At Volody, we build products as per the specific needs of customers and work with constantly evolving products to make manual processes automated smartly.
As per a survey done by Volody with more than 120 companies, it was found that on average contract drafting, negotiation and execution take almost takes 2 months and increase sales cycle significantly resulting in revenue loss, increased time of sales team and additional sales support requirement. The reasons for this delay was on account of:
- Communication gap among legal and sales team of both the parties
- Broken work-flows
- Delay in approvals
- Red-lining & version control not handled religiously
- Endless time going into the physical flow of agreements for stamping, signing and storage
- Unstructured physical storage resulting in a delay in access and increased storage cost
In the research report published by IDC, “Addressing the Document Disconnect,” business leaders said their staff spends more than one-third of their time on administrative tasks, and less than two-thirds on their core job function.
The report also suggests that more than a third of business leaders said that they have a problem with agreements with missing signatures, initials, dates or that has been signed by the wrong person; nearly half (46%) aren’t sure they have copies of all signed agreement and over 50% (to be precise 51%) say they have problems with documents that are misfiled or lost.
The IDC report further concludes that address the document disconnect can provide exceptional benefit in terms of reducing cost, enhancing revenue and reducing compliance risk as below:
- 36% increase in revenue
- 30% reduction in cost
- 23% reduction in business /compliance risk
In another research conducted by research by the International Association for Contract & Commercial Management (IACCM), the report concluded that more than 9 percent of an organization’s revenue can be lost due to poor contract management. As a result of any business with average revenue of Dollars five million, a good three hundred fifty thousand Dollars is lost because of poor contract management.
With so much of complexities and growth-focused and intense competition, businesses are increasingly relying on good Contract LifeCycle Management Software to address the issue of poor contract management and giving solutions to the sales and legal team.
We have captured all the perils of the manual contract lifecycle management process in the enclosed video. We sincerely hope you find it useful. Please feel free to give your feedback/comments.