Cloud-Based Contracting Builds Business

Cloud-Based Contracting

Most of us have a perpetual pile of paper somewhere on our desks. The individual items in that stack might change from day to day, but much of it sits for quite some time before it attracts our attention.

For organizations dependent on contract completion, that omnipresent pile of paper is a business killer. The rise of cloud-based contracts is helping enterprises in multiple industries avoid the paper pushing that can bog down the closure of a deal. These companies are building on the wide acceptance of electronic signatures and adopting Web-based services that enable their customers to receive, negotiate, amend and sign e-contracts quickly and easily. The results are beneficial for customers and companies alike.

Among the ways cloud-based contracting builds business are these:

  • Cloud-based contracts make it easier for customers to bring their business to a company. Businesses work hard to attract customers. They shouldn’t put up barriers at the final stage of a sale with complicated, drawn-out, paper-based contract processes. Digitally delivered contracts make it as easy as possible to get a contract signed, managed and returned.
  • Faster sales cycles lead to more time for core business tasks. E-signing applications shrink contract completion from weeks or days to hours or minutes, and accelerating the sales cycle frees more resources for the core business of selling.
  • Electronic contracts yield increases in revenue and customer loyalty. When deals close faster, businesses can provision products and services more quickly, invoice the customer sooner and register the revenue in a timelier manner. This faster service benefits customers as well, who are likely to view it as a competitive differentiator.
  • It’s easier to search, finalize and retrieve cloud-based contract data. Everyone in the sales process can see where a deal stands when contracts are digitally stored. Additionally, the easy access to the cloud means that sales reps. can refer quickly and easily to past deals when working with customers on current offers. The post-sales work is minimal with cloud contracting, as well. Sales representatives find that Web-based contracting lets them send reminders, track contract status and reduce their post sales follow-up efforts by as much as 50 percent.
  • The legality of e-signatures is well established, and consumers recognize the cultural norms surrounding use of the technology. Adopting cloud-based contracts doesn’t carry the risk that often comes with a new, technology-based process. Since the passage of the ESIGN act in 2000, electronic signatures are as binding as their ink counterparts. Furthermore, most consumers have some experience signing electronically and are likely to accept the introduction of cloud-based contracts. To smooth the move toward the cloud, however, businesses should let recipients know beforehand that expected documents will arrive electronically and can be signed that way, as well.
  • The returns on cloud-based contracting are significant and rapid. Cloud-based contract management often pays for itself within a month. Moving to e-signatures delivers fast, tangible returns on investment capable of transforming sales and the departments that support it, including legal, finance, product delivery and professional services.

Cloud-based contracts and digital signatures can reduce sales cycles by 200 to 400 percent, freeing sales reps. to work on bringing in new revenue, shrinking the personnel hours required for administrative tasks, and creating a positive, secure contract-signing experience for customers. When prospects can quickly complete intuitive Web-based tasks instead of shuffling piles of paper, they are more likely to close deals and come back for future business.

By Jason Lemkin

Jason is the CEO and co-founder of EchoSign. His operational experience spans the business development, sales, legal, human resource and finance fields, and he is an acknowledged expert in the field of electronic signature and electronic contracting.

About CloudTweaks

Established in 2009, CloudTweaks is recognized as one of the leading authorities in connected technology information and services.

We embrace and instill thought leadership insights, relevant and timely news related stories, unbiased benchmark reporting as well as offer green/cleantech learning and consultive services around the world.

Our vision is to create awareness and to help find innovative ways to connect our planet in a positive eco-friendly manner.

In the meantime, you may connect with CloudTweaks by following and sharing our resources.

View All Articles

Sorry, comments are closed for this post.

Comic
In The Fast Lane: Connected Car Hacking A Big Risk

In The Fast Lane: Connected Car Hacking A Big Risk

Connected Car Hacking Researchers and cybersecurity experts working hard to keep hackers out of the driver’s seat. Modern transportation has come a million miles, and most all of today’s vehicles are controlled entirely by digital technology. Millions of drivers are not aware that of the many devices in their digital arsenal, the most complex of…

Having Your Cybersecurity And Eating It Too

Having Your Cybersecurity And Eating It Too

The Catch 22 The very same year Marc Andreessen famously said that software was eating the world, the Chief Information Officer of the United States was announcing a major Cloud First goal. That was 2011. Five years later, as both the private and public sectors continue to adopt cloud-based software services, we’re interested in this…

Building a Data Security Strategy – More Important Than Ever

Building a Data Security Strategy – More Important Than Ever

Data Security Strategy Article sponsored by SAS Software and Big Data Forum Security and privacy have been an integral concern of the IT industry since its very inception, but as it expands through web-based, mobile, and cloud-based applications, access to data is magnified as are the threats of illicit penetration. As enterprises manage vast quantities…

