Sales and legal teams are investing excessive time and money creating repetitive, mission-critical documents. Experts indicate that, depending upon the industry, sales people can spend up to 25% of their time creating repetitive documents such as NDAs and sales contracts.
While producing these documents seems routine, it’s anything but. In fact, your organization can be losing money and increasing your exposure to risk using error-prone document creation processes.
Traditionally, organizations have relied on creating contracts by manually copying, pasting, and modifying content to meet specific needs or to accommodate unique customer requirements. However, this approach demands the close attention of the legal team who must review various drafts.
This approach to contract creation also creates bottlenecks, particularly at the end of a quarter when volumes of sales documents grow. In some cases, organizations can miss a revenue opportunity if appropriate terms and conditions are not included or are unreported. It also introduces compliance and regulatory problems when salespeople inadvertently omit or alter critical information.
Keeping an accurate list of active contracts is another challenge. And even if those contracts are kept in a central location, the visibility into their terms is limited. By capturing data when each contract is created and making EVERY piece of data searchable, you are able to run a wide range of reports to perform analysis and gain insight into performance and risk across your contract portfolio.
Innovative companies are moving past “copy and paste” to interactive document generation software which streamlines the contracts process by letting end users create legally pre-approved contracts, NDAs, etc. —simply by filling out web-based interviews.
Just as important, interactive document generation solutions bring these documents into a controlled and secure environment to minimize risk, maximize revenue opportunity, and free-up your sales team and General Counsel from spending time on low-value document creation and review to focus on high-value activities like closing business.
See it in action! Run our online interactive document generation demo for sales contracts now!