Best Practices In Contract Management

By SpringCM

According to an Aberdeen's research report, an average 18 percent of an enterprise sales cycle is attributed to contract creation, negotiation and approval. If you handle highly negotiated contracts, the rate could be even higher. A large chunk of that time is spent within your company – that is, where you have control. If you can achieve even 50 percent improvement in the contract cycle, your sales cycle will reduce by 9 percent. This means you can close 11 percent more deals with the same resources.

The Seven Best Practices of Contract Management:

• Find a Conductor
• Start Small and Grow Gradually
• Focus on Quick Wins
• Communicate Successful Usage
• Measure
• Benchmark
• Say NO to Managing Technology and YES to Managing Contracts