As the end of the financial year approaches, everyone wants to do their part to ensure that existing targets are reached, new goals are set, and growth momentum is maintained. Salespeople want to clinch more sales, while legal departments want to ensure that those deals are safe from any liabilities. As the strain mounts, it’s only natural that some conflict between Legal and Sales develops.
Fortunately, Legal and Sales can eliminate any perceived rivalry and work together with the correct contract management software for salesforce.
Get Rid of Deal Friction
The dispute between Legal and Sales can be summed up in two words: deal friction. Sales despise it, and Legal appears to be the source of it, and that perception is only growing as the quarter progresses. When you zoom out, however, you’ll notice that the root of the problem is a simple lack of clear communication.
Because the two teams are out of sync, deal friction increases. They are continuously updating each other, even when it is inconvenient for them. As a result, Sales sees Legal as a hurdle rather than a partner in sealing their newest deal. As a result, Legal sees Sales as a liability generator rather than a dealmaker.
The solution is software that helps the two teams communicate more effectively. You can easily unify and combine Legal and Sales data with the most up-to-date contract management platform, keeping one team informed about the actions of the other. Integration can yield considerably more diversified and meaningful analytics than simply boosting communication, thanks to significant breakthroughs in predictive AI.
Empower the organization with access to templates
One of the most difficult challenges for legal counsel is the desire to stay on top of everything without having to study every single clause in every contract. To avoid spreading yourself too thin, arm the company with simple, standard contract templates that have gone through your approval process but still need your final approval.
Templates can not only save you time, but they can also assist each department in taking a more active role in minimizing their legal risks.
Defining the Sales Process
While sales will be in charge of creating the sales process, legal must be involved, particularly at the bottom of the funnel. Sales teams may be hesitant to do so because legal takes a long time to form contracts because they want to make sure everything is flawless.
Both sales and legal should specify the point in the stage where legal should enter, what will be required of the legal team, and an optimum turnaround time for both teams to work together seamlessly and reduce the time between opportunity and closed-won.
An impromptu sales procedure might extend the time it takes to clinch a deal and cause misunderstanding. Lack of consistency can add extra guesswork to your sales process, delaying each stage and possibly preventing a contract from closing.
According to statistics, the more stringent the funnel, the more likely sales are to close a deal. This entails having a thorough understanding of metrics, recognizing what kind of contracts will be required, working with legal to draught them promptly, and doing regular pipeline reviews to discuss opportunities at the top and middle of the funnel, as well as their contracting requirements.
Waiting till the end of the funnel to be thorough with the procedure can result in a longer cycle.
Finally, automate document storage, management, version control, and exchange by moving to a better real-time collaboration system that saves you time.