Contract Automation Reduces Sales Cycles, Risk and Expenses
Why do some businesses succeed while others can’t get off the ground or simply wither and fade away? Success in business is hard to find. Only 50% of all businesses that start reach their 4-year anniversary. Finding the key to success or reviving a failing business keeps owners, managers, and C-level executives up at night. Many focus on people and product; do I hire or do I fire? In what areas can we invest or cut costs?
I believe the answer is right in front of them. To grow a business, the answer is in the real bread and butter of their trade. The Contract.
If you’ve been in business for longer than a week, you have probably come across this little document we know as a contract. These contracts outline and govern almost every single business transaction and relationship in today’s commercial domain. Each contract is different; they can be short or long and can contain simple or complex language and terms. These varying levels of complexity make it difficult for organizations to track and capture important information that would be used to improve core business practices. The contracting process is difficult because it touches so many players throughout the enterprise. Ultimately, no single person is accountable for the outcome of various agreements because the activity is, in every sense of the word, collaborative.
Coordinating myriad contract negotiation and collaboration activities is a costly, time-consuming, and highly manual process. Many successful companies have actually recognized these costs embedded in their practices. As a result, these firms have shifted their focus towards finding ways to simplify and streamline their internal and external processes; this improves communication, reduces risk and increases profits. Contracting excellence is actually a common trait of today’s top-performing firms. Successful contract management reduces the quote-to-cash cycle and prevents revenue leakage. According to Aberdeen Research, on average, a one-day reduction in a company’s sales cycle is worth approximately $80,000, and for large enterprises that number jumps to $215,000. Not exactly pocket change.
Over the years, technology has evolved to solve many of life’s inconveniences. Contracting is no different. Several companies have developed software to help manage and organize company contracts, but only ContractRoom has created and developed an enterprise negotiation solution that automates all of the inefficiencies we see in the process today. Now, contract and agreement creation, negotiation, collaboration, editing and signing can all be performed on a single platform; saving time, effort, and most importantly, money (on average a 7-10% margin improvement).
Contracts simply aren’t simple anymore; they have evolved into dynamic tools for enhancing business performance. Software solutions like ContractRoom help firms combat contracting inefficiencies, reduce sales cycles, and lower costs to benefit many facets of the enterprise.
I believe the answer is right in front of them. To grow a business, the answer is in the real bread and butter of their trade. The Contract.
If you’ve been in business for longer than a week, you have probably come across this little document we know as a contract. These contracts outline and govern almost every single business transaction and relationship in today’s commercial domain. Each contract is different; they can be short or long and can contain simple or complex language and terms. These varying levels of complexity make it difficult for organizations to track and capture important information that would be used to improve core business practices. The contracting process is difficult because it touches so many players throughout the enterprise. Ultimately, no single person is accountable for the outcome of various agreements because the activity is, in every sense of the word, collaborative.
Coordinating myriad contract negotiation and collaboration activities is a costly, time-consuming, and highly manual process. Many successful companies have actually recognized these costs embedded in their practices. As a result, these firms have shifted their focus towards finding ways to simplify and streamline their internal and external processes; this improves communication, reduces risk and increases profits. Contracting excellence is actually a common trait of today’s top-performing firms. Successful contract management reduces the quote-to-cash cycle and prevents revenue leakage. According to Aberdeen Research, on average, a one-day reduction in a company’s sales cycle is worth approximately $80,000, and for large enterprises that number jumps to $215,000. Not exactly pocket change.
Over the years, technology has evolved to solve many of life’s inconveniences. Contracting is no different. Several companies have developed software to help manage and organize company contracts, but only ContractRoom has created and developed an enterprise negotiation solution that automates all of the inefficiencies we see in the process today. Now, contract and agreement creation, negotiation, collaboration, editing and signing can all be performed on a single platform; saving time, effort, and most importantly, money (on average a 7-10% margin improvement).
Contracts simply aren’t simple anymore; they have evolved into dynamic tools for enhancing business performance. Software solutions like ContractRoom help firms combat contracting inefficiencies, reduce sales cycles, and lower costs to benefit many facets of the enterprise.