Sales cycles in companies are ridden with traditional methods that force sales teams to do conventional work that AI can perform in minutes. Reaching the final point in a sale is tough and gets more stressful when the sales team has to deal with contract management nuances.
Sales teams spend the majority of their time figuring out contract reviews or waiting for the legal team to fix them. Sales can’t move to the next step in the cycle and legal has better work to do. Fixing contract management loopholes is a win-win for both teams. Companies that use contract automation software have 24% faster sales cycles, according to the IACCM Benchmark Report 2019. Here’s how contract automation can increase sales:
Quick Access to a Contract Repository
Sales teams spend hours finding the right template and tailoring it to the specific situation. Access to a complaint and approved contract template library removes uncertainty from contracts and fosters standardization. For instance, pre-approved indemnity clauses for a specific jurisdiction. Centralization provides greater freedom to sales teams who are befuddled by contract jargon. Internal company discussions, according to Quantified, cost $525,000 in revenue per week. You can easily capture everything you need for the sales cycle in one place with a contract repository, making it easier for cross-collaboration and efficient communication.
Faster and Error-free Execution of Contracts
People in sales teams aren’t lawyers, nor are they adept with legal terminology, what to include in contracts, or which words could have serious consequences. Inadequate details and inaccuracies in provisions such as payments, indemnities, warranties, and dispute resolution could pose a significant risk. By eliminating contract loopholes and focusing on clear language, comprehensive compliance, and accuracy, contract automation will assist sales teams in reducing risk. According to PricewaterhouseCoopers, removing inaccuracy and non-compliance might cut contract management expenses by 33%-41%. Contract automation ensures that sales teams do not miss critical contract events, improving overall transaction visibility. An approved contract repository, together with appropriate risk management, will facilitate faster contract execution, and fewer disputes in the future.
More “Sales,” Less Administration
Sales teams end up being distracted by a plethora of tasks such as requests from different teams, approvals, contract management, invoicing, and deadline tracking. When will they focus on “sales”? Contract automation will not only off-load sales teams from contract management duties but will also boost sales efficiency. Contract automation tools support CRM integration, enabling collaboration and freeing up time to focus on sales cycle optimization. Sales teams can refine the customer journey, build ideal customer profiles, identify pipeline bottlenecks, promote feedback, improve transparency, and instill accountability by measuring KPIs. This process of vetting, restructuring, and upgrading the sales cycle to match client needs shifts the emphasis from just completing all tasks to providing a better customer experience.
Boost Sales with Automated Contract Review Software
Sales teams have started to free up time, optimize their sale cycles and bring more revenue with contract automation software. Sales contract automation is proving to be an indispensable part of successful businesses. BlackBoiler is the pioneer of change allowing you to set up editing models to review and edit contracts like never before – that get snappier and competent with every use. Simplify the process and get 3X faster deal closures with BlackBoiler.