Archive: January, 2011
So, you’ve finally gotten your prospect to say “YES!” and it’s time to nail down all of the Ts and Cs. What’s the next step? You ask your legal department to draft a sales contract. But what if they’re too busy to get to your request right away? What happens to your deal?
If this is an issue you face in your organization, it’s time to look into automating your sales contract process. The Aberdeen Group reported recently that companies who automate their sales contract process see a 15% better team attainment of sales quota.
Using interactive document generation software allows your legal department to provide you with a “self service” way to create a compliant sales contract, often in minutes. For example, the sales force at Dow Jones uses Exari document generation software to deliver customized, compliant contracts in less than 30 minutes, down from an average of 5 business days. By completing a web-based questionnaire, sales people can choose from a list of approved contract terms and clauses to create a compliant first draft.
In a recent Aberdeen Group survey report, Sales Mobility – Quotas Untethered (free registration required), analyst Peter Ostrow explored how supporting a sales staff with mobility initiatives improved their performance. He found that an average of 65% of sales reps in the “Best in Class” performers were achieving their annual sales quota, compared to 54% for industry average.
Survey results also show that top performing organizations share the following:
- 87% enable synchronization of calendars, contacts, events and/or tasks.
- 78% support remote viewing and modification of key CRM sales information.
Happy New Year. We thought we would start the new year off by sharing some prognostications.
Richard Susskind, author of The End of Lawyers? Rethinking the Nature of Legal Services, was interviewed recently by Rob Ameerun over at Legal IT Professionals, where he shared his top four legal IT predictions for the coming year. According to Susskind, we can expect:
- Widespread up-tick of the iPad, especially by US in-house lawyers. Once there are better word processing and presentation software available, Susskind says the iPad will become the device of choice. (You may be happy to note that Exari already works on your iPad!)
- Cloud Computing – Susskind says that it makes sense to process and store bodies of data in the cloud. Law firms have been hesitant to do so, due to security and privacy concerns. But Susskind sees 2011 as the year to make the move. In fact, many people agree that data is often safer in the cloud than on premise, as long as you use a provider with stringent security controls, such as those meeting SAS70 standards.
- Business Process Outsourcing – In 2011, more than ever, law firms will transfer their systems and technologies to 3rd parties on and off-shore to lower costs and improve efficiency. Outsourcers use contract lawyers, lower cost employees and legal technologies (including document generation software) to keep their costs down and provide quality work.
- Social Media – This will be the year that lawyers embrace LinkedIn, Facebook and Twitter. Why? Because they want to hear what their clients are doing and thinking, and this constituency is already using social media.
What do you think? Would you add anything else to the list? Let us know in the comments below.
While you’re thinking, try a demo of our document generation software and start 2011 with a Legal Technology that will greatly improve your efficiency and productivity, maybe leading to your most profitable year ever.
Photo courtesy of cackhanded.