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.
In this guide, we’ll cover:
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.
You can improve the collaboration among the legal and sales teams in several ways. Here are a few essential points to remember.
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.
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:
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.