Just about all general counsels or contract managers would agree, no one tries to be a contract bottleneck. But unfortunately, contract bottlenecks are commonplace during the contract lifecycle, and it’s usually Legal that gets the blame.
At the Argyle Chief Legal Officer Leadership Forum in San Francisco, Miguel Tam, Apttus’ Sr. Director of Product Marketing, shared how Fortune 500 Legal teams are eliminating bottlenecks from their contract cycles, and improving the alignment between Sales and Legal, with a better approach to contract management.
Without a Standardized Process, Contract Bottlenecks are Bound to Occur
While Legal often gets the blame for slowing down the sales cycle, cautious review of the details is just part of their job. But when a manual contract process meets a daily barrage of contract requests—everything from NDAs, to vendor and partner contracts, to new hires agreements, and more—it’s no wonder the contract lifecycle slows down to a crawl.
As Miguel shared with the audience, all is not lost. It is possible to move faster through the contract request, negotiation, and approval process without losing control, as long as you can put a few automatic controls in place. And best of all, Sales and Legal will no longer be at odds.
Contract Management Makes Bottlenecks Go Away
When you automate the contract lifecycle, it’s easy to eliminate bottlenecks, and move agreements quickly from initial request, through final approval and signature. And as Miguel shared, Apttus customers who have made the move to automate are quickly realizing benefits.
For example, one $10B high-tech manufacturing organization, with over 100,000 contracts, implemented Apttus to give individual business groups a fast, easy way to request the contracts they need through guided self-service tools. That company is seeing a 30% reduction in contract cycle times.
Another $3 billion software company with over 10K employees implemented Apttus contract management to automatically include the most up-to-date Legal language terms and clauses across all contract templates with the use of a Legal playbook. This eliminated the risk of generating standard documents, and led to visibility, lower risks and improved business responsiveness
Want to Learn More About Contract Management and the Contract Lifecycle?
It’s always great to hear how other companies are leveraging technology to make a difference, but if you’re looking to apply the knowledge to your own organization, I encourage you to check out the Apttus guide, “The Financial Impact of Contract Bottlenecks.”
Or join us at Apttus Accelerate, the Quote-to-Cash event of the year. There, you’ll be able to hear more from Miguel, as well as talk with other Apttus customers who are removing bottlenecks, and experiencing reduced risk, increased efficiency, and the financial gains that come executing faster than your competition, and being easy to do business with.