Brief Context:
To grow and scale a startup automation of manual work is the key to success. This is especially true when it comes to building and structuring the way you do your contract management. The sheer volume and complexity of documents can be overwhelming. Working out how to use contract management software to automate workflows early will make life easier later. If you’re in sales, you know that contracts are pivotal to sealing deals and maintaining relationships. But managing these contracts manually can be tedious, time-consuming, and prone to errors.
Enter contract management software (CMS). With the right CMS, you can automate workflows, streamline processes, and ensure every sales contract meets the required standards. Here’s how you can harness the power of CMS to optimize sales contracts.
1. Centralized Repository for Sales Contracts:
Before automation, let’s address organization. A CMS offers a centralized storage solution where all your sales contracts, irrespective of their stage, are stored securely. Say goodbye to sifting through stacks of paper or trawling through endless folders on your computer. With the search functionality, accessing any contract becomes a matter of seconds.
2. SaaS Contract Template Creation:
One of the primary features of most CMS platforms is the ability to create and customize templates. For a sales team, this is invaluable. Create standardized templates for common contracts, ensuring consistency and adherence to company guidelines. Not only does this speed up contract generation, but it also minimizes the risk of critical omissions or mistakes.
3. Contract Management Software to Automate Workflows for Approval:
The approval process can often become a bottleneck, especially if multiple departments are involved. With an automated workflow in place, as soon as a salesperson drafts a contract, it’s sent to the appropriate personnel for approval, review, or edits. The process becomes sequential and transparent. Every stakeholder knows their role, and the software can even send reminders if someone’s taking too long.
4. Electronic Signatures:
The days of physically signing a document, scanning, and sending it back are over. CMS platforms integrate with e-signature providers, allowing sales contracts to be signed electronically. This speeds up the finalization process and ensures the contract is legally binding.
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5. Expiry and Renewal Alerts:
Nothing’s worse than realizing a sales contract expired days (or even weeks) ago. Automated alerts notify the responsible parties well in advance of a contract’s expiration. This gives ample time to either renew the contract or negotiate new terms, ensuring continuity in business relationships.
6. Compliance Checks:
With ever-evolving industry regulations, ensuring that every sales contract is compliant can be a challenge. CMS can be set up to automatically verify if contracts meet specific standards. If there’s an anomaly, the system flags it, ensuring that no non-compliant contracts get finalized.
7. Contract Analytics and Reporting:
Automation isn’t just about making tasks easier, it’s about gaining insights. A modern CMS will have in-built analytics tools. These can provide data on contract turnaround times, frequently renegotiated clauses, or which salespeople close contracts fastest. These insights can guide training, process improvements, and business strategies.
8. Seamless Integration:
The beauty of CMS lies in its ability to integrate with other software solutions such as CRM (Customer Relationship Management) systems. When a salesperson closes a deal on the CRM, the CMS can automatically generate a contract based on the deal details. It reduces redundancy and keeps all relevant information in sync.
For sales teams, contracts aren’t just paperwork; they are commitments, relationships, and revenue sources. Using a Contract Management Software to automate workflows doesn’t just mean efficiency; it means enhancing the entire sales process. The time saved can be invested in building stronger relationships, exploring new opportunities, and focusing on growth strategies.
Automation is no longer an option; it’s a necessity. So, if you haven’t already, it’s time to embrace CMS and let automation propel your sales to new heights.
