According to research by Forrester and Aberdeen, it takes an average of 3.4 weeks to get a contract approved, but using Contract Management software can reduce contract approval time an average of 82%.
Deals don’t always close as fast as we’d like. The contract review, approval, and negotiation phase is all too often a sticking point on the journey from quote to cash.
We have shared a lot of information about Configure-Price-Quote and the benefits of integrating a quote generation tool with Microsoft Dynamics CRM for Sales. But, another part of the sales process that creates delays, and can kill deals, is the contract phase.
Manual contract generation and approval is a time-consuming and error-prone process. Contracts can languish for days or weeks while Finance, Operations, and Legal review and approve contracts. What’s needed is a level of control over managing contracts, while ensuring contracts move forward quickly.
5 Ways Contract Management Software Helps Close Deals Faster
Organization: Automated workflows prompt internal parties such as sales, finance, and legal to perform their review, redlining, and approval then move the contract forward to keep the approval process on track.
Simplicity: Using pre-built templates and workflows, sales representatives can quickly create and send contracts without difficulty.
Productivity: Approvals move quickly since all parties in the process have a structured process to follow, step-by-step.
Efficiency: Conversations, redlines, and documents are all located in one digital collaborative environment, eliminating the back and forth of emails and hastening the negotiation process.
Storage: Contracts, and all versions of each document, are stored and synced in one place. Version control is a non-issue, and contracts can be retrieved from a central repository with ease.
A standard automated workflow for each buyer, includes review by business teams, redlining, e-Signature, storage of agreements, and submission to buyers. The same stages and steps are followed for each customer interaction, ensuring efficiency and accuracy.
Why Choose Contract Management Software?
Adding new sales software is an investment, but one that can increase your sales teams’ success is certainly worth considering. An Aberdeen study shows that about twice as many Best-in-Class organizations report automating their contract management processes than do other organizations. Automating the contract management process enables Sales, Operations, Finance, and Legal to spend less effort on the contract process and generate greater revenue.
When selecting contract management software, you should select a solution that is packed with features to hasten the sales process, including:
Tracking and monitoring
Contract change notifications
Contract redlining capability
Ability to digitally collaborate, edit, and share documents internally and externally
Easy set up of legal requirements and internal business rules
DealHub Contract Management Software for Microsoft Dynamics CRM has several features that stand out, including predictive sales playbooks, automated workflows, and deal tracking. This unique solution provides buyer insights that allow sales reps to track contract progress and pinpoint bottlenecks.
Other benefits of DealHub Contract Management Software include:
DealHub Sales Proposal Software, which includes contract management, was designed to be easy to set up and modify for business leaders and sales representatives. Your company can be set up quickly, and since it's easy to use, your sales team will be up and running in no time.
If you’re looking for a centralized, simplified contract management process that helps your sales team close deals faster, it’s time to consider implementing contract management software in your business.
DealHub Contract Management Solution includes Contract Redlining which enhances the buyer’s experience by replacing a cumbersome negotiation process with an efficient digital environment. Watch the webinar to learn more.
DealHub Configure-Price-Quote solution is rated the #1 CPQ software for ease of use, easiest setup, and best support. Sales teams configure quotes and proposals faster with fewer errors. DealHub’s highly intuitive CPQ minimizes administrative tasks, empowers sales teams to engage more effectively with buyers, and streamlines sales operations to reduce the sales cycle and increase revenue. Operates natively within Microsoft Dynamics 365 for Sales and includes: dynamic sales playbooks, interactive content sharing, document generation, contract management, and e-signature. Request your personalized demo to learn how DealHub will accelerate your sales process and help your team close deals faster.