Three Reasons Why to Modernize Your Contract Negotiation Process
Over the past two decades, cloud technologies have completely transformed how we work. Expensive client-server applications such as CRM, ERP, Project Management, Collaboration, and many others gave way to nimble web-based apps with per-user pricing models and low or no up-front costs.
So why is it that in the age of social and mobile web applications, we still negotiate contracts like it’s 1996? We still draft contracts in MS Word, email them to relevant stakeholders, collect everyone’s revisions, reconcile all revisions into a single document, email the updated version, and then more of the same. As a result, companies struggle with long negotiation cycles, lack of visibility, and poor process control and compliance. Studies have found that companies are losing up to 9.2% of revenue due to poor contracting processes.
Parley Pro was created because we believe that it’s important for businesses to modernize their contract negotiation processes. Over the past twenty years, they were able to modernize sales management, enterprise resource planning, and other organizational workflows and processes
So why do you need to modernize your contract negotiation process?
Today, contract negotiation requires a lot of manual, error-prone clerical work. Sifting through emails and reconciling everybody’s revisions into a single document takes up too much time and effort, resulting in longer negotiation cycles and higher risk of losing the deal.
Modernizing contract negotiation will allow your company to devote more high-value resources to core business functions and less to clerical work.
Today’s process makes it difficult to answer even basic questions. How long will it take for a particular contract to close? How much revenue are we going to book this month? What % of contracts include nonstandard terms? Who approved a particular term customization or concession?
Once your company upgrades contract negotiation from last century processes to a modern platform
How can you assure compliance and maintain a robust contracting process if your people still email static documents to each other and to third parties? Manually checking each contract and cataloging nonstandard terms, renewal dates, and other critical info is a nightmare.
Adopting a robust cloud contract negotiation solution will allow you to easily define, enforce, and audit compliance with your company’s official contracting processes.
Parley Pro is a cloud-based contract negotiation and management platform. Parley Pro makes contract review, negotiation and management fast, simple, transparent, and collaborative.