Contract Lifecycle Management 101
Contracts are the lifeblood of any business. They define how much revenue a business can bring in from a service or product by formalising who is buying what from whom, at what price and over what period of time, and also put conditions in place if something were to go wrong.
As long as the terms of service within the contract are met, the party providing the service or product will receive revenue. However, the deal cannot be carried out until both parties have agreed upon the terms and have signed the contract. This takes place during the contract process; when the contract is generated, the terms within the contract are negotiated then approved by both parties before it is signed. The longer it takes to get a contract signed, the longer it takes to receive revenue from the deal.
Despite this, 50% of the sales professionals surveyed said the contract process lasts over a month. The main culprits are often the time-consuming, manual tools and the lack of visibility into potential bottlenecks during the contract process. Leveraging a CLM solution can help you get deals signed faster.
This eBook covers:
- What is contract lifecycle management
- What can contract management do for your business
- Who benefits from a CLM solution
- Key functions of CLM solutions
- Integration with CRM and other sales tools
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