The Contract Process Data Your Stakeholders Care About
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Legal is the gear that is helping all the other gears at Signifyd. Through Ironclad, we’re able to link pre-and post-sales activities. Now we can close 6-figure deals in 6-minutes.
How much faster would deals close if you knew how long your contracts took to get approved and completed, or who they were waiting on? When contracts go into the black box for approval, deal cycles take longer as emails go back and forth with status updates and approval follow up. Each delay makes internal clients like sales unhappier as deals drag on and customers are left wondering what is taking so long.
Automation and the use of built-in metrics allow you to control and improve your processes throughout the contract lifecycle.
Watch this conversation between Signifyd’s Contracts Manager Zuhair Saadat and Ironclad’s Mikaela Waters on how Signifyd is using Ironclad’s process metrics reporting to improve its business performance.
Here are some best practices from our experts:
- Identify a north star before you dive into the data. What business problem are you looking to address?
- Use the process metrics report to validate or disrupt your hypotheses.
- Take a close look at your Miscellaneous Terms for trends and continuous improvement cycle.
- What asks keep coming up frequently?
- Can we standardize or automate this?
- Which contracts are taking the longest and why?
- Where is the contract sitting?
- What data do we have and don’t have?
- Data can drive alignment across your business and help Finance, Sales, and Product Marketing “speak the same language” with pre-sale and post-sales activities.
- As your business evolves, so do your contracts, and consequently, your contracting processes. Review the process metrics report to evaluate where you can improve or automate your workflows.