Last week, we unveiled the findings from our 2015 State of Contract Management survey.
We surveyed over 720 contract professionals to better understand what contract management pains they are experiencing that keep them from meeting their business goals.
Maybe your contract process is a well-oiled machine that churns out expertly reviewed legal documents like a Ford assembly line, or maybe you are barely hitting quota goals due to time-consuming, manual contract generation and review processes. Either way, if your company uses contracts, there's a stat in this report that will be relevant to your success this year.
Before you read the full report, we've highlighted three key stats that should help you continue to be a well-informed and successful contract professional.
We found that survey participants are largely relying on manual processes to generate and review sales contracts. Respondents said they were using everything from email to Excel to manage their contract process. However, the more human touch points you have in your contract process, the more opportunities there are for human error. When it comes to your sales contracts, a bad contract at minimum can cost you a deal - worst case, you end up with a more complicated legal situation on your hands.
Wow, in an industry that prides itself on being fast-moving, it was shocking to see how many of our respondents were bogged down in months-long contract processes. This is one of the greatest misconceptions we see about the sales process and how people determine where to invest in technology. You can create as many opportunities as they are stars in the sky, but if it takes months to get 'em across the finish line, you won't be scaling at the rate you need to be competitive. Plus, you're creating a poor customer experience right off the bat, and keeping your new clients away from your awesome product or service!
Which brings us to our third stat - sales productivity is becoming a top drive for companies investing in contract management. This isn't surprising, given the length of these contract processes. Again, we've seen a lot of investment, innovation and attention given to the front-end of the sales pipeline, but just like a relay race, if you're anchor runner drops the baton, you lose. If you have a great sales process in place to support lead conversion, presentations and overall sales enablement, you are sinking your ROI by allowing your contract process to continue running on manual, outdated processes.
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