Deal desks for sales teams are found throughout many industries and can range in size and complexity. Some examples include those for enterprise technology sales and more complicated manufacturing deals.
A variety of challenges face an organization looking to implement, scale, or optimize their deal making process. While each deal is unique, each deal desk needs to take into account the ability to set pricing and terms and deliver appropriate approvals within a specified timeline. This isn’t always easy, as with greater customization to the process, comes more difficult and complex negotiation and pricing. In addition, deals need to be profitable.
Enter deal desk automation software – a subset of technology companies promising to help your company achieve its most optimistic goals when it comes to pricing and closing sales and a form of contract lifecycle management software.
Everything from embedded complex pricing analytics to mobile optimization have allowed you to quote prices from just about anywhere, like in a taxicab or at the doctor’s office. And while each software package offers its own unique set of features and strengths, what most neglect to consider when attempting to automate deal desk processes are the central concepts of a deal desk itself.
- There is no one size fits all Deal Desk solution: Each and every deal needs to be considered individually. While companies can offer a set inventory of products from their deal software packages, any sort of customization of the product or of terms opens up a whole array of points on which a client can negotiate against. Add to this a large client base, and it can become onerous to keep track of and properly price a product to optimize profitability with customer satisfaction.
- Timing is everything: Every second of timing when a customer is considering a deal can mean the difference between shaking hands or walking away. In order to properly execute a usual deal, the deal desk needs to provide accurate pricing and the proper level of approval which sometimes can be hard to get and cost valuable time.
- Deal Desks are a hybrid People/Technology Process: While other corporate processes can be fully automated with technology, the deal process will continue to be a hybrid process involving humans utilizing accurate data generated from technology. An ideal deal desk automation solution will take into account the human factor and not only provide humans with accurate data but will help optimize and expedite their deal making abilities.
While deal desk automation products will continue to attempt to automate deal desk functions, the best deal desk solutions are those that include:
- Customizable deal templates: While no two deals are the same, usually a baseline exists for a deal or agreement. With a customizable template feature, a deal desk solution can reduce the amount of time required to accurately generate a formal agreement between parties, taking into account accurate pricing along with any terms or features which are customized or added.
- Customized workflow support: In order to quickly and accurately provide a good deal, a good deal desk has to have an efficient and effective deal approval process. Documents and agreement terms should move seamlessly through an approval pipeline, requiring an easily customizable and scalable approval workflow which can take into account a variety of negotiation points from terms to pricing that a user can easily locate and sign off on.
- User optimization: Features that increase this user optimization include an audit trail for transparency of deal approval history, as well as quick and accurate indication to users of what approvals they need to take action on.
- Accurately track the closing process: These systems can be configured so that every aspect of a the process from customer engagement to close can be tracked. No longer is guess work involved in determining how close you are to closing with a client but you will know with accuracy and precision where you are in the process.
It’s possible to select the best deal desk optimization solution that can help your business increase profitability, reduce deal turnaround time, while allowing for accuracy and transparency in the deal making process. Does your deal desk software lack any of the above three things? If so, it might be time to start evaluating your options.
Check out ContractRoom.com as a potential deal desk solution. With a customizable workflow, user optimized negotiation tools, and the ability to define and edit deal templates, it could be the right fit for your business. Click here to schedule a free, live demo:
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