Everyone’s a salesperson when trying to explain the benefit of new technology to key stakeholders and those who will ultimately back the implementation project. It is very difficult at most companies to fund new projects, so hedging your bets early on with a rock-solid business case that outlines CLM best practices, pointing out benefits that are particularly pertinent to your company’s needs, is critical to getting project support. Here are a few key points to keep in mind as you being constructing your “sales pitch.”
Contraxx is a contract management solution that’s built on the feedback of thousands of contract managers, intended to help users manage documents at an enterprise level. The platform enables users to create all types of contracts, and the system guides users through contract creation by handling the bulk of the legal wording.
Companies that use contract lifecycle management software understand that contracts are not just a part of business, but an asset that needs to be nurtured, maintained, and structured for best results. A great contract management system is a critical part of business success. It must be easily adoptable by multiple users representing different departments and be completely customizable while simplifying contract workflow.
Contract management software captures and sorts documents into personal service agreements, equipment and facilities leases, joint ventures, recruiting arrangements, and other areas addressed under Stark Law. Permission-based access controls create guardrails for users and what they can and cannot do in certain documents, preventing errors from being introduced and causing problems down the road.
If you’ve ever spent time as a corporate general counsel, you know that managing a contract is more complicated than it seems. While almost every contract starts with a request, and ends (hopefully) with renewal, there’s a lot of work—and sometimes chaos—in between.
To see why technology companies need to keep an eye on contract and revenue management, look no further than your smartphone. Think about where it came from. You likely bought it from a retailer, which received it from a distributor, which relayed it from the manufacturer, which sourced the dozens of components from equally as many suppliers.
At the heart of all modern businesses is the contract. Sales and legal operate on a daily basis writing, reviewing and editing contracts, and those are just two departments out of many others. There’s more to managing contracts than just being a simple file repository though, and vendor Novatus is on the forefront of expanding the definition. We talked to senior vice president of sales and marketing Jeffrey Bosworth to learn more about the Novatus approach.
Often when businesses talk about contract management, it’s reactive and not proactive, as topics like compliance and risk mitigation aren’t always top of mind for C-level sales executives. But contract management can be a proactive, strategic move—so here are some ways contract management empowers your contract team to become revenue generators for the organization.
We’ve all heard the environmental benefits of “going green,” but keeping our planet healthy isn’t the only reason for brokerage firms to move to electronic documentation. There are significant benefits of switching to digital signatures, not just for your firm, but also for your customers.
Many companies can effectively run their contract management functions off of a document management system which ticks the initial boxes including storage, easy access, and collaboration. But for companies with complex contract processes, contract lifecycle management (CLM) is the only contract management option for a number of reasons.
