Sometimes, the sales process just isn’t as smooth as we’d like for it to be. As your customers progress through the pipeline, any number of potential risks can present themselves. It’s even been suggested that the average lead conversion rate across industries is only 4%–5.8%.
The truth is that the journey from lead to sale can be a difficult one. You and your clients put a lot of effort into reaching the end; the last thing you want is for the entire thing to fall apart at the last minute.
Unfortunately, before your lead can become a customer, you need to get through the contract phase. Contracts serve a necessary function. They act as physical representations of your business agreements, and are legally binding. Without contracts, it would be impossible to finalize your business dealings in a way that protects everyone involved. But while contracts are an essential part of the quote-to-cash process, they can introduce a number roadblocks to your sales pipeline. To help ensure that legitimate leads don’t fall away at the finish line, successful businesses turn toward contract management software.
Contract management software is a digital tool (or set of tools) designed to help you create, store, and retrieve legal agreements and associated data. Contract management streamlines the entire contract process. The end result is quicker, more accurate contract-turnaround times and happier clients. Superior contract management solutions take advantage of customer relationship management (CRM) technology to deliver a client-focused service for your business.
CRM is designed to holistically manage the entire customer relationship process. CRM pulls together vital data related to contract information, purchase history, preferences, etc. It stores that information in a single location, allowing authorized users to access relevant customer data whenever they might need it. Additionally, CRM may employ various forms of automation, sending out important reminders and drawing from reliable sources to auto populate forms. These capabilities, when combined with contract management software, create a reliable tool for managing the final stages of the quote-to-cash process.
From first negotiations to final signing, contract management software ensures that the contract process is as painless as possible — for you and your leads. To accomplish this, a contract management solution needs to be capable of a variety of functions. Here are five ways that an effective contract management solution can benefit your business:
Salesforce is the company that defined the role of CRM for businesses. Now, it’s using its in-depth understanding of customer relationship management to redefine contract management and the quote-to-cash process, with Salesforce Quote-to-Cash.
Salesforce contract management software is built upon the world’s number-one CRM solution, and operates entirely out of the cloud. This means that any authorized user on any operating system can directly access and update contract data in real time. Salesforce also recognizes that modern business isn’t restricted to the office, which is why Salesforce Quote-to-Cash is 100% mobile compatible. Get alerts, send renewals, create contracts, eliminate errors, and keep the quote-to-cash process moving fluidly, whether you’re in the office, or anywhere else. Salesforce Quote-to-Cash gives you the power to simplify contract management.
IACCM reports that ineffective contract management costs the average business 9.2% of its annual revenue. Don’t let your business be average. The quote-to-cash process is the culmination of all of your sales team’s efforts; make sure that those efforts pay off. After all, your leads and your business want the same thing — a deal that benefits everyone. Put that deal in writing, with Salesforce contract management software.
Now there’s a fast, easy way to streamline configuration, pricing, and quote generation. Contact sales to see if Salesforce Quote-to-Cash is the solution for you.
Questions? Our reps have answers. 1-800-667-6389