Technologies such as contract AI software are significantly increasing efficiency and reducing risk for general counsel and legal operations. However, contract management reaches beyond law departments as they work with HR, marketing, IP and more. This blog post explores how CLM and artificial intelligence streamline contract creation, review and approval for sales – cutting the time spent on contracts and bringing revenue in more quickly for corporations.
It’s impossible to imagine the sales function at any organization without thinking about contracts. Sales operations professionals are responsible for handling some of a company’s most value-generating activities: overseeing daily sales activity, meeting with major clients, drawing up sales reports, designing new and more effective sales strategies, and working to market and promote company products and services.
None of those activities are possible if you can’t effectively manage your sales contracts and glean insights from them. Tools to manage contracts, including contract AI, are designed to help sales operations and the VP of sales have a single point of truth for their sales contracts. This makes the contract process more efficient and the entire sales function more effective.
Contract AI Software in Sales
The sales function at any enterprise encompasses a vast array of duties, ranging from discrete contractual tasks to overarching strategy. On the contractual front, sales operations is responsible for many phases of contract lifecycle management, including:
- Creating requests for contracts
- Drafting contracts
- Monitoring the progress of those contracts
- Keeping them moving forward when things stall,
- Approving contract terms
- Delivering contracts to customers for signature
The sales function doesn’t end there. In addition to handling contracts day in and day out, sales operations professionals find new opportunities to expand the organization’s client base and devise new and innovative ways to market products and services. It’s also responsible for setting specific critical enterprise goals and making sure they’re met, including quarterly or annual sales goals and ongoing productivity goals.
Underlying all sales functions, whether drafting a contract or setting the right sales goals for the entire company, is the expectation that the VP of sales and the sales operations team will be continuously improving the effectiveness and productivity of the sales team.
Technology is the key to ensuring that continuous improvement. In particular, CLM tools and contract AI empower sales operations professionals to better tackle both aspects of the job by making the contract process more efficient and effective from start to finish and by creating a central repository for the organization’s contract data. The central repository serves as a critical source of information for making informed decisions about sales goals and marketing strategies.
Finding the Right CLM Solution and Contract AI Software
While every company and sales department is different, there are some common barriers that get in the way of being able to perform the sales operations function effectively and efficiently:
- Having little to no insight into where deals are, who’s responsible for them and what the next steps are
- Missing an easy way to keep deals moving forward
- Not having mobile technology options to effectively handle work tasks in today’s on-the-go and remote working scenarios
- Lacking self-service options that allow the various interested parties to create and manage that contract or request information directly.
A useful CLM tool and contract AI will remove barriers and help sales by:
- Closing deals faster with features such as self-service and contract AI that reviews, redlines and edits first-pass review within two minutes
- Automating the contract request process to improve sales representative productivity
- Giving sales a real-time view into exactly where every contract is, if the process is stalled and where the bottleneck is
- Only showing the information you need, when you need it, rather than burying you in a mountain of data that’s irrelevant to what you’re doing at any given moment. Having immediate access to the right data is critical to setting the right sales and productivity goals for your team and the organization as a whole.
Speeding Up Contract Review for Sales – And Welcoming Revenue More Quickly
Sales operations professionals understand the role of contracts in doing their job right. However, they need the right tools for managing those contracts. Onit’s CLM solution helps with end-to-end automation of the entire contract management process, allowing for a more efficient sales function and better insight into sales data.