Revitas Inc. http://www.revitasinc.com 4m 526
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Say Yes To Contract Management
Change is necessary for any company to grow but convincing your management to rethink the “if it ain’t broke, don’t fix it” approach can get tricky. However, employees with an innovative and new idea on how to help the company be more successful need to know how important it is that they understand how to properly and successfully propose this idea to management.
Convincing the people who have the power to implement contract management is no easy task, but having the knowledge on how to get management buy-in will give you an edge when presenting this idea. By learning how to show value in their idea, present research, communicate the need to implement the change, and addressing how it will change the company for the better will help the change be a successful one and show the real worth and passion of your idea.
So, how do you get your management to say yes to change? It requires educated tactics that will help your ideas be presented effectively, strongly, and passionately. This infographic from Revitas Inc. takes you inside the steps to presenting a convincing change initiative to any management board. With the tactics, tricks, and tips found here, the only thing you need to do is apply them to your company, brand, idea and set to work to initiate the change that you need.
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HOW TO INCREASE CONTRACT ROI
60-80% of business transactions are generated by contracts
9.15% of a company’s bottom line is impacted by weaknesses in contract management
CONTRACT MANAGEMENT SYSTEMS TODAY
- CFOs looking to see 3% improvement rate on annual revenue
- Proper Contract Management can improve profitability by up to 9%
- In 2013, 46% of businesses were planning to switch to automated contracts
- 85% of companies are using manual processes to manage sales contracts
- $2.5 – $3.5 million is the average amount research estimates a typical business with 1,000 employees wastes each year searching for and re-creating lost documents
- The average employee uses close to $80 worth of paper per year
- E-signatures and digital contracts can drop costs in half
Contract Management System users have higher lead conversion rates, higher annual customer renewal rates, and shorter sales cycles
- 90% renewal rates were seen by companies using Contract Lifecycle Management solutions
- Contract approval time drops an average of 82% with the use of a Contract Management solution
HOW TO INCREASE ROI IN CONTRACT MANAGEMENT
- AUTOMATE: Streamline contracting creation and reviews using automated workflows, alerts, and mobile capabilities
- COMMUNICATE: E-signature and remote contract capabilities enhance communications and speed up approvals
- FOLLOW-THROUGH: Use milestone and obligation management to ensure fulfillment of all contract terms and conditions
- REVIEW DATA: Holistically review contracts through real-time analysis of contract administration and performance
- EDUCATE: Training employees regularly helps to improve efficiency and increase bottom line
- GO GLOBAL: Deploy unique instances of contract application by department or geography
IS YOUR CONTRACT MANAGEMENT SYSTEM SUCCESSFUL?
- Optimize Processes and Efficiencies
- Increase in Bottom Line
- Increase Contract Potential
- Improve Global Contract Operations
- Increase Workforce Efficiency
- Decrease in Contracting Mistakes and Risks
- Increase Contract Compliance Rates
- Increase Customer Base
- Improve Customer Satisfaction
- Improve Contract Renewal Rates