Contract lifecycle management: A win/win for Sales & Legal

Throughout the sales cycle, the old adage holds true: Time is money.

From the moment a prospect becomes engaged the clock starts ticking. Each passing day, week, or month increases the cost of sale and  likelihood the deal goes south. The faster agreements are signed, the sooner invoices go out and checks roll in.

So, what’s a sales rep to do? Forget pressure tactics. In today’s environment, customer experience is everything. If you’re not willing to play by their rules, your competitors are just a few clicks away.

But just because you may have little control over the timing of decisions doesn’t mean all is lost. There are still considerable opportunities to streamline the sale by reassessing what you can control: your internal business processes.

Fast and compliant contracts

Optimizing business processes to shorten sales cycles is a perpetual quest. There is always room for improvement—especially when processes involve complex documents like sales or service agreements that require extensive time and resources to draft, review, redline, sign, and archive.

To address these barriers, businesses need to undertake contract lifecycle management (CLM) initiatives.

CLM streamlines contracting processes with easily accessible technology to guide both sales and legal through each step. Best of all, CLM addresses the primary goals of sales teams (get the deal done as quickly as possible) as well as legal departments (mitigate risk at all cost).

From the sales rep’s perspective, solutions like Nintex for Salesforce provide easy-to-use tools for instantly generating contracts from directly within their CRM system. With just a few clicks, they can populate pre-built templates with data from Salesforce or other systems. Next, the documents can be automatically routed for approval by sales management and legal review—then sent directly to customers for eSignature.

Meanwhile, legal teams rest a bit easier knowing the templates being used by the sales team are pre-approved. And because the data isn’t being entered manually, accuracy is greatly improved.

Likewise, signing processes are standardized with solutions like Nintex Sign™ powered by Adobe Sign. This ensures that electronic signatures on documents are legally compliant and meet even the most demanding industry and regulatory requirements.

With out-of-the-box integration between Nintex for Salesforce and Dropbox, it’s also easy to securely collaborate on documents in the cloud. This helps to maintain version control, and the receipt of alerts that marked-up contracts are ready for review greatly simplifies the redlining process. Once agreements are executed, they can be archived within Dropbox as well as Salesforce.

The rewards of CLM

Transforming document-centric sales processes helps both sales and legal attain their key objectives. Deals get done more quickly, and the risk of errors is greatly reduced. What’s not to love?

 

To find out how you can get started, take Nintex for Salesforce for a free 30-day trial today.   

 

Matthew Hutchison

For over 25 years, Matthew Hutchison has been helping organizations realize the rewards of digital transformation through technology and process innovation. Matthew is especially passionate about technology’s role in driving operational efficiency, improving collaboration, and delivering optimal customer and employee experiences. Prior to joining Nintex, Matthew held a variety of marketing leadership roles for organizations ranging from start-ups to industry leaders.