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Sales 2.0:

Why digital contract management makes the difference

Robin Schmeisser

Created on 16. May 2024

Handshake zwischen zwei Personen

Product descriptions, price tables, delivery schedules, product-specific clauses - these are just a few examples of important components of customer contracts. Content that employees in sales departments work with every day. The manual creation and maintenance of such contract documents is an administrative challenge - especially due to the time spent. Digital contract management provides a solution. 

In a digital, cloud-based contract management system, all documents are stored together in one place. This means that all authorized persons can access documents at any time - no matter where they are working from. This is particularly important for sales teams who are often on the move. It also saves valuable time: with little effort, agreements and attachments can be generated that already contain the correct, most up-to-date product descriptions and tables. Thanks to versioning, smart contract management software also enables all old contract versions to be called up and restored, making duplicates and tedious searches for the latest version of a document obsolete.

 

Faster deals thanks to automated processes

When drawing up contracts, sales employees use templates, text modules and clauses that have already been stored and checked by the legal department. This not only reduces the potential for errors and risks (such as contractual penalties, loss of sales, loss of certifications or compensation payments), but also ensures the quality of the contracts and adherence to data protection and compliance requirements. 

Once the customer contract has been created by the sales department, it is automatically sent to the responsible contact person for approval using digital workflows. The signing process then begins with an electronic signature, in which the customer is directly involved. Digital signatures are now one of the basic functions of modern contract management. However, the requirements are high: the signatures must be unique, forgery-proof and verifiable. Fabasoft Contracts offers both a native "advanced electronic signature" and the complete integration of a "qualified electronic signature" in accordance with the EU's eIDAS Regulation.

 

Easy generation of monthly reports

Smart contract management software also supports sales in ongoing monitoring and reporting. After setting parameters such as product type, contract totals, term or other relevant metadata once, the tool generates the desired reports at the touch of a button. This means that sales teams no longer have to manually maintain their reports and save a lot of time. 

In addition to regular reports, digital contract management also makes it possible to respond to spontaneous internal queries. For example, if a manager wants to know how many customers have purchased products in a certain category in a certain period of time, employees can access the desired information in just a few seconds. Even during a customer appointment, representatives can access all contracts and evaluations on the go and are therefore always up to date on the current status of the agreements and conditions that have been set.

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