Negotiation

5 best practices for streamlined contract management

on October 20, 2020

We can probably agree that getting a contract written up and signed should be the easy part of a sale. A formality before the final handshake.
But is it? How familiar are you with a streamlined contract management?

The World Commerce & Contracting estimates that poor contract management costs companies an average of 40.5 hours and 9% of their annual revenue. I bet you can come up with a better use for that time and money!

Mismanaged contract workflows result in administrative bottlenecks in your sales pipeline. The extra time spent by sales, legal and operation teams writing and approving contracts adds up to your client acquisition costs. Even worse, it can kill the momentum of a sale.

Moreover, errors increase risks on liability or compliance. Missed savings opportunities and unwanted contract renewals also impact your bottom line.

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