Legal complexities can stall even the most promising deals, and no one knows this better than sales leaders. However, behind every successful sales transaction lies a thorough legal department tasked with ensuring that compliance and risk mitigation are top priorities. In an environment where your competitive edge is partially determined by speed to market. That’s where Contract Lifecycle Management (CLM) software shines.
With that in mind, how can a CLM solution both empower collaboration between sales and legal teams? What are the benefits organizations enjoy when they use these tools in 2024?
Benefits of using a CLM
Time efficiency:
With contract management software, sales departments can use simple intake forms to draft contracts for legal review – all with templates, clauses, and variables that are already pre-approved by the legal team. This significantly cuts down both on contract approval times and on contract deviations. Sales leaders can avoid the hassle and time of going through multiple approvals and get contracts done faster
Audit trails:
Let’s face it, no one wants to get audited, but it’s better to be prepared for it than not. Contract management software can provide advanced audit trails that record and track every tweak, approval, and signature. This provides a complete and accurate history of the contract lifecycle and enables sales teams to monitor contract performance, identify issues, and ensure compliance and accountability.
Improved collaboration:
This is where CLM solutions truly shine. This software can enable real-time collaboration between sales and legal teams, as well as with external parties, such as customers, vendors, and partners. This reduces the risk of miscommunication and that dreaded back and forth.
Ultimately, CLM allows sales teams to sign more deals faster, making it a must-have tool for these departments in 2024. It can help organizations reduce deal cycle times and improve collaboration with legal teams. It can also help sales teams increase customer satisfaction, loyalty, and retention, and improve ROI.
If you want to explore the benefits of this essential solution, check out Zeal and how it can benefit your sales department.
Schedule a demo here.