NEW YORK, November 28, 2017 — As the North American business model has moved from a manufacturing-based economy to a service-based model, it has created a shift in business priorities to the front office. This meant that companies were losing opportunities in this new environment for a reason they’d never seen before. Previously, they were focused on procuring multiple vendor accounts for various parts, machinery, raw materials, and other inventory with a handful of sales or distribution accounts. However, today’s service-based model means that companies are producing technology and services with a large customer base, shifting the emphasis to front office sales, customer service, and contract management.
As such, the importance of customer relationship management tools (such as Salesforce) and customer lifecycle management tools has skyrocketed. However, it is important to understand that, in today’s business ecosystem, it is paramount for not just big businesses but also small and medium-sized businesses to have visibility into their customer contracts.
For most businesses, the organization and management of contracts is an afterthought, particularly during the growth curve. Competing priorities with limited resources means contracts and other documents are stored in a shared or personal drive with some limited organization to serve day-to-day needs. However, having a system to manage not just the files but also the data within them can offer a number of key advantages:
1. Maximize Selling to the Customer
Successful marketing requires reaching out to customers proactively, at the right time, with the right message, and for the right reason. Understanding key metrics such as upcoming expirations, renewal clauses, and pricing benchmarks from within the existing contracts ensures that your sales team is equipped with the right data at the right times.
2. Enhanced Customer Experience
Accenture’s 2013 “Global Consumer Pulse Survey“ reveals that 85% percent of customers become frustrated when dealing with a company that does not make it easy to do business with them, 84% of them are frustrated by companies that promise one thing but deliver something else, and 58% of them are frustrated with inconsistent experiences from channel to channel. Having a robust CLM in place helps the marketer understand customer expectations better and thereby pre-empt customer frustrations. Every satisfied customer generates and saves revenues that may otherwise be required to acquire new customers or coax more purchases out of existing ones.
3. Measure Return on Marketing Interventions
Marketing interventions, especially based on CRM analysis, very often make the difference between the success or failure of a small business. Applying CLM metrics to measure the Return on Investment of the CRM interventions, by measuring CLM before and after such interventions, allows enterprises to gauge the percentage of change, and thereby measure the success or failure of an intervention.
Counselytics has created a proprietary solution called SmartCrawlTM that scans shared drive repositories in Google Drive and Box to create CLM reporting capabilities from the files and data within. Our solution, which is based on state-of-the-art artificial intelligence and machine learning technologies, is deployed and made available to small and medium-sized businesses to help them unleash the power of their data. Insights that were previously only available to large businesses can be made available to small, growth-based businesses to help them scale and grow effectively.
Counselytics is a leading contract analytics company founded in 2014. Counselytics uses proprietary artificial intelligence technology to find, analyze, and organize important enterprise documents and to extract critical data points from those documents, bringing unprecedented efficiency to contract management, due diligence, and lease abstraction. The company is backed by the top venture capitalists in New York and Silicon Valley.