"Ineffective contract management costs businesses up to 9.2% of annual revenue."
That's according to Tim Cummins, the CEO of the IACCM. Given that slightly terrifying statistic, you'd think that convincing your business colleagues to invest in better contract management software would be a breeze. But in the year that I've been selling contract management software at Juro, I can tell you that's not the case.
Every company is different, and people buy contract management software for a whole range of reasons. It might be to increase velocity in sales, or make onboarding run more smoothly; it might be to get better visibility of the contract workflow, or to reduce the risk of human error. The potential users making the case to their business might be in legal, sales, HR, procurement or finance; and the features they care about could be anything from mobile-responsive e-signature to contract analytics or external negotiation.
"Ineffective contract management costs businesses up to 9.2% of annual revenue"
Tim Cummins, CEO, IACCM
But when I look at the challenges people face when they try to make the case for contract management software to their business, common questions always emerge. How to I show ROI in a way that my decision-makers will understand? How do I make my problem seem urgent, and convince people that of all the solutions out there, this is the right one for our company? What are the key risks of making this change, and what's my plan to mitigate them? How do I present all this information in a way they'll all understand?
That's why we took all our learnings, gathered from selling to all kinds of businesses - from startups like Nested and Deliveroo, all the way up to corporate giants like Estée Lauder - and created The bulletproof business case: our guide to creating a business case for contract management software in 12 steps.
We cover the whole process from end to end, but in particular we focus on a few issues that always trip up would-be buyers:
This is often the only thing that will really move the GC or C-suite decision-makers, but it can be hard to come up with the variables that will generate the time and cost savings and make the difference. In this guide we walk you through some ROI examples, pulling out the numbers you can use to show your colleagues the upside of committing to your solution.
Tailoring your message
The pain points and solutions that are compelling for one group of stakeholders might be totally different to those that would convince their colleagues. In this guide we identify which pain points tend to matter to which stakeholders - whether that's the GC, the CIO, the VP of Sales, or any of the other roles that care about better contract management.
How to be a salesperson
Typically the individual pushing the business case for contract management software isn't in sales - they're often lawyers or operations managers - meaning they need a little guidance on how to be the internal salesperson. In this guide we share our tips on creating urgency, selling a vision, foregrounding all the benefits (even non-financial benefits), and calling out the key risks. We even include an archetypal sales asset in the form of a cheatsheet on how to defeat common objections.
Elsewhere in the guide you'll also find advice on scoping your problem, storytelling, showing how contract processes affect the whole company, planning, and sketching out your adoption timeline. We even provide the skeleton structure for your deck in PowerPoint when it's time to put your business case together.
Check out our guide on how to build a bulletproof business case, or filling out a demo request form. If you have any other tips on how to convince stakeholders to take the plunge, we'd love to hear from you. And don't forget to check out all our other resources on contract management software for more actionable advice.