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.
The London Reform Group just released their review of 2009 and plans for 2010. The key theme of the letter to CEOs from Chairman Barnabus Hurst-Bannister, is that progress has been made on key reform matters, but that “We are now engaged in the sort of continuous improvement exercise that all markets must pursue or risk being left behind by their competitors.”
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?
Last week there was a sell off of Wall Street and Banking stocks because the market fears that new Obama-administration regulation and oversight is going to reduce revenue and profits. The Wall Street Journal tells the sell-off story (New Bank Rules Sink Stocks) and the looming political battle (Obama vs. Wall Street) in case you missed all the fun.
As with all IT projects, there are a number of sure-fire ways to send a promising document assembly initiative off the rails. And that's regardless of how good the technology is.
So, what can you do to turn a great idea into an unmitigated disaster?
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.
In the coming months, you're going to see posts on this blog from some "new" authors and hopefully, welcome back some old ones. We took a look around the company and realized that we have a lot of experts with varied areas of specialty within Exari.
A recent General Counsel Roundtable (GCR) analysis found that the best ways to control external legal spend are (in order of effectiveness):
- Fixed fees (a set fee "for all work in a given subject area for a period of time")
- Risk sharing (bonuses/holdback for successful/unsuccesful matter completion)
- Flat fees (a set fee for a particular matter)
Sales contracting is an example of a cross-functional business process; one that involves multiple departments, often in different business units with conflicting agendas (and separate budgets). Sales will do whatever it takes to close the deal by the end of the quarter. Pricing's sole focus is on profit margin. And Legal needs to avoid risk. Meanwhile, no one's responsible for the end-to-end process.