Taking CLM to the Edge of the Enterprise – 2

After discussing the CLM maturity levels currently, it is time to see how a cutting-edge CLM helps different functions in an organization own their contracts and derive greater value from them. This week we’ll be having a closer look at the Sales function.

CLM for Sales

 

Without contract automation, sales cycles are elongated – leading to delayed revenue realization and increased likelihood of errors and miscommunication with prospects and customers. There is also too much reliance on the legal team for all contracts.

A modern CLM solution helps sales by keeping negotiations on track and improves customer satisfaction with rapid and transparent communications. It also accelerates contract customizations and helps get faster contract approvals. A CLM automates:

  • Milestone notifications
  • Renewal and Expiry management
  • Alerts and Notifications to the correct stakeholders

With a CLM solution in place, a non-legal function such as sales can access critical information that helps it drive greater value from the contracts it handles. This value is driven through:

  • Reduced bottlenecks
    • Pre-approved templates and clauses
    • Reduced reliance on the legal team for contracts
  • Shorter Sales Cycle Time
    • Quicker contract creation
  • Better obligation management
    • Timely reminders and alerts
    • Minimize Revenue Leakage

Next week, we’ll continue with a closer look at how a modern CLM can become an important ally to an enterprise’s financial function in its efforts to seek the best possible returns at the lowest possible cost from a reliable partner. We’d love to know your experience. Please share your thoughts in the comment section below.

You can also access the recording of the latest IACCM webinar, on the same topic, here.

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Author Arthur Raguette

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