succeed in the digital transaction economy. Automation enables cross-functional sales teams for focus more on their core competency, which effectively strengthens the entire enterprise.
Getting rid of lengthy contract negotiations and deal delivery delays means you can close more business, find new opportunities faster, increase sales velocity, and bring in more revenue. Meanwhile, your buyers enjoy an industry-leading customer experience. Win-win.
While contract automation can may look intimidating before your business dives in, the competitive advantages it can create makes undertaking the risk 100% worth it. And – when combined with a CTP – you can set your digital customer experienceapart from any competitor.
The companies that are ready for the digital transaction economy today have one thing in common: they all rely on CTPs to create, deliver, manage, track, and archive online terms. These solutions are the future of online contracting. They’re purpose-built to accelerate deals and simplify digital experiences and transactions – even if some level of personalization is involved.
A CTP can provide you with amazing business advantages because it fundamentally transforms your agreement approach. You’re able to deliver agreements in seconds. And your customers are able to accept them even faster than that. Sounds like a pretty impressive digital customer experience to us…
So, are you ready for the digital transaction economy? Learn more about Clickwrap Transaction Platforms and how they can help your business prepare for the digital transaction economy. Download the Aragon Research report now!