Revenue Operations — or RevOps — is one of the fastest-growing job functions in modern business. Many companies are starting to see the value of incorporating a function whose primary role is optimizing the revenue generation process.
In a time of major economic uncertainty, it’s especially important that businesses streamline the ways they earn money and their processes for retaining a loyal customer base. This is the crux of the RevOps role, and they need RevOps software to get it done.
Using their existing tech stack of CRM, CPQ, and Deal Desk, RevOps moves mountains to streamline revenue. But without CLM, many things can fall through the cracks of their carefully crafted processes.
CLM helps RevOps teams collaborate better and meet their goals. Contrary to popular belief, CLM isn’t just for legal but is also revenue operations software. Here are three reasons RevOps needs CLM as part of its tech stack.
RevOps runs on data. Understanding deals and revenue generation patterns is crucial to making informed decisions that benefit the business in the long run. And while other revenue operations software provides a solid foundation for deal data, it’s incomplete without contract data.
Contracts hold essential intelligence about deals and business partners. Maintaining this data in a central location — especially when you integrate CLM with the other tools in your tech stack — provides a rich data set to work from and enables more thoughtful decision-making.
Just as important as the data is consistency within the contracts. This consistency improves data accuracy and allows RevOps to set up systems and processes to generate predictable revenue at scale. Since contracts are a key part of every business deal, consistent contracts are crucial to a job well done.
As part of the suite of revenue operations software, CLM enables consistent contracting by allowing teams to introduce standardization into their contract process. CLM streamlines and automates workflows for consistent execution, and AI contract review and analysis provide insight into potential anomalies in your contracts that might cause trouble down the road, allowing you to fix them before they become a problem.
The RevOps function is responsible for providing excellent customer experiences to reduce churn and generate revenue from the existing customer base. And while they aren’t always seen this way, contracts can make or break your customer experience.
Manual and unwieldy contracts can be the most painful part of a buying experience, so streamlining how your customers move through the contract lifecycle process goes a long way in leaving a good impression. With a digital-first experience for tasks like redlining and signing, RevOps teams can provide a peaceful experience that improves the likelihood of customer retention.
RevOps is an essential function in modern business, and CLM is a critical component of revenue operations software. As the business unit responsible for generating predictable revenue at scale, a successful RevOps team can differentiate between a competitive business and a failing one. Revenue operations teams need a CLM as part of their tech stack to ensure access to crucial business data, improve contract consistency, and enhance customer experience.
See how LinkSquares CLM can help your RevOps team optimize revenue generation. Request a demo today.