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Solving Contract Chaos How Stratus Technologies Addressed Sales Contracts Challenges

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Roger Bottum

How do you solve sales contract chaos? Are there best practices that can streamline your organization's contract process? This presentation from a recent webinar featuring Steve Parker of Stratus Technnologies addresses highly effective ways to solve contract chaos, stop chasing paper, and dramatically improve sales team productivity. Bottom line: greater visibility into the contract process -- from creation and negotiation to agreement, close, and renewal -- means faster deal closings and more revenue.

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Solving Contract Chaos How Stratus Technologies Addressed Sales Contracts Challenges Hosted by SpringCM © 2010 SPRINGCM INC. ALL RIGHTS RESERVED.
Contracts Survey: Internal Approvers Create Bottlenecks to Finalizing Contracts Nearly half have 3 or more internal approvers 49.2 2 or fewer 50.8 3 to 9 SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES
Surprises and Challenges Create Delays and Negatively Impact Financials Wide range of issues reported Contracts expired before a renewal negotiation is begun Lost or misplaced contract Terms and conditions added into a final contract that turned out to be non- Marking up/editing the wrong draft None of these situations have occurred Missed forecast due to slow to sign contract or contract process obstacles Non-compliant terms in a final draft Lack of visibility into contract approvals on the client/customer side 0% 5% 10% 15% 20% 25% 30% 35% SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES 3
Priorities Focus on Control, Productivity and Reporting Wide range of issues viewed as important Reducing the time spent chasing contracts 2.0 Reducing use of email and email attachments 2.1 Eliminating misplaced, lost contracts 2.1 Eliminating paper from workflow and process 2.1 Eliminating lost documents 2.2 Improving visibility into sales contract 2.3 proceses Ennsure only most recent copy is being used 2.3 Automating unproductive processes 2.3 Improving internal sales team productivity 2.4 Confidence that terms and provisions are in 2.4 compliance Improving insight into status of contracts 2.4 Having early notice of impending renewals 2.5 SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES 4
Stratus contract process • High tech hardware and software • Direct and channel Types of contracts? Contract process? © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 5
Warning signs that it was time to look at contract management? Status on Time spent spreadsheets finding status Surprise terms © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 6
Warning signs that it was time to look at contract management? Easily track Easy to implement, contracts operate Integration Affordable © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 7
Can you describe your implementation? Small team Weeks to implement © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 8
Advice or comments you would share? © 2010 SPRINGCM INC. ALL RIGHTS RESERVED.
What’s the impact on your business process? More focus on deals Visibility in signed salesforce Lower risk in terms © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 10
Questions? For more on Stratus use of SpringCM, visit http://www.springcm.com/sales-contract-management www.springcm.com Twitter at @springcm © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 11

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Solving Contract Chaos How Stratus Technologies Addressed Sales Contracts Challenges

  • 1. Solving Contract Chaos How Stratus Technologies Addressed Sales Contracts Challenges Hosted by SpringCM © 2010 SPRINGCM INC. ALL RIGHTS RESERVED.
  • 2. Contracts Survey: Internal Approvers Create Bottlenecks to Finalizing Contracts Nearly half have 3 or more internal approvers 49.2 2 or fewer 50.8 3 to 9 SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES
  • 3. Surprises and Challenges Create Delays and Negatively Impact Financials Wide range of issues reported Contracts expired before a renewal negotiation is begun Lost or misplaced contract Terms and conditions added into a final contract that turned out to be non- Marking up/editing the wrong draft None of these situations have occurred Missed forecast due to slow to sign contract or contract process obstacles Non-compliant terms in a final draft Lack of visibility into contract approvals on the client/customer side 0% 5% 10% 15% 20% 25% 30% 35% SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES 3
  • 4. Priorities Focus on Control, Productivity and Reporting Wide range of issues viewed as important Reducing the time spent chasing contracts 2.0 Reducing use of email and email attachments 2.1 Eliminating misplaced, lost contracts 2.1 Eliminating paper from workflow and process 2.1 Eliminating lost documents 2.2 Improving visibility into sales contract 2.3 proceses Ennsure only most recent copy is being used 2.3 Automating unproductive processes 2.3 Improving internal sales team productivity 2.4 Confidence that terms and provisions are in 2.4 compliance Improving insight into status of contracts 2.4 Having early notice of impending renewals 2.5 SOURCE: 2011 SALES PRODUCTIVITY SURVEY: CONTRACT MANAGEMENT © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. CHALLENGES 4
  • 5. Stratus contract process • High tech hardware and software • Direct and channel Types of contracts? Contract process? © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 5
  • 6. Warning signs that it was time to look at contract management? Status on Time spent spreadsheets finding status Surprise terms © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 6
  • 7. Warning signs that it was time to look at contract management? Easily track Easy to implement, contracts operate Integration Affordable © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 7
  • 8. Can you describe your implementation? Small team Weeks to implement © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 8
  • 9. Advice or comments you would share? © 2010 SPRINGCM INC. ALL RIGHTS RESERVED.
  • 10. What’s the impact on your business process? More focus on deals Visibility in signed salesforce Lower risk in terms © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 10
  • 11. Questions? For more on Stratus use of SpringCM, visit http://www.springcm.com/sales-contract-management www.springcm.com Twitter at @springcm © 2010 SPRINGCM INC. ALL RIGHTS RESERVED. 11