To be a leading provider of home building materials, components and services, a company must have an effective strategy for securing contracts. That’s exactly what LTHOME – a brand of a top 10 New Home Building products supplier – is developing.
The company has focused on four core categories. With a broad range of product solutions, they are able to meet customer needs in several categories, such as:
Promoting Home Building Contract Management This has led LTHOME to develop a specific strategy for how their suppliers can effectively manage contracts using hubspot contract management tools.
This solution is an all-in-one contract and proposal management tool that offers several advantages to suppliers and contractors. These include:
The Benefits of Digital Contract Management
Because LTHOME is a B2B contract company, it’s essential that they have an efficient process in place for managing contracts. This is because the average contract value for each project is well over 100,000. This means that they have a significant investment in each contract they close.
Inefficient processes have far-reaching implications, from orders being processed incorrectly and resulting in work delays to having inventory levels reduced. By digitizing their contract management processes, they are able to save time and money.
It should be noted that digital solutions are key to accomplishing efficient contract management. Making these updates to the process takes time, and implementing them places a strain on resources. However, the switch is necessary. Simply put, purchasing costly materials and components and using manual forms to administer contracts puts companies at risk.
Compliance with Regulations
Being subject to regulations is nothing new for the home building industry. This is because they are constantly juggling various rules that have been issued by the federal government.
However, managed regulations can save individuals a lot of money. This is important because breaches could result in cash outflows, even to the point where they become unable to complete a given job.
As a legal entity, a home building contractor has civil liability and could be deemed liable for damages to a supplier. At the same time, they could face criminal liability for violating government regulations. Overall, violating these regulations costs businesses money. The money that’s lost isn’t just a fine; it’s the opportunity to do more business with the company as a result of regulatory compliance.
This is why proper record-keeping is so important in the industry. Contracts are created to make sure that everything is handled properly – specifically, when it comes to billing, manufacturing, and delivery. Unfortunately, dealing with individual contracts can be a challenge. But going digital makes it easier to store information, cutting costs, and helping companies stay compliant.
B2B Contract Management Tools
This is why many companies are discovering that the best choice for B2B contract management is HubSpot contract management. Hubspot has The Hub, a network of tools that are designed for working together, providing a uniform experience for companies.
More than half of all organizations are now in the process of abandoning their legacy software. This means that almost two-thirds of all businesses have either started to go paperless or are close to doing so.
The truth is that organizations need to make sure they have the best technology if they want to be leaders in their field. This means recognizