Redlining: More Than Just One Step in the Contract Lifecycle

By Ernesto Carrera

  May 13, 2016        Workflow, Contract Management

When I speak with people about contract management software, they often mistake it as just a redlining tool.

By definition, redlining is the process of two or more people adding, redacting, or adjusting language within a contract to help identify potential risks in the deal. Today - it’s much more than that.

Rarely do contract negotiations just happen once in the contract lifecycle. Instead, both the buyer and seller make changes to the contract - throughout the contract’s lifecycle. The contract can go back and forth between parties for days, or weeks before it’s ready to be approved. Sometimes at the approval stage, Sales Managers or the customer could reject a terms within the contract, sending it back to negotiations.

If negotiations are happening throughout the contract lifecycle, it’s critical that you’re ready for redlines from the very beginning of the contract process.

So how can you be prepared for redlining at any time, and still accelerate the contract to close? The key is in the tools you use to negotiate contracts.

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Sales Pro Tip: Centralize Contracts to Accelerate Approvals and Signatures

By Monica Peterson

  March 17, 2016        Workflow, Contract Management

During the sales cycle, there is an assumption that getting a contract approved or signed should be the fastest step because it simply involves someone looking at the document and performing one action. In my experience, that assumption is false.

I can remember a deal that my team and I had been negotiating for months. I had offered the prospective customer incentive to get the contract signed that week, so that I could reach my quarterly quota. The prospect confirmed they were on board, everything looked good, and we sent the contract over to be signed. Then, we didn’t hear anything back.

As the clock ticked, I began to feel panicked that I would miss my sales goal. I had been working so hard on this deal, and put in the extra work to ensure it would get signed. My boss and his boss were counting on this deal as well. The pressure was on! After waiting a long time and finally reaching out to the one of my main contacts, we were told the CFO, who would be signing, was on vacation at his lake house and had limited access to the internet. After explaining the situation, we were finally able to get the contract signed through another individual.

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Contract Renewal Checklist (And How to Shorten the Process)

By Andrew Kline

  February 5, 2016        Workflow, Contract Management

According to PricewaterhouseCoopers, the average number of contracts at an organization is between 20,000 - 40,000. Contracts are a main source of revenue, so why would a business risk contract errors, delays, or worse...missing a contract renewal?

Sales reps and contract managers have a lot on their plate, and revisiting contracts can only take up time that could be better spent opening new deals.

To help prevent revenue from falling through the cracks, I’ve put together a “typical” checklist for contract renewals, while also sharing a faster, more accurate way to perform renewals:

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How To Shorten The Contract Cycle

By Zachary Darmon

  December 30, 2015        Workflow, Contract Management

The majority of businesses rely on contracts to forecast and eventually attain revenue. How that process is managed can decide whether a business is reaching its full potential.

The longer the contract takes to complete, the more revenue is delayed from that contract. This doesn’t only hurt the company, it can cause setbacks in the individual’s personal goals, like reaching quotas.

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How To Find Comfort and Joy (and Quota) in Q4

By Andrew Kline

  December 16, 2015        Workflow, Sales Enablement

For a season associated with comfort and joy, it can be anything but comfortable. Christmas is only a week away, you have a shopping list to tackle and still a sales quota to hit.

If you’re like me, whenever I think about Christmas I think about happy times with friends, family and music. Then when the season arrives, the Christmas cheer is hard to find, often hidden in the busy rush that’s become associated with the holidays.

How do we truly find peace and joy during the holidays? I can’t go finish your christmas shopping for you or smooth things over with your sister-in-law, but I can help ease your stress around quotas.

Here are some tips that could ease stress at work, while staying engaging and productive:

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SpringCM November 2015 Release: An Interview with VP Product Development

By John Dickow

  November 11, 2015        Document Management, Workflow

Doc Launcher by SpringCM went live on Friday as part of the November 2015 release. So I sat down with the Steven Jones, Vice President of Product Development at SpringCM, to find out what it means for SpringCM customers.

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Video: Tracking a Contract to Close

By Steven Jones

  November 4, 2015        Workflow, Contract Management

As sales teams enter Q4, there is more anxiety building up around quotas. With only days or weeks left to close those big deals, it can become a scramble and that can leave the window open to damaging errors. When contracts are delayed, sales reps personal numbers fall and the company misses out on revenue that was originally forecasted.

The key is to have visibility into the contract process. In this video, you’ll see how a transparent contract process and quickly answer the questions, “Who has it? What needs to be done for the contract to close, and why is it stuck?”

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‘Time is Money’ Part 1: Cutting Contract Costs During Legal Review

By Mike Festa

  October 23, 2015        Workflow, Legal

Companies big and small are looking for ways to trim the fat and save money in their contract processes to increase their overall revenue.

When it comes to cutting the cost of contract management, one common denominator is time. Time affects everyone involved in the contract lifecycle, so this blog will be the first of three that will explain how companies can optimize their time and reduce the cost of contract management, beginning with one of the most expensive parts of the contract process: the legal review.

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A Small business Guide to meeting quotas

By Nick Oboikovitz

  October 14, 2015        Workflow, Contract Management

Now that we’re midway through October, it’s time to start thinking about end-of-the-year deadlines. It happens every year; sales teams begin to notice they are slipping behind their quotas for the year, and kick it into overdrive to try to close the gap. This end-of-the-year anxiety can do more harm than good, creating a workflow bottleneck in the contract management process.

Sales teams are no stranger to the fallout of a delayed contract, and it applies to both the individual and the company. Salespeople begin to fear for their job when they find themselves repeatedly missing quotas. The whole sales team suffers as a result, when they don’t receive the same budget for the next year. Meanwhile, the company suffers from lost revenue, pushing deals into the next year.

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Seeing into the Contract Process

By Andrew Kline

  October 7, 2015        Workflow, Sales Enablement

The contract process can be riddled with complications that can slow down a deal: losing track of who has the document, miscommunications between departments during legal review, or other basic human errors.

These types of bottlenecks can add up and delay the entire deal, putting off expected revenue for the company and keeping sales and legal teams from moving on to the next deal.

When customers explain to me why they are looking to improve their contract management, it’s because they are looking for transparency into the process. When you can see into the contract process, the answers become more apparent as to how to solve the particular issue.

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