Sales activities, such as upselling, renewing and account planning, can be nearly impossible when faced with inconsistent and inaccessible contract information. Trying to manage a customer relationship inside a tornado of contracts in disparate systems and multiple file shares is enough to make anyone surrender.
Before you wave the white flag, consider Pramata. Empowering your sales team cascades into top-tier customer service, and we can help.
Imagine if all your contracts (and the rich data inside them!) were readily accessible in your CRM for your sales reps whenever they needed it. With our Repository as a Service (RaaS), that can be a reality.
Keep reading to get a behind the scenes look at the challenges inaccessible contracts create for organizations and the huge benefits sales teams have discovered from implementing Pramata.
The Challenge: An Incomplete CRM
Ask any sales rep and they’ll tell you: the answers are NOT readily available in CRM. Even organizations that have invested millions in a CRM come up lacking when it comes to reliable contract visibility.
Because of this, upselling, renewing and account planning are slowed. Analytics and reporting across key contract information may be unavailable or inaccurate. Your sales team may be bogged down hunting for visibility into the contractual footprint of each of their accounts. And it only gets worse if you’ve had lots of M&A.
When files are spread out over multiple programs and spreadsheets, your sales team only sees a fragmented view of contractual relationships. This makes accessing information increasingly more difficult.
Are your sales reps struggling with getting critical contract information? Ask yourself these questions to gain greater insight into the challenge your team may be facing:
- Do sales reps and customer support team members have a common view of accurate, up-to-date contract details? Can they find it in minutes in your CRM?
- Do you know all your upcoming renewals? And if you do, does it take a heroic amount of work to get it done?
- Are customers billed accurately per the contract?
- Do team members actively and correctly act on all contracted pricing, including uplifts and minimums?
- Do account teams know what customers have under contract, what they’ve purchased against the contract and where the white space is?
If these challenges sound familiar, you’re not alone. FICO felt similar pain points before they increased sales productivity with Pramata. FICO transforms business by combining trusted advice, world-class analytics and innovative applications to help organizations automate, improve and connect decisions across their business.
While FICO was successfully helping clients make well-informed decisions, its own internal business decisions — regarding revenue recognition, entitlement management, sales support and SLA processes — were hindered by a lack of consistent, complete visibility into relevant complex contract details. And that got in the way of maximizing revenue too.
FICO operates in a highly acquisitive environment, translating into highly negotiated, highly complex agreements that change frequently. Their lack of visibility into the latest pricing provisions and operational commitments meant that both their customer commitments and revenue growth opportunities were at risk.
The Solution: Revenue Realized for Your Sales Team
Pramata gives your sales team centralized, self-service access and visibility into the contractual footprint for every account. Increasing sales productivity with Pramata’s Raas enables incredible revenue opportunities. Just look at what our client FICO was able to accomplish in this case study.
FICO selected Pramata because they were impressed by its capabilities to accurately extract contract data, assure high quality, and then provide their teams with data whenever they need it.
Pramata ensured a successful solution deployment without tying up FICO resources by digitizing and refining 40,000 historical customer contracts. Once deployed, the system continues to update on a daily basis as new contracts are signed. And that centralization laid the foundation for reducing revenue leakage and realizing stronger sales productivity.
“Pramata helps our process for renewals, upselling new deals and ensuring license compliance,” said Tom Carretta, VP of Legal and Associate General Counsel at FICO. “Ultimately our deals are accelerated.”
The revenue numbers speak for themselves: Better visibility led to more opportunities to reduce revenue leakage in just the first year using Pramata.
“With Pramata, we were able to find an additional $2.5 million in revenue from customers out of compliance with license agreements for just one product,” said Carretta. For customer renewals, FICO’s ability to report on contracts due to expire in the near future helps sales executives ensure on-time renewals and quickly identify areas in need of improved terms.
Your Benefits: Increased Sales Productivity
Take a closer look at what your organization could gain from Pramata’s best-in-class RaaS.
- Instant visibility with zero manual entry. Our Effortless Contract AI, allows sales teams to quickly and easily find key terms and dates, right from CRM. With zero data entry by users required!
- Up-to-date, prioritized renewals. Empower your sales team to know when every single contract renews. With auto-calculation, your reps will get renewal notification dates based on contract terms in advance of upcoming renewals. Imagine how powerful reporting can be with that capability.
- A seamless customer experience. If your sales reps could find the right contract, and the right information in seconds, how much more could your team accomplish? Customer questions and next steps in contract deals are made easier than ever.
- Next level renewal and expansion offers. With RaaS, your team knows which products each customer has and which products they don’t. This makes critical sales team actions simpler than ever! With a summary of each customer’s contractual footprint, including product and contract terms, your sales reps will see everything in a glance right from CRM.
- Target future customers with campaigns. With the click of a button, your team will have the ability to find accounts that meet strategic campaign criteria. From customers with outdated products to provisions that restrict price uplifts, it’s all there. There’s nothing like using a targeted list to proactively discover opportunities for uplifts.
Pramata RaaS offers automated, streamlined contract visibility and access. Enabling your sales teams with complete, meaningful contract insights to rapidly increase productivity and open up new revenue opportunities.
What could your team accomplish with increased sales productivity? The opportunities are exciting. Get a demo today.