Samsung Biologics and Samsung C&T formed Life Sciences Fund and invested in Senda Biosciences for the development of next-generation biopharmaceuticals.
The investment would let SK Inc., the holding company of SK Group, and SK Innovation Co., South Korea’s leading refiner, jointly develop next-generation SMR technologies.
Cadillac will succeed the German automaker, which has been the Grand Slam's official vehicle since 2009 and has paid a reported US$9 million per year.
Kakao Corp. cancels the sale of its stake in Kakao Mobility after a month-long protest of the union workers.
Merck has acquired Mecaro and will use its facilities including the R&D center in South Korea after the completion of the deal.
Instagram is reportedly muting videos edited and downloaded from its app if users do not post them as Reels first
HiteJinro drivers got more hostile in their latest protest that they even threaten to set the HQ's rooftop on fire.
Apple confirms iPhone and iPad security flaws fixed in the latest updates were possibly ‘actively exploited’
9 Pitfalls To Avoid When Implementing A Sales Contract Management Solution E
Sales contracts are an integral part of a company's growth, even for a small company. This is because sales contracts are legally binding and ensure mutual obligations between the seller and the buyer.
You may encounter many pitfalls when implementing the solution, which can be costly to your business.
Here are seven specific pitfalls regarding the drafting and implementation of the contract that most businesses should be aware of before entering into a sales contract management solution.
Poor Clause Management
A sales contract management solution is only as good as its clauses. If you don't have them covered, then it's not a reliable tool for your business.
According to World Commerce and Contracting, poor contract management practices cost 9% of annual revenue. You must ensure that all the clauses in your contracts are well-defined, clearly defined, and comprehensive enough to cover all eventualities you might face over time.
If you don't do this, you will face situations where your contract doesn't protect you from unforeseen circumstances or conditions that may arise.
Inadequate Tracking Of Contract Renewal Dates
One of the most critical features of any good sales contract management solution is that it allows you to track all contractual obligations on an ongoing basis and ensure that both parties meet them following their contractual obligations under the agreement.
If this feature isn't included in your software, it's best avoided altogether - it makes no sense to have an expensive software package that doesn't do what it promises!
Lack Of Accountability
When you implement a sales contract management solution, ensure it has built-in accountability tools that allow you to track customer complaints, service issues, and other items related to the customer experience.
It will help you identify areas where improvement is needed, and employees can make more informed decisions based on customer feedback.
Insufficient Communication With Traveling Staff
Suppose you have traveling staff who are constantly on the road. In that case, staff may not be aware of all the changes around them, which can lead to confusion and miscommunication if they need to access essential documents while away from headquarters.
Therefore, it's crucial to create an effective communication strategy that keeps everyone informed so they don't miss out on information that could affect their day-to-day activities or even their safety while traveling abroad or domestically.
Poor Transition Management
Transition management is the most critical aspect of any contract management solution. It would be best if you were confident that your vendor could transition your data seamlessly, or you may end up with a big mess.
It is vital if you currently use multiple systems, such as one for sales contracts and another for service agreements. The more complex your current environment, the more careful you should be in selecting a new solution.
Losing Control Of Contract Versions
If you don't have a formal process in place, it's easy for contracts to get out of control.
For example, if you're using multiple vendors, each one could have its copy of the contract, which has been modified numerous times over time. This makes it difficult to understand what's happening and can lead to confusion when reviewing contracts.
Relying On Outdated Signing Methods
It's also common for signatures to be scanned into electronic forms and stored as PDFs or Word documents — no one knows whether they're signing the most current contract version at any given time!
Without clear visibility into which version is current, there's no way to know if someone has signed off on something that has changed since their last review — or if they haven't signed off on anything!
Not Capturing And Using Contract Data Efficiently
Suppose you're not capturing contract information from the beginning of the sales process. In that case, you're missing out on valuable data that can help you win more deals and make better decisions about which customers to pursue.
Suppose your sales team isn't using their CRM to capture sales contracts and supporting documents. In that case, they may miss out on crucial information like company financials, key contacts, product pricing information, etc.
Letting Multiple Tools Slow Down Your Contracting Process
A single solution that combines all the tools needed for effective contracting will help eliminate any friction that slows down your contracting process.
It includes everything from creating contracts, signing them digitally, and storing them securely in one place so you can access them anytime — even if you aren't connected to the internet or in the office.
According to MarketsandMarkets, the contract management software market will grow to $2.9 billion by 2024, at a CAGR of 13.5 percent.
Whether you are new to contract management or have already been through the process of finding, selecting, and implementing a solution for your organization, it's essential to avoid these seven common pitfalls.
By doing your homework before selecting a contract management solution, you will save yourself some headaches in the long run.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes