Understanding where and when the deal desk and other cross-functional teams engage in the sales cycle is critical for improving deal flow and velocity. Nick emphasized the importance of identifying which deals require deal desk involvement versus those that move through the pipeline with minimal touchpoints. When you create a process that’s as seamless as possible, you can adjust your operating model to allow for a better transaction experience for your internal sales team and your customers.
“Being able to tell that story using data allows us to shape our processes and policies to drive faster deal cycles.” - Nick Thompson
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Vinny pointed out the delicate balance between collecting enough data to be actionable and ensuring the process remains user-friendly for sales reps. He reminds leaders to walk a mile in their shoes. Simplifying processes without compromising data quality is essential for maintaining sales momentum and avoiding bottlenecks.
“If you’re asking a rep to fill in 15 different fields before they can move to another thing, how can you make that a little bit more automated or guided?” - Vinny Poliseno
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Contracts are more than just legal documents; they’re the backbone of business operations. They tell the story of the relationship between 2 parties. We rely on the data in the contract itself to shape our processes and how we conduct our businesses. The data helps us understand the types of obligations that we have to deliver to customers as we grow and scale. What commercial aspects and terms do we frequently need to include? How often do we need to secure approvals for changes?
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Discounting practices, particularly when sales reps frequently exceed thresholds, can be telling indicators of sales performance and pricing strategy effectiveness. Tracking these practices enables proactive coaching and strategic adjustments, ensuring that discounts are used effectively rather than reactively.
“If you notice a rep always discounting deeply as the quarter ends, it’s a coaching opportunity or a sign we’re starting at the wrong price point.” - Camela Thompson
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Contract data can be a powerful tool for improving forecasting accuracy. Nick discussed how tracking elements like the number of contract terms and the timing of contract generation provide a non-biased view of deal closure likelihood. This insight underscores the importance of integrating contract data into forecasting processes for more reliable predictions.
“If you’re forecasting a seven-figure deal and it’s 48 hours left in the quarter without a generated contract, it’s likely that deal is going to push,” - Nick Thompson
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Legal and contracting delays can significantly impact deal velocity, especially in companies that outsource their contract negotiations. Understanding your contract data can help you spot things like invoicing and collection risk in advance. Instead of your sales rep feeling stuck because the customer insists on 120 net payment terms, you can proactively provide alternative options that will keep your contracts in line with your own policies.
Jump to clip to hear how to create a close relationship with legal
Nick shared his experience at Ironclad, where they found that sequential approvals, particularly in pricing, allow higher-ups to see the context and comments from previous approvers, which accelerates the overall approval process. This method ensures that each level of approval adds value and reduces unnecessary back-and-forth.
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One-size-fits-all dashboards rarely work effectively across different stakeholders. Nick emphasized the importance of tailoring dashboards to meet the specific needs of sales leaders, finance teams, and other stakeholders. You spend less time selling people on using your dashboards if you do the hard work early on of understanding what your sales managers and CRO care about. Make sure to get their buy-in on the outcomes of your insights.
“Very rarely is there a universal dashboard that every team is going to log into and get the same amount of value out of. However, being able to leverage solutions to create tailored experiences and data for each specific team can have a really significant impact.” - Nick Thompson
Jump to clip to learn why your dashboards may not have the insights your stakeholders need
Tracking the types of contracts and the corresponding sales activities provides valuable insights into where sales teams are spending their time. Sometimes you’ll see a very low-dollar contract with a high rate of red lines, while bigger deals close quickly. This data helps us understand where to focus our efforts. By analyzing this data, RevOps professionals can better allocate resources and prioritize activities that drive the most value.
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