As a seller, you’re often driven by your customer’s contract management process. But when your business reaches a certain level of complexity, not having your own automated contract management solution means you start losing visibility into the contract lifecycle—which can wreak havoc on your company through compliance problems, lost sales from too-slow negotiation cycles or missed renewals, and even legal challenges. In fact, 60% of corporate litigations are related to contract disputes,[i] so reducing that risk through contract automation makes a lot of sense.
One expert considers it crucial. Christopher Dwyer, research director for Ardent Partners, notes that up to 75% of all corporate revenues are directly linked to sales contracts—a huge impact that underscores the importance of managing them effectively. Yet many sellers overlook automated contract management, despite the big benefits it can provide. An automated contract lifecycle management (CLM) solution standardizes and streamlines the contracting process, delivering the transparency and collaborative capabilities you need to negotiate and execute sales contracts quickly and efficiently—a key business advantage that can significantly boost your bottom line.
Tomorrow: The benefits of automated contract management
[i] Source: Fulbright & Jaworski, 2010 Annual Litigation Survey