|Aberdeen's workflow automation survey|
Sales teams are under enormous pressure to close business deals as quickly as possible to meet quotas and secure revenue before each quarter comes to a close. However, certain roadblocks, such as poor contract management, can put the brakes on the sales cycle, causing sales organizations to lose opportunities and ultimately miss revenue targets.
The problem is that many organizations have undervalued contract management -- viewing it as a tactical or administrative task. In fact, most companies have not given thought to developing a true contracting strategy. Yet such a strategy might be the key to achieving all your sales goals.
Aberdeen Group estimates that 18 percent of an enterprise’s sales cycle is attributed to contract creation, negotiation, and approvals. By making improvements in contract management, companies can realize significant improvements in their sales performance, which can have a ripple effect throughout the entire business. Aberdeen’s research shows that companies using contract automation, for example, report 92 percent average overall team attainment of sales quotas and a 4.2 percent improvement in the reduction of sales cycles.
More and more organizations are evaluating how to develop a proper contracting strategy and evaluate contract management solutions as evidence mounts in favor of effective contract management, especially when it comes to speeding the sales cycle. Many of these companies turn to research firms like Aberdeen for guidance on best practices and to learn how best-in-class companies are approaching contract management. Now Aberdeen is turning to them -- and you -- to develop an even deeper understanding of industry best practices.
Right now, Aberdeen is conducting a benchmark study called “Breaking the Laws of Physics: Shortening the Last Sales Mile through Workflow Automation,” which will provide a snapshot of the industry's current approaches and expected future trends. And Aberdeen has asked us to extend an invitation to our community to participate in the survey.
Follow the link to complete the short survey -- this is a great opportunity to have an impact on the development of contract management best practices.
Survey respondents will receive a complimentary copy of the final report from Aberdeen. It’s useful collateral to help drive your company's understanding of contract management best practices and how it can benefit your company.
Once the report is complete, we’ll check in with Aberdeen’s Peter Ostrow for a deeper look into the findings and what they mean for the future of sales contract automation, so stay tuned!