The “document disconnect” is a term coined by the International Data Corporation (IDC) to describe the inefficient way departments exchange essential information at the end of a business transaction. And it is a major problem for Sales executives.
IDC research shows sales teams spend 33% of their time dealing with these “document disconnect” issues. That harms revenues by taking time that could be spent selling and instead using it on admin tasks.
Using manual processes for contract lifecycle management (CLM) contributes to this waste. A better way is to create intelligent sales teams that use technology to automate CLM, so sales reps can decrease their admin burden and increase their revenue achievement.
Why Do Manual CLM Processes Cause Document Disconnect?
Using manual processes to manage CLM makes it easy to make mistakes for a number of reasons.
First, sales reps must handle complexity when selecting pricing and product configuration options. A large amount of options makes it easy for product dependencies to be overlooked, or bundling pricing to be missed.
Second, sales reps that need to send out contracts with their quotes will often lack the expertise to do them properly. Things like product configuration, pricing, and geography can all require specialized terms that are easy for reps to overlook.
Third, company legal and commercial policies change. In some cases, it is possible sales reps will not even be aware of changes. And even if they are, it is easy for habit to cause reps to accidentally place old terms or clauses into a quote without even realizing it.
All of these oversights caused by inefficient manual quoting processes add inaccuracies into the contract that take time to be corrected later.
Keep Sales Reps Selling with DealHub
DealHub is the better way to handle contract management. It improves on manual processes in several different ways.
Automated Sales Playbooks
DealHub gives you next-generation guided selling via our automated sales playbooks. Playbooks act like a ‘wizard’ that asks sales reps a series of questions. Their responses automatically generate quotes that accurately take product dependencies and bundling into account. The quote generated is 100% accurate every time.
“Dealhub represents scalability for my organization in every facet of CPQ; from what do we sale and how do we sale it to data integrity and analytics. Dealhub provides guided selling capabilities improving the time to first sale of all our new sales reps.”
FP&A & Revenue Operations
Insert Predefined Terms and Clauses
Once product and pricing is configured, DealHub also evolves how Sales and Legal collaborate on contract terms. Predefined terms and clauses written by Legal that relate to specific products, pricing models, or bundles can be automatically inserted into a quote whenever they apply. No matter how complex a quote is, everything about its terms will be 100% accurate. complex product and pricing mixes are generated.
Approved Legal/Commercial Policies
Once the quote is fully ready to go with all the specific terms and clauses required, DealHub will also add in any of the relevant approved legal and/or commercial policies. No matter what the deal looks like, sales reps can be sure everything that needs to be there from a contractual standpoint is in there.
DealHub does all of this automatically, creating the right contract to send to the prospect. It’s a new era of CLM automation that enables reps to eliminate the time sink of all their manual admin processes and spend their time achieving more revenue.