I hear a lot of buzz about what configure, price, quote (CPQ) can do to help shorten the sales cycle. In fact, Aberdeen Group says businesses can attain a 28% shorter sales cycle with CPQ tools.
But how long is the CPQ process, really? According to Aberdeen Group, the average time to produce a quote is just under five hours. So what’s really holding up the sales cycle?
According to a recent SpringCM survey, almost 50 percent said their contract process lasts over 4 weeks. That’s because the contract process involves multiple stages that involve generating documents, negotiations, and seeking approvals and signatures. All of these stages can include sharing and collaboration with internal departments.
It’s clear that the contract process is the longest part of the sales cycle, and must be addressed to not only accelerate revenue, but also avoid risks. Combined with a CPQ solution, Contract Management can streamline the entire quote to cash chain.
Here are five slow-zones in the contract process, that can be streamlined with Contract Management: