The pace of commerce is accelerating, and today's organizations face ever-growing demands to deliver faster time to revenue—the length of time from when contract negotiation starts to when it begins to generate income for the business. If a business deal takes twice as long to complete because of a suboptimal contracting process, it doesn’t just mean lost time; it also means lost revenue.
Contracts are foundational to commerce, governing every dollar coming in and going out of the enterprise. Yet inefficient contracting processes remain a common challenge for organizations.
Automating these processes helps organizations accelerate time to revenue. Sixty-three percent of companies with the right contract management software report faster and more profitable negotiations.
Consider the following examples of Lufthansa, a leading provider of payment solutions for the day-to-day management of business travel, and MindTree, an information technology solutions company:
Accelerated Time to Revenue in the Real World
Lufthansa , which handles 167 million transactions per year for 49,000 corporate clients in 60 countries, wanted to transform its lead-to-cash process to more aggressively compete in the rapidly moving financial services market. In December 2017, the company selected the Icertis Contract Management (ICM) platform to serve as the contracting foundation for its global sales operations' digital transformation.
One advantage offered by ICM is seamless integration with other vendors, including PROS configure-price-quote and VeriPark digital customer experience applications. These integrations create end-to-end solutions that enable companies' sales teams to create contracts with a single click and manage associated workflows.
According to executives, by streamlining the contracting processes, will decrease operating costs and improve contract turnaround for their field sales teams.
In a similar case, the global information technology solutions company MindTree was relying on a manual contract lifecycle process that was entirely people-dependent. Without a centralized repository, it was difficult to track commitments, expiries and other milestones.
With ICM, MindTree was able to improve contract turnaround times by 40 percent, resulting in substantial productivity improvements and shorter time-to-revenue cycles.
The Icertis platform helps organizations boost contract velocity, decrease operating costs, reduce risk, and shorten time to revenue. It also accelerates contract development by automatically suggesting the correct structure for each agreement, and by improving negotiation governance with redlining and version management.
Interested in learning more? Request a demo to see how your organization can accelerate the pace of business with a modern CLM software solution, the Icertis Contract Intelligence (ICI).