To hit their numbers, sales teams often rush to close deals without properly reviewing contracts. This can lead to company risk and liability, which in turn, leads to unnecessary strain on the relationship between legal and sales teams owing to the lack of clarity and roadblocks to mistrust and risk.
A harmonious relationship between legal and sales teams is crucial for the long-term success of any organization. The good news is that businesses can mitigate deal crunches by aligning sales and legal teams using shared processes and contract management technology.
How streamlining contract management between legal and sales helps
- Close deals faster
Contract management for sales has contract templates where the fields are editable. Whenever you make changes, the contracts can dynamically update themselves. An intelligent CLM enables sales teams to close deals faster. - Save time & effort
Legal doesn’t have to be so involved in contract management. Shortens review and redlining cycles. - Increase transparency
A CLM software allows you to track various aspects of the contract’s lifecycle and where it is getting stuck. This ensures nothing slips through the cracks.
How do you use technology to drive better collaboration between sales and legal teams?
A simple solution is to drive effective collaboration between the two teams by leveraging contract lifecycle management software.
That said, sales contract management allows sales teams within your business to generate, monitor and execute sales agreements without constant support from the legal teams. By leveraging technology and integrating contract management in their sales process and tools, sales teams can maintain a repository of shared knowledge.
Contract management for sales and legal teams eliminates excessive sales dependency on the legal teams that otherwise leads to long and cumbersome sales cycles.
How can legal and sales teams collaborate better?
You can improve the collaboration among the legal and sales teams in several ways. Here are a few essential points to remember.
- Create a process for interdepartmental collaboration
Studies show that almost 75% of employees consider collaboration and teamwork vital. The same research also shows that 83% rely on technology to improve teamwork.
However, when the sales team offload the task of creating a contract to the legal teams, the result is longer wait times, more follow-ups and prolonged sales cycles. Instead, contract creation workflows and templates can help onboard customers faster.
- Simplify contract negotiation
A simplified contract negotiation brings along with it a range of benefits. Besides reducing the sales cycle duration, you can improve process efficiencies and build better relationships with clients. An intelligent contract management software in sales facilitates the automation process for better results.
The standardized clauses and templates reduce the contract creation time. Automating the approval process leads to seamless workflows and streamlines and optimizes the contract creation and negotiation process.
- Leverage contract automation
Contract automation tools are crucial for the sales teams along with legal. CLM for sales teams helps in automating the entire sales contract lifecycle. Streamlining the sales contract management process leads to shortened contract lifecycles into minutes.
When we consider CLM for legal teams, template-based contracts enable the creation of self-serving agreements. The templates have the approval of lawyers, which eliminates undue risks. A significant advantage of contract management software for legal teams is eliminating the review process. In turn, it makes the sales cycle faster and more autonomous.
- Define standard workflows
Unstructured tasks often lead to a lack of work activities that may need urgent attention. There is always a risk of those tasks never getting completed in time.
A contract management software for your sales team can help them generate better value by reducing inefficiencies. It enables assigning tasks and alarms SLA’s breaches to relevant resources and standardizing workflows.
How does SpotDraft help strike a balance between speed and compliance?
Sales teams can leverage a CLM software such as SpotDraft for generating agreements and getting them signed 12 times faster, streamlining contract processes with stakeholders and maintaining existing processes right within the CRM.
Be it purchase orders, renewals, or standard sales contracts, you can upload contract templates and set the fields you need to change. Every time you make a change, the contract updates itself dynamically.
You can automate approval workflows for all contracts based on conditions like deal value and jurisdiction using contract editor. Also, access the most important details from every contract at a glance, including data of renewal, the status of the contract and more.
By leading comments for the legal team and external stakeholders, you can work effortlessly with anyone. These contracts can be downloaded in any format. Never miss out on any essential obligation and key dates in your sales contract lifecycle with SpotDraft for sales teams.
SpotDraft for legal teams enables contract management with 80% less time being spent on paperwork. Using editable contract templates, you can build perfect contracts in seconds. Approval workflows for the sales teams can be automated with custom details.
Using AI the meta data and key details from every contract can be extracted while errors can also be identified. Automatic document comparison cuts down the review time.
Sales contract management
The sales contract management process benefits from contract management software in sales. Your sales team can create, track, and reference sales agreements without bothering the legal department. It becomes possible by integrating the contract management system into their processes and creating knowledge repositories.
Sales contract management can drive value by:
- Generating contracts faster using templates
- Tracking contracts to close recurring customers
- Simplifying access to information using contract integrations
-> Read Now: Everything you need to know about Sales Contract Management
Conclusion
Streamlining the sales contract lifecycle is the most efficient way to drive collaboration between sales and legal teams. Tools related to contract management for sales and legal teams offer a holistic experience for all parties. On one hand, sales teams can close deals faster without completely relying on legal teams. On the other hand, legal teams can ensure alignment, transparency and compliance.
Collaborative and meaningful teamwork using SpotDraft contract lifecycle management software ensures collaborative and meaningful teamwork across sales and legal teams.
