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Cloud negotiation solutions help tackle growing deal-making costs

“Business spend on a low risk contract from draft, negotiation, to signature, has increased 38% in the past six years, to an average of $6,900. Costs for a mid-complexity contract stands at $21,300 and high complexity contracts run into hundreds of thousands of dollars.”

 – Tim Cummins, President of the International Association for Contract & Commercial Management (IACCM), 2017.

Our business ecosystems are getting increasingly networked, driven by global supply chains, specialization and distributed operations.

The more relationships between companies, the more co-operation defined by an increasing number of sales and procurement contracts. Yet, the cost is growing for especially the more complex contracts – the ones that usually require extensive negotiations. This is due to increasing regulations, contract complexity, size of negotiation teams and related expenses such as wages, travel costs (even during COVID-19) and prolonged negotiation processes.

One way to keep the costs in check is to move negotiations online, when possible – just like many vendors have done with their product demos and webinars. The cost benefits are many:

  • Quicker negotiation. A good cloud negotiation service can run the management of the negotiation with its predefined workflow, and keep it flowing with alerts for tasks and status updates.
  • More transparency, clarity and control. The online collaboration tools of a cloud negotiation service allow commenting and redlining simultaneously for all participants. No agreeing and waiting on turns.
  • Quicker drafting & internal collaboration. The collaboration tools also speed up activity in each participant organization. Exclusive commenting within the own team is also enabled during the negotiation.
  • No email back-and-forth. Online contract drafts that support commenting within and between teams, simultaneous redlining and approvals for each change reduce dramatically need for messaging.
  • eSigning. Get the contract in the right hands for quick approval right when it is ready.
  • Lower business travel costs. No money spent on tickets and lodging – plus a lot of time saved.

Now there is a sales-oriented cloud negotiation solution on the market for Salesforce users: Documill Leap. It is coming from Espoo, Europe’s #1 creative hub in Finland, the most networked country in the world. It boasts the most advanced online collaboration technology available, with a demo available here.

By | November 25th, 2020|

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