- Client Contract Mgt
Across a business, whether in marketing, sales, service or legal, contracts help define relationships and solidify business deals; contracts are the lifeblood of a business. According to Aberdeen Group, top performing sales organizations are 116% more likely to create a formal process to streamline sales contract workflow. When Aberdeen Group evaluated key sales KPIs for organizations with and without sales contract management processes, they found that the average sales cycle among companies with a contract management process in place, was a month faster than lower-performing companies without contract management process.
8MSaaS Corporate Client Business CRM Contract Mgt is a technology-enabled process by which a selling organization is able to create, store, manage, revise, and track progress around formal business contracts. 8MSaaS Corporate Client Business CRM Contract Mgt provides the following benefits:
- Fully technology Enabled: Utilizing technology to enable their end-to-end sales contract process, from creation to fulfillment.
- Collaborative: Account management is collaborative by nature. You company can make use of the 8MSaaS Contract Mgt feature to help foster engagement amongst the sales team and between account managers and prospects. The ability to allocate tasks and define roles in a digital workspace facilitates a more productive and efficient workflow for the people involved.
- Transparent: Each person involved can view where her contracts are in the workflow, and what the next steps are to completion. Visibility into the lifecycle increases the ability of the sales team to build a track record of solid communication.
- Data-driven: Having real-time contract workflow data into how the process is working and where the process is lacking or affecting the business negatively, enables your company to allocate their people and monetary resources more efficiently.
8MSaaS Corporate Client Business CRM Contract Mgt can shorten the sales cycle, drive efficiency and ultimately lead to more revenue.
- Cloud Repository
Cloud repository is a crucial feature for modern contract management since it is the enabling technology for safe and secure contract collaboration among multiple parties. By storing contracts in a central repository and allowing only one version of the contract in the process that can be shared through a secure link, 8MSaaS Corporate Client Business CRM achieves the following:
- Making contracts easier to find
- Eliminating the need to store contracts in a shared drives where contracts can possibly become unsecure, misplaced or lost
- Eliminating the need to email contracts which might not be secure
- Avoiding the confusion caused by multiple versions of the truth (contract)
- Contract Authoring
Some contracts can be very lengthy and if printed, can amount to hundreds of pages with many clauses, business terms and conditions. 8MSaaS Corporate Client Business CRM allows predefined contract templates for different types of contracts. The author or initiator of a new contract can either click the “Auto Contract Generation” command in the Opportunity to have the system to automatically generated the contract based on the client and business information in the Opportunity and the selected predefined contract template or manually create the contract from the selected predefined contract template.
Besides you can create different templates for different types of sales and purchase agreements, you can also create different templates for different types of master agreements, non-disclosure agreements and statement-of-work (SOW).
- Price & Margin Mgt
8MSaaS Corporate Client Business CRM provides you the tools to do pricing, submit quotation for internal approval and then push or send to the client and finalize the prices and payment terms in the contract. 8MSaaS Corporate Client Business CRM automatically track delivery milestones and payments and calculate payment received, material and labor costs and margin.
- Service Level Mgt
8MSaaS Corporate Client Business CRM allows you to establish Service Level Agreement (SLA) within the contract that you are creating. You can establish different time base and/or quality base measurements associated with different penalties and rewards and 8MSaaS Corporate Client Business CRM will automatically track and calculate the penalties, rewards and nets in real-time based on actual results of the deliveries and acceptance of the contract.
SLA is a very effective tool for you and your client to control the punctuality and quality of the contractual deliveries.
- 3rd Party Paper Upload & Shared Contract Review
A by-product of cloud repository is third party paper upload and shared contract review. Emailing scanned images of paper documents back and forth can be time-consuming, but it can also be unsecure and unreliable. Many people are attaching contracts and contract attachments to emails. What they may not be aware of is that each time a contract is sent, a new version of that contract is being created. Depending on how these contract versions are being stored, this increases the risk of accidentally using the wrong contract version. Also, emailing contracts and contract attachments can expose personal and financial information in the event of a cyber attack.
8MSaaS Corporate Client Business CRM provides document upload feature for contract attachments and also shared review feature to ensure all reviewers are looking at the single copy of the truth (contract and its attachments).
- Keep Track of Issues and Actions
Issues occur (and actions are needed) before and after a contract is signed. You can stay in control since 8MSaaS Corporate Client Business CRM can track what are the outstanding issues, who is responsible for what actions and what actions have been taken. 8MSaaS Corporate Client Business CRM allows you to control issues to be resolved in a timely manner.
- Send Contracts For eSigning
It’s a common frustration, when all you need to do is get the contract signed, but your signer suddenly goes missing. It could be a sick day, vacation, or just being busy, this shouldn’t be the reason why the contract is stalled.
8MSaaS Corporate Client CRM includes an electronic signing tool that can allow contracts to be signed anywhere and anytime and let you skip the steps such as attaching contracts to emails, or printing out, signing the re-uploading signed contracts.
- Real-time Linkage to Client’s Transaction Records
8MSaaS Corporate Client Business CRM allows you to pull the needed client information from the client repository into the contract, eliminating the work of re-typing client details, while working within the system you already know.
8MSaaS Corporate Client Business CRM also records and tracks all contracts and transactions associated with the client so that you can review your client’s historical and upcoming transaction information as well as its up-to-date account receivable information in real-time.