Most sales leaders highly anticipate when the deals are moved to the contract stage because getting the contract approved and signed is the most crucial step. Even though sales teams are enthralled on selling and obtaining more deals, approvals of closed deals with contracts are just as important. Any extra time spent on drafting the latest version of contracts, correcting errors, and going back and forth for negotiations can cause a deal to fall through. Additionally, salespeople do not know which legal teams are working on which contracts, their statuses, or whether the contract has been approved by all parties involved. To mitigate these problems, sales teams need efficient and user-friendly contract review software.
InkPaper understands your frustration with a slow contract lifecycle. So, InkPaper provides a convenient solution that makes your contract review process faster, more efficient, and easier. InkPaper allows sales teams to close more deals and generate more revenue instead of worrying about contract drafting delays.
Here is how InkPaper streamlines the contract review process for sales teams:
● Simplify the contract creation process
As soon as the deal moves to the contract stage, the sales rep often asks legal teams to draft it. At this stage, there may be delays if the legal teams are occupied with multiple contracts simultaneously or if they do not have enough information to draft the contract. Also, starting over every time a new deal is made stagnates the entire contract execution process. This delay can be easily resolved with a standard contract template library. By allowing teams to upload the most recent versions of contracts, InkPaper simplifies contract creation for your organizations. Furthermore, these templates are stored in a repository for later use. Contract templates have all the pre-requisite information necessary, so teams only need to fill in party names, start date, end date, payment information, etc. Not just legal teams, but even sales teams can draft contracts easily with this simplification.
● Enhance real-time collaboration among stakeholders
Ideally, the contract draft should include various details agreed upon by all parties involved. The contract is then passed on to various internal departments (legal counsel, sales, IT, finance, etc.) to ensure efficiency. Once the internal team approves the contract, it is sent to external teams for further negotiations and agreements. Exchanging multiple contracts through email and manually in the past was not only time-consuming but also risked omitting important contracts. You can overcome these problems with InkPaper. With InkPaper's collaboration tool, multiple teams can collaborate and communicate in real time, saving time spent going back and forth for revisions. Additionally, this interface allows different teams to keep in sync with each other and allows sales teams to have a better insight into the process.
●Negotiate contracts more efficiently and resolve issues faster
Besides collaborating with prospects, stakeholders, and external parties, it is equally important to revise the contracts following their negotiations. The problem is that negotiations and contract changes may happen in more than one place, such as in person, via phone, or through emails, etc., and it gets difficult to keep track of all the changes. This issue is effectively resolved by InkPaper, which allows users to review contracts and trace any potential changes. Different parties can redline, comment, edit, and revise contracts using the InkPaper platform. The sales team can keep track of all the changes made and get a better understanding of the contract status. InkPaper's negotiation tool not only resolves problems faster but also makes the process seamless for everyone involved.
● Use e-signature tools to speed up execution
Sales teams know how difficult and time-consuming it is to get approval and signatures from all parties involved. Typical contracts require multiple signatures, and they go from one party to another. If each party takes their own time to sign, scan, and mail their copy of the contract, the contract execution gets delayed.
InkPaper allows sales teams to obtain the signatures of clients with just a click of a button. InkPaper's e-signature technology ensures maximum security with a unique identifier assigned to each signatory. InkPaper securely stores confidential signed contracts on the cloud using blockchain technology for future audits. As well as being legal in many countries worldwide, electronic signatures provide a reliable and accessible advantage over paper signatures. For sales teams, InkPaper provides complete visibility into who has signed the contract and who hasn't. InkPaper's Notification feature also allows sales teams to notify prospects to sign and approve the contract as soon as possible. Therefore, sales team members obtain e-signatures faster and close more deals.
● Securely store multiple contracts in the cloud
Upon the completion of the entire contract review process and execution cycle, you may not think about the contract again until it is required. Additionally, sales teams have difficulty finding the specific contract they need when it is essential. It is estimated that nearly 10% of all contracts are lost forever, causing a loss of revenue for companies. A cloud-based contract review and negotiation system like InkPaper eliminates this risk. The InkPaper platform allows users to store contracts securely on a single platform and access them whenever they need them. Keeping contracts can also be beneficial for sales teams to conduct audit trials in the future.
As a result, all sales teams can benefit from incorporating a contract review, negotiation, and e-signature tool like InkPaper. InkPaper solves the age-old problems of drafting contracts, collaborating with multiple teams, revising negotiations, approving contracts, and secure storage. With InkPaper, sales teams have full control over structured contract review. By making contract review easier, InkPaper allows sales teams to close more deals and grow their business.