Successful sales performance management helps companies reach unprecedented heights by streamlining everyday processes and increasing efficiency. A sale isn't a quick agreement between a representative and a client – there are multiple points of contact and it can take weeks before a deal is reached. Basic steps like negotiations are expected, if a bit inefficient, but most productivity is lost while managing a large customer base.
According to Selling Power Magazine, vendors lose between 5 and 9 percent of potential revenue due to poor contract management. Losses can be attributed to missed opportunities like missing contract renewals or upgrades for goods and services.
The benefits of an automated system
Managers are tasked with dozens of responsibilities, ranging from training new hires to calculating sales incentives. Because supervisors have so much on their plates, responsibilities such as reviewing purchase orders, invoices and contracts can quickly fall by the wayside. Automated programs prevent businesses from missing any potential opportunities to bolster productivity and revenue.
Selling Power Magazine reports that the most notable benefit is improved client relationships. When customers want to continue purchasing goods or subscribing to services, they want their vendors to contact them with a renewal offer. Unfortunately, when representatives are manually keeping track of contracts in spreadsheets, there is usually a gap between the expiration of a contract and a new deal.
Management software alerts agents when deals are close to expiration. Salespeople can then contact their clients and offer new contracts to continue the business relationships. This timely service could endear customers to a vendor. Consumers are more likely to stay loyal to a company if it quickly provides quality service.
Tools for automation
The best automation programs integrate seamlessly with a business' current SPM platforms and eliminate unnecessary practices. Instead of relying on Microsoft Excel to track contracts, managers should consider various tools from developers like Synygy.
Many services are cloud-based, which makes them easier to implement. Instead of installing large files and upgrading the entire infrastructure, managers can give their representatives access to sales data through a web storage programs. This increases the accessibility of a contract management system, allowing agents to gather data from any location.
Additionally, managers should think about if they need to mobilize their sales teams. Clouds applications have been optimized for tablets and smartphones, so representatives can receive updated information while they hold in-person meetings with clients.