Contracts are mandatory for any sales and marketing-based company. It lays the foundation of the set of terms and conditions that needs to be followed at all times. Whether it is about logistics or transportation, making business deals through contracts is the need of the hour.
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But this contract management is not as easy as it seems to be. First of all, not any person can handle the contract as it is a legal document. Secondly, managing the number of contracts manually is not possible. The contracts increase based on the types of services and nature, and hence big companies can’t afford to keep their contracts on a desk.
Some of the prominent issues with traditional contract management include:
- Poor contract management trends can lose up to 9% of the total revenues every year. It is all due to the mismanagement of contracts.
- Companies can lose up to 40% of the contract’s value without strict contract governance.
- More than 65% of the legal professionals have admitted to losing time for meaningful work on simple administrative tasks of contract management.
- The manual contracts management creates issues as more than 71% of the companies can’t search almost 10% of their contracts.
This is the point where contract management solutions come to the rescue of any organization. The sales and marketing companies can go for these solutions that manage the contract in the best possible ways.
Contract Management Solutions in Sales and Marketing Industry
Sales and marketing business is considered to be the bread and butter of any organization. Whether companies are dealing with products or services, sales and marketing teams require the best tools and techniques to pump life into the organization. Managing the contracts without an automated solution can be a tedious task for many team members.
The contract management tools collaborate with the sales and marketing teams to eliminate specific administrative issues. Teams can quickly get the details of commissions or agreed terms and conditions without relying on other members. It is excellent to employ hard-working contract management solutions to handle lengthy but crucial work. There are different ways in which these super tools can relieve the work stress on any business.
Best Ways in Which Automation Contract Management can Help your Business:
1. Automated Contract Drafting
The contracts management solutions provide centralized templates that can be used for different contracts. Thus, it helps the team save their time and energy and releases the complexity of automated contract drafting.
Businesses can create customized templates for different types of contracts. These innovative contract templates are easy to integrate with the customer relationship management (CRM) tools to feed precise data.
2. Reminders for Deadlines
Deadlines and renewal dates are red flags for any contract. The email status alerts and triggers of content management tools help businesses take the necessary step at the right time.
It helps the super-busy sales and marketing teams renew the contract without missing a deadline that can be disastrous. A team can create alerts for negotiations and completion of the pending formalities in any agreement. The contracts management solutions can provide all types of reminders for contract management.
3. Central Repository for Contracts
With so many contracts flying on in the business, it becomes difficult to manage all of them. This contract organization predominantly affects the business productivity as teams can’t get the correct information at the right time.
This calls for centralized storage for all contracts. It is easy for different stakeholders to keep the relevant contracts identified and located at specific locations. It simplifies the process of search and finding the documents.
The contracts management solutions offer a central repository for the different businesses to store all their contracts in one place. Thus, the sales and marketing team seamlessly access this repository according to their requirements.
4. Automated Contract Management Workflow
It is essential to ensure the smooth workflow of contracts in any sales and marketing team. The contracts management solutions improve the business lifecycle and streamline the entire contracts effortlessly. This managed contracts workflow further helps the stakeholders quickly review, approve, and negotiate on different contracts.
The automated contract management workflow is equipped with intuitive and pre-configured workflows. There are additional options of auditing the contracts and helping in crucial decision-making. It is easy to save the changes and different versions automatically. This workflow further adds credibility and transparency to the contracts management.
Different persons from the sales and marketing team can determine the real-time progress of the contracts. Thus, the management can work on the possible bottlenecks. Thus increased visibility can help improve operational productivity.
5. Contracting Process Insights
Stakeholders can get insights into the contracts lifecycle using the contracts management solutions. This intelligence analysis is crucial to improve, document changes, and create some effective decisions. The entire contracts management process can be worked out to improve the red flags in insights.
6. Quick Approvals with E-Signatures
Another way of adding technology to your contract management is to include e-signatures. The e-signature eliminates the wastage of time in physically signing the contracts. The sales and marketing team can serve the customers better with e-signatures.
The e-signature system helps businesses to grant freedom to all stakeholders to view and sign the contracts from anywhere in the world at any time. Many businesses are already collaborating the contracts management solutions with e-signatures.
Key Pointers- Why Automation Contract Management?
- Automated contract management streamlines the entire contracts for the sales and marketing team to quickly retrieve data without failing.
- It is easy to manage different contracts on user-friendly contract management dashboards.
- The current contracts management solutions best meet all contract compliances.
The contracts management solutions market is expected to reach 5.2 billion US dollars by 2027. The reason is simple and straightforward as all of these solutions come with multiple benefits, especially to sales and marketing companies. It releases the stress on the teams, and figures are already in for these automated contract management tools.
Small or medium enterprises may feel intruded by the automated tools due to high investments. The contract management tools raise the bar for start-ups, small and medium enterprises by working as the precise return-on-investment. The increased operational efficiencies by eliminating the administrative tasks are keeping these tools a must-to-have for any business.