There are a number of obstacles standing in the way of businesses meeting year-end goals, but few are as formidable as getting sign-off from the legal department. Whether an organization is focused on generating net new revenue, increasing customer renewals, or achieving some other crucial target, finalizing contracts is often what stands in the way of meeting those goals.
And with good reason. Contracts have to be 100% accurate since they’re the first official handshake when forming positive, productive relationships with customers, vendors, and other partners.
But up until now, the contract lifecycle has been a manual—and therefore slow—process:
- Legal teams receive contracts in various states, often needing revisions, updates to account information, and careful reviews before they can be approved and finalized. It takes time to go over every word to the degree that is required, but time is what nobody has.
- Changes to contracts require version control, which poses a risk for confusion and errors. As well, those changes have to get synced back to the CRM or other data storage system, which translates to even more manual work.
- Legal teams spend their days on lockdown, tied to their offices and delayed even further from constant requests by others for contract statuses and updates.
Famously known for crossing every “t” and dotting every “i,” legal teams have to execute their work with a close attention to detail. But the manual production and processes they use do nothing but increase the potential for mistakes and slow up other teams waiting on time-sensitive approvals and signatures.
When legal teams are faced with year-end pressure to push through contracts quickly and error-free, it begs the question: is there another way to create, edit, and manage contracts and negotiations without the typical inefficiencies that come with manual work?
Of course there is. Automating and integrating the contract lifecycle is a boon for legal teams—helping to streamline and accelerate every step.
The case for automating contract processes
Nothing moves forward in business without a contract to back it up. Sales teams striving to meet revenue goals, for example, rely heavily on legal’s expertise, review, and approval to cap off their hard work. With so much riding on the end result, it’s no wonder that legal departments are often the unsung heroes—or villains—when it comes to business impact.
That’s why automating contract creation, negotiations, and approvals helps to ensure that legal teams play a more positive role in the success of any business:
- Accuracy. Take the risk out of the process. Automating contract creation and revisions gets everyone on the same page from the get-go. Contracts are built from the ground up with auto-populated data pulled from multiple sources, along with pre-approved terms and conditions. Legal teams can then make any changes during negotiations and sync them back to Salesforce, while securely tracking and working off the latest versions.
- Efficiency. It’s time for legal to enter the digital age. Automation allows legal teams to work from anywhere at any time, collaborating on contracts and negotiations and reviewing information without being in the office. And instead of relying on the legal team’s availability, other departments can digitally track and view the statuses of contracts on their own in real time.
When legal teams can work faster and more efficiently without losing any accuracy, every aspect of a business is better supported and enhanced.
Budgeting for contract automation
Leftover budget at the end of the year is always a toss-up. How can businesses best put it to use? With contract automation tools that integrate with Salesforce, legal teams can speed through the contract lifecycle, helping businesses meet or exceed goals and confidently set new trajectories for performance.
To learn more about how contract automation can increase your accuracy and efficiency at year’s end, download Conga’s ebook “The Path to Year-End Efficiency: Making the Most of Your Use-It-Or-Lose-It Budget”.