Pitney Bowes Selects Aria Systems for Billing on the New Commerce Cloud

Pitney Bowes Selects Aria Systems for Billing on the New Commerce Cloud

Top-Ranked Cloud Billing Company Enables Greater Speed and Frictionless Billing for Unparalleled Customer Experience San Francisco, CA – August 23, 2016 – Aria Systems, which helps enterprises grow subscription and usage-based revenue, today announced that Pitney Bowes has selected Aria’s cloud-based monetization platform as the key billing and monetization component of their new Commerce Cloud…

The Golden Age of Wearable Technology

The Golden Age of Wearable Technology

The Golden Age One of the biggest fads in the technology sector right now is wearable tech. From Smartwatches that let you check your emails, chat with friends and search the web, to fitness accessories that monitor your heart rate and your sleep patterns, this is truly the Golden Age of wearable technology. But some…

Having Your Cybersecurity And Eating It Too

Having Your Cybersecurity And Eating It Too

The Catch 22 The very same year Marc Andreessen famously said that software was eating the world, the Chief Information Officer of the United States was announcing a major Cloud First goal. That was 2011. Five years later, as both the private and public sectors continue to adopt cloud-based software services, we’re interested in this…

The Age of Data: The Era of Homo Digitus

The Age of Data: The Era of Homo Digitus

The Age of Data In our digital era data deluge – soaring amounts of data, is an overriding feature. That’s why it’s fitting to focus on the concept of Homo Digitus, which I first learned about about in“The creative destruction of medicine: How the digital revolution will create better health care,” by Eric Topol, and…

5 Things To Consider About Your Next Enterprise File Sharing Solution

5 Things To Consider About Your Next Enterprise File Sharing Solution

Enterprise File Sharing Solution Businesses have varying file sharing needs. Large, multi-regional businesses need to synchronize folders across a large number of sites, whereas small businesses may only need to support a handful of users in a single site. Construction or advertising firms require sharing and collaboration with very large (several Gigabytes) files. Financial services…

Are Cloud Solutions Secure Enough Out-of-the-box?

Are Cloud Solutions Secure Enough Out-of-the-box?

Out-of-the-box Cloud Solutions Although people may argue that data is not safe in the Cloud because using cloud infrastructure requires trusting another party to look after mission critical data, cloud services actually are more secure than legacy systems. In fact, a recent study on the state of cloud security in the enterprise market revealed that…

The Rise Of BI Data And How To Use It Effectively

The Rise Of BI Data And How To Use It Effectively

The Rise of BI Data Every few years, a new concept or technological development is introduced that drastically improves the business world as a whole. In 1983, the first commercially handheld mobile phone debuted and provided workers with an unprecedented amount of availability, leading to more productivity and profits. More recently, the Cloud has taken…

How Your Startup Can Benefit From Cloud Computing And Growth Hacking

How Your Startup Can Benefit From Cloud Computing And Growth Hacking

Ambitious Startups An oft-quoted statistic, 50% of new businesses fail within five years. And the culling of startups is even more dramatic, with an estimated nine out of ten folding. But to quote Steve Jobs, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” So while…

Low Cost Cloud Computing Gives Rise To Startups

Low Cost Cloud Computing Gives Rise To Startups

Balancing The Playing Field For Startups According to a Goldman Sachs report, cloud infrastructure and platform spending could reach $43 billion by 2018, which is up $16 billion from last year, representing a growth of around 30% from 2013 said the analyst. This phenomenal growth is laying the foundation for a new breed of startup…

Cloud Computing Price War Rages On

Cloud Computing Price War Rages On

Cloud Computing Price War There’s little question that the business world is a competitive place, but probably no area in business truly defines cutthroat quite like cloud computing. At the moment, we are witnessing a heated price war pitting some of the top cloud providers against each other, all in a big way to attract…

Cloud Infographic – Disaster Recovery

Cloud Infographic – Disaster Recovery

Disaster Recovery Business downtime can be detrimental without a proper disaster recovery plan in place. Only 6% of businesses that experience downtime without a plan will survive long term. Less than half of all businesses that experience a disaster are likely to reopen their doors. There are many causes of data loss and downtime —…

The Cloud Above Our Home

The Cloud Above Our Home

Our Home – Moving All Things Into The Cloud The promise of a smart home had excited the imagination of the movie makers long ago. If you have seen any TV shows in the nineties or before, the interpretation presented itself to us as a computerized personal assistant or a robot housekeeper. It was smart,…

Utilizing Digital Marketing Techniques Via The Cloud

Utilizing Digital Marketing Techniques Via The Cloud

Digital Marketing Trends In the past, trends in the exceptionally fast-paced digital marketing arena have been quickly adopted or abandoned, keeping marketers and consumers on their toes. 2016 promises a similarly expeditious temperament, with a few new digital marketing offerings taking center stage. According to Gartner’s recent research into Digital Marketing Hubs, brands plan to…