Closing out business at the end of a quarter or at the end of a financial year can put a huge strain on the commercial and legal contracting process, particularly if your contracting process involves manual effort and inefficient use of technology.
For many companies, the traditional way of requesting contracts from Legal and waiting for several days to receive a first draft of the contract, is the norm. The problem that businesses encounter is not the desire to contract effectively with third parties, but in the outdated ways in which departments like Sales, Legal and Commercial Contract Management functions use technology to support the contracting process.
It is still common in many leading organizations for business users to have to wait for days, or weeks in some cases, from first request to final draft of a new contract. This is because the contract management process is perhaps one of the last key business processes to be automated and it is ironically accepted to be the norm that contracts should be drafted manually in MS Word, with terms and conditions being copied from past contracts and for review copies to be distributed internally via email.
All of this creates delay, inefficiencies and duplication of effort. For businesses that are focussed on delivering quarterly targets, the emphasis must surely be on contracting faster, but effectively.
A new generation of Contract Lifecycle Management solutions, like Dolphin Contract Manager, aims to radically improve the contract request-to-final draft cycle time through the use of technology that automates the manual phases in the contracting process.
Dolphin Contract Manager introduces the concept of Self-Service Contract Authoring, where business users – like Sales Managers, can create tailored and compliant contracts for their customers in a fraction of the time that would have previously been possible through manual drafting. The use of electronic workflows to speed up contract reviews and approvals has also had a major impact on the ability to get contracts drafted and negotiated on time, without the Legal department being seen as a corporate bottle-neck.
Dolphin Software and Perficient are hosting a free-to-attend webinar on how Contract Management software solutions are being used to help sales teams to contract faster. For further information and to register for this event, please visit: http://www.dolphin-software.com/lp_quarter_end_Perficient.htm