How can sales contract management tools improve contract visibility?

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If you work in sales operations, you know how important it is to have a clear and efficient contract management process. Contracts are the backbone of any sales deal, and they can also be a source of confusion, delays, and risks if they are not managed properly. That's why sales contract management tools can be a game-changer for your sales team. In this article, you'll learn how sales contract management tools can improve contract visibility and help you achieve better sales outcomes.

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Ben Moyer

I build GTM motions that work | Let's grab coffee ?? | RevOps at STYTCH
Jason Kinsella-McKeown

Principal Manager, EMEA Deal Desk @ Bloomreach | Revenue Operations | MBA Candidate| Ex-LinkedIn, Ex-J.P.Morgan

1 What are sales contract management tools?

Sales contract management tools are software applications that help you create, store, track, and analyze your sales contracts. They can automate and streamline various tasks related to contract creation, approval, execution, and renewal. They can also integrate with other tools, such as CRM, ERP, or e-signature platforms, to ensure data consistency and accuracy. Sales contract management tools can help you reduce human errors, save time, and increase compliance.

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Ben Moyer

I build GTM motions that work | Let's grab coffee ?? | RevOps at STYTCH
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Being able to automate contract creation to the information your team has been collecting all along the sales cycle can be a major efficiency boost. No one enjoys having to copy fields they already filled out once to a seperate contract tool.

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2 Why is contract visibility important?

Contract visibility refers to the ability to access, view, and understand the status, terms, and performance of your sales contracts. Contract visibility is important for several reasons. First, it helps you monitor and enforce your contractual obligations and rights, such as payment terms, delivery dates, service levels, or penalties. Second, it helps you identify and mitigate potential risks, such as contract breaches, disputes, or litigation. Third, it helps you optimize and improve your contract performance, such as renewal rates, customer satisfaction, or revenue growth.

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Nicholas Gollop

Senior Revenue Operations Leader & Advisor | GTM Strategy
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The accurate display of contract information is vital not only for basic tasks like book keeping, but also to enable CSMs to accurately forecast and proactively reach out to their customers. This is, in my experience, an afterthought in most Org's but by far the most important piece to stay on top of your retention game. Making sure you have all the dates, values, amendments, buying roles and contacts properly flagged allows for a quicker and more efficient handover between teams and an easier overall management down the line when someone new joins and needs to take over.

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3 How can sales contract management tools improve contract visibility?

Sales contract management tools offer several advantages when it comes to contract visibility, such as centralized and secure storage, automated and standardized workflows, and real-time and actionable insights. These tools can store all contracts in a single, searchable, and secure repository, while automating the creation, approval, and execution of contracts. Additionally, they can provide you with real-time insights into your contract status, terms, and performance. Dashboards, reports, and alerts can help track key metrics like value, duration, expiration, renewal, or profitability. With analytics and AI capabilities, you can identify patterns, trends, and opportunities for improvement or optimization.

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Jason Kinsella-McKeown

Principal Manager, EMEA Deal Desk @ Bloomreach | Revenue Operations | MBA Candidate| Ex-LinkedIn, Ex-J.P.Morgan
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Here are some of the key advantages I've encountered: Efficiency and Time Savings: Automating contract creation, approval workflows, and e-signatures saves time and reduces the administrative burden on sales teams. Improved Accuracy: Automated tools reduce the chances of human error in contracts. Enhanced Collaboration: Contract management tools often provide collaboration features, allowing teams to work together on contracts in real-time. Centralised Storage and Organisation: This ensures that contracts are readily accessible and reduces the time spent searching for specific agreements. Compliance and Risk Management: These tools often come with compliance features, ensuring that contracts adhere to legal and regulatory standards.

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4 What are some best practices for using sales contract management tools?

To get the most out of your sales contract management tools , you should consider several best practices. Firstly, define your contract management goals and KPIs. This will help you decide which sales contract management tool to choose or implement, and what outcomes you want to achieve. Secondly, select a tool that suits your needs and budget. Take into account the size and complexity of your contracts, the number of users, integration with existing systems, and the security and reliability of the tool. Finally, train and educate your users on the features, functionalities, best practices, and tips for using the tool. Additionally, provide ongoing support and feedback to your users to ensure a successful adoption of the tool.

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Tyler Miller

Sales Strategy & Revenue Operations | Sales Compensation Expert
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Ensure that norms / requirements are communicated and well understood as early as possible. And continue to build on that as necessary. Organization build requirements, and certain contract terms are up for negotiation. Before deals close, contracts can change in many ways. "Acceptable" actions / changes need to be clearly defined. RevOps / deal desk needs to own this process and documentation. But the longer an org waits, the harder it gets as requirements evolve.

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5 How can you get started with sales contract management tools?

If you are interested in using sales contract management tools to improve contract visibility, you can start by doing some research and comparison of the different options available. You can also look for reviews, testimonials, or case studies from other sales operations professionals who have used sales contract management tools. You can also request a demo or a free trial of the sales contract management tools you are considering, and test them out with some of your contracts and workflows. Finally, you can choose the best sales contract management tool for your business, and implement it with the help of the vendor or a consultant.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can sales contract management tools improve contract visibility?

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1 What are sales contract management tools?

2 Why is contract visibility important?

3 How can sales contract management tools improve contract visibility?

4 What are some best practices for using sales contract management tools?

5 How can you get started with sales contract management tools?

6 Here’s what else to consider

Sales Operations

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How can sales contract management tools improve contract visibility?

1

2

3

4

5

6

1 What are sales contract management tools?

2 Why is contract visibility important?

3 How can sales contract management tools improve contract visibility?

4 What are some best practices for using sales contract management tools?

5 How can you get started with sales contract management tools?

6 Here’s what else to consider

Sales Operations

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