3 Ways CLM Benefits Revenue Operations

The revenue operations team, or RevOps for short, is all about streamlining earnings generation and making it both predictable and scalable. To do this well, they must unify the revenue engine — marketing, sales, product, and customer success (CS) functions — through goals, processes, and technology. 

Legal is often a silent partner on this revenue-generating team.  Most people don’t recognize them as part of it, but their participation is crucial to success. The things RevOps cares about — closing deals and streamlining contracts — are things the legal team and contract lifecycle management (CLM) software can help improve.

CLM helps sales and RevOps generate revenue more efficiently, centralize key business data, enhance customer experience, and improve collaboration between RevOps and legal.

Integrate With CRM for Better Data Visibility

Cross-functional collaboration is crucial to get ahead. The revenue generation team needs to be completely aligned on the ideal customer profile (ICP), targets, and customer journey, meaning they all need access to the same clean and accurate data.

By integrating your CLM and CRM, RevOps has access to robust data that charts account information, contract terms, and customer engagement all in one place. This gives RevOps a clear picture of where deals stand, what conditions make a deal more likely to close, and what the average customer lifecycle looks like.

Integration improves data visibility and collaboration among the different revenue generation functions. 

Improve Collaboration With Legal

Sales and legal can notoriously run hot and cold with each other. Sales want to move quickly, while legal wants to consider every move cautiously. The pipeline is blocked when each team works in a silo, and contracts leak revenue. But once they find that middle ground, the business is on fire.

CLM helps mend fences, not just because their tools integrate but because there is a centralized location where they can check in on contract and deal updates. Sales and RevOps can indicate to legal which deals are a priority, and legal can help establish processes for self-service contracts in certain use cases. This allows the company to do more business faster.

Close the Gap Between Proposal and Signature

Many RevOps teams depend on CPQ (Configure, Price, Quote) technology to standardize pricing using data, generate proposals quickly, and produce accurate forecasts. However, there is usually a lag between quoting the price and generating a contract, causing the deal to lose momentum and creating a bottleneck.

Integrating CPQ with CLM helps RevOps and in-house legal to bridge this gap. This integration enables sales reps to generate a contract after a proposal has been accepted. And with the big three — CLM, CRM, and CPQ — sales reps can self-serve specific contracts, streamline the lifecycle process, and close deals faster.

Takeaways

Contract Lifecycle Management (CLM) helps revenue operations professionals close deals more efficiently. Combining tech stacks for a more robust data source allows RevOps to generate business on autopilot. See how LinkSquares can help your revenue teams align. Request a demo today.