Sales / Marketing
Symfact generates benefits for sales and business development organizations at every stage of the sales contracting process—from the initiation of term sheets to the amendment, renewal or termination of signed contracts. Contracts are created quickly using configurable templates with standard and alternate language and terms. Sales personnel can develop and close deals faster by using accepted corporate standards and leveraging automated routing and approval processes. Finalized contracts, terms, and any related documentation are accessible to authorized users through a web browser. Renewal dates and other key milestones are automatically tracked so commitments are proactively managed providing best of breed CLM .
Support for Complete Contract Lifecycle Management
From initial term sheets to amendment, renewal or final termination of signed contracts, business development and sales operations benefit at every stage from effective Contract Administration. All involved personnel can close deals more rapidly using standard routing and approval processes and corporate standard documentation. Tracking and proactive management of all key milestones is also automatically enabled.
Accelerated Deal Closure, and Removal of Bottlenecks
Following a lengthy pre-sales engagement with a prospect there is often a desire from the sales organisation to complete related paperwork as soon as possible. This may be due to revenue pressure at the end of a quarter or desire to move on and reallocate sales resources to the next revenue generating opportunity. From an organisational perspective this can often generate a frustrating interface between sales and legal operations. Automation and standardisation of the contracting process can accelerate closure and thus advance revenue recognition and cash collection.
Rapid Term Sheet Capture to Quick Start Contract Administration
To most rapidly launch the contracting process sales personnel may be enabled system access to quickly draft term sheets from specifically configured templates. This optimises the initial and formative stage for legal personnel to then enhance and negotiate final clauses starting from a standard clause library. Further process efficiencies may be obtained by automatically routing final documents for internal approval and ultimately electronic signature.
Increasing Revenue Compliance Requirements
Increasing compliance requirements from standards such as IFRS mean that revenue recognition must be intimately aligned with contractual commitments. Increased contractual visibility is an inherent requirement in this process. Not only optimisation of revenue recognition but also proactive notifications of cash collections are also provided by either stand-alone Contract Management Solutions or in an optimal situation as part of an integrated enterprise deployment involving other systems.