This is a good piece from John Garvin with some tips and reminders on how to speed up contract timelines.
A contract management system is vital for the effective and efficient conduct of business. Good deal making is essential to revenue and for the management of risk but it is also important to execute agreements quickly in order to recognise their value and to free up deal makers to follow new leads.
An automated system gives you control and an overview of the entire process. This has certain important and potentially game changing consequences. Firstly, it empowers the deal makers themselves, they have visibility and a greater understanding of the end to end process. Provided the system is set-up properly they will be offered an opportunity to generate their own contracts and, if they follow due process, to finalise and sign off on an agreement with little, or no, input from other departments.
This is faster, more efficient and encourages contracts which follow the rules.
Secondly, the greater visibility means that anyone can see where a contract is in the system at any time. This helps to identify hold-ups and blockages in the system but also, in turn, leads to greater accountability and responsibility.
So, good news all round. Now the key is to select and implement the right system for your business.
A drawn-out sales cycle is not just a hassle for all those involved — it’s also costly. The longer it takes to sign a contract, the longer you’re devoting to one prospect and the more resources you’re pulling away from pursuing other opportunities.