How to Close Contracts Faster with Real-Time Negotiation
You’ve finally written what you think is the ideal contract. Your legal team has pored over it. Your CEO has signed off on it. Everything looks good — until it’s time to send it in.
Now it’s time for the other side to examine the contract and make proposed changes. You wait. Then you wait. And you wait some more. When those alterations come back, you get to start the process over again. This isn’t a fast-moving or intuitive workflow for anyone.
According to Harvard Business Review, inefficient contracting processes causes firms to lose anywhere from 5 to 40 percent of value on a deal. The International Association for Contract and Commercial Management (IACCM) has found that more than 80 percent of contracts using today’s practices do not result in the best outcome.
The way we’ve historically done contracts tends to sap both parties of time and money — but there’s a better way: real-time online negotiation.
An End to Costly Turn-Based Negotiation
A common frustration among businesses is the friction involved when it comes to negotiating contracts. In a digital world, it’s one of the last remaining manual business processes. Thankfully, it finally has a cure.
Parley Pro’s Online Negotiation Engine (ONE) works much like real-time communication tools employed by businesses all over the world. Instead of one person passing it off to another, the platform is capable of hosting multiple people in the contract at one time — much like editing a Google Document in real-time, while still remaining legally compliant.
This makes the negotiation process more transparent and dramatically speeds up the contract lifecycle. What used to take months or weeks can now be done in hours, reducing bottlenecks and freeing up employees to focus on higher-value activities.
Real-time negotiation allows for red flags and speed bumps to be cleared up in minutes, not days or weeks. The other party can view the same document as you, quickly and easily bringing up any issues, allowing you to answer questions as they pop up. The process of negotiation has never been smoother, saving multiple headaches on both sides.
Additionally, all parties are able to see where the contract negotiation is — stage by stage. Everyone involved can quickly see what needs approval, and what is mutually agreed upon.
This way, no one is working off the old version of a contract. The current version is the only version, something essentially impossible when you’re working off Microsoft Word or email as your platform. Those programs were not meant to handle complex legal negotiations. Parley Pro specifically addresses this critical process.
Get Back to Business Faster
The faster and smoother the negotiation process goes, the quicker you’re able to get back to doing what you do best. Real-time negotiation through Parley Pro’s Online Negotiation Engine cuts through the friction and frustration, allowing you to spend more time growing your business.
In addition, Parley Pro’s analytics tools and dashboards give you the power to make future negotiations flow more smoothly. Unlike a basic word processor program, our platform allows you to glean useful insights, seeing where negotiations tended to stall.
Interested in making the negotiation process a real-time collaborative effort instead of a lengthy nightmare? Schedule a demo of Parley Pro today or sign up for a 14-day free trial.