Recent survey by Aberdeen Group finds that of 165 companies surveyed, the Best In Class (those who use solutions like UpsideContract) are able to attain contract renewal rates of over 90% as opposed to those who don’t and achieve rates of about 60%

EDMONTON, ALBERTA, CANADA — Upside Software, the global leader in Contract Lifecycle Management and Contract Commitment Management software offers free access to the most recent and relevant survey in enterprise contract lifecycle management (CLM) provided by the Aberdeen Group. 

Aberdeen’s new report, The Contract Management Benchmark: Sales Contracts, which is based on the survey results, top-performing companies are realizing significant benefits, including higher renewal rates and much quicker sales cycle closing times due largely to automating the processes involved in a contract’s lifecycle, which include contract creation, activation/storage, compliance, and analysis. For example, best in class companies (those who use automated contract management software) have shown renewal rates exceeding 90% as opposed to laggards (who don’t use automated contract management software) averaging around 60%.

“They have also been able to reduce their sales cycles significantly by keeping contract cycle times to approximately eight days, whereas others can take, on average, 25 days to create or author a contract, negotiate the terms, and secure approvals and customer signatures. Such lengthy procedures have a direct impact on sales cycles and in turn can negatively affect revenue.” says Vishal Patel, research analyst at Aberdeen and author of the report. 

The report found that more than 27% of survey respondents are planning to use contract management automation technology (like UpsideContract). Enterprises using such solutions have seen various benefits, including the following:

• Improve customer relationship management; 

• Handle the increasingly complex agreements that have variant compliance measures;

• Provide better revenue forecasting;

• Reduce sales cycle times, especially the contract negotiation lifecycle; and 

• Attain a much higher contract renewal rate.

Companies can use this report to determine what next steps are necessary to help improve their contract management performance. Aberdeen has also made some recommendations for laggards, industry norm companies as well as best in class companies.

The report can be downloaded for free, courtesy of Upside Software at the following link:
http://www.aberdeen.com/link/sponsor.asp?spid=30410023&cid=2856 

“This report by Aberdeen Group demonstrates the competitive advantage that an industry leading Contract Performance Management (CPM) solution like UpsideContract can offer to organizations of any size. In today’s environment where efficiency and compliance are paramount, UpsideContract is not a luxury but a necessity” said Ashif Mawji, President and Chief Executive Officer of Upside Software Inc.

About Upside Software Inc.

Upside Software is the worldwide leader in Contract Lifecycle Management (CLM) solutions. Customers around the globe use UpsideContract and other integrated business solutions to confidently perform Contract Management, Sourcing & Procurement, and Invoice & Billing Management activities throughout their organizations. Upside Software’s products address the needs of Enterprise (e.g. Fortune 500, Global 2000), Public sector (Federal, State/Provincial, Municipal and Health Care), and Small & Medium Enterprise (SME) customers. Customers realize significant cost savings while improving customer and supplier relationships. Upside Software’s solutions are deployed in as little as 3 days and typically provide a full return-on-investment (ROI) in under a year. Founded in 2000, Upside Software is a profitable, growing company with an advanced, yet mature, and comprehensive product suite. The company has extensive experience delivering real value to customers of every size and in most industry verticals. Upside Software is headquartered in Edmonton, Alberta, Canada – for more information visit the company’s website at http://www.upsidesoft.com/ 

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