SpringCM contract management customers report increased productivity of sales and legal teams by at least 20 percent.
Smart contract management is essential to a successful business process. Contracts can be time-sucks, and a typical process involves multiple key teams, like sales ops and legal counsel.
For many organizations, the contract process still involves multiple volleys of e-mails with endless document attachments. All of these digital moving parts leaves companies with a risky process that is largely unregulated.
The amount of time and number of people required to create, review, approve, and sign a contract creates several challenges undermining your investments in a better business process:
- Sales reps need to track where contracts are in the approval and signature process, instead of working other deals.
- Delays in the approval process, or contracts that slip through the cracks entirely, can slow deals and harm customer relationships.
- Sales teams spend too much time searching for correct templates, often reverting to outdated documents that are no longer compliant.
- Legal teams play an integral part in reviewing and approving proposed contract amendments to ensure that the organization is not exposed to unnecessary contractual risks. When sales teams have the ability to modify contract templates, legal teams can lose hours comparing and reviewing documents in the approval process, leaving room for errors in agreements and decreasing productivity for other tasks.
- Contracts bind the organization with obligations to perform, putting tremendous pressure on all business units not to expose the organization to unnecessary risks with faulty or inaccurate contracts. Organizations therefore take steps to standardize documents and contracts with newer versions continuously being created to account for the evolving legal and business landscape to minimize risk. These risks can also escalate if contracts are not renewed or renegotiated at the appropriate times, placing a heavy burden on the organization to ensure that contracts do not lapse.
- Customers also present a challenge for organizations when proposed contracts are modified outside the organization’s control. Comparing and reviewing documents that have been modified by a customer is a time consuming process that leaves room for error and financial risk if contract terms are modified and unknowingly accepted by the organization.
Nucleus has found that because the contracts process relies on so many teams—all using their own preferred applications or methods—organizations want a solution that can integrate with existing business applications to deliver functionality within the application interface that each department is most comfortable.
Nucleus outlines the solution in the full report. Download your free copy of the full report, by filling out the form to the right.