CRM Technology Improves Customer Relations Through Contract Management
According to a recent study by the Aberdeen Group, which is available for a limited time on CRMToday.com, about 43 percent of respondents indicated that improving overall management of customer relationships is a factor driving improvements in contract management on the sell-side. CRMToday.com, a business-to-business online resource, helped Aberdeen to conduct the survey behind the study, "Contract Management: The Quote-to-Cash Cycle."
(PRWEB) February 5, 2007 -- Improving overall management of customer relationships is a key factor driving improvements in contract mangement on the sell-side according to 43 percent of respondents to a recent study by the Aberdeen Group. The study, "Contract Management: The Quote-to-Cash Cycle," which is available for a limited time to CRMToday.com visitors, highlights how crucial it is for companies to investigate their options for investing in contract management software to grow their businesses (http://www.crm2day.com/library/50350.php). CRMToday.com, a business-to-business online resouce, offers information on industry trends and technology related to contract management and other customer relationship management (CRM) issues. In partnership with Aberdeen, CRMToday.com (http://www.CRM2day.com) helped to conduct the study's survey.
According to the Aberdeen Group study, "Missing or delaying key commitments to a customer does not portray a good relationship." When that happens, it is often because the relevant people don't have access to contracts or key milestones. The study indicates other factors driving improvement in contract management on the sell-side are:
1. How contracts are managed, especially when large volumes of contracts are involved.
2. Reducing sales cycles that take too long because of manual methods and the inability to track approvals and agreements.
3. Revenue leakage due to missed deadlines, penalties and inconsistent pricing.
"The data in the Aberdeen Group study show how important it is for businesses to build customer relationships by focusing on customers after the sale," says Aris Pantazopoulos, CRMToday.com spokesperson and founder. "Most document management systems don't include important information that's contained in the contract -- that's how contract management software can actually develop and improve CRM."
The study reports that while 70 percent of companies are currently using homegrown systems (e.g. Access, Excel, etc.) for contract management on the sell-side, this figure will decrease to 10 percent in the next two years. Instead, 47 percent of companies plan to use a contract management solution and another 45 percent plan to implement a contracts module as part of their CRM solution.
CRMToday.com (http://www.CRM2day.com) provides business information, resources and interactive tools that help companies improve their customer relationship management. Expert advice from industry professionals, company profiles and other features make it easy for businesses to learn more about how customer relationships can shape a company's consumer loyalty.
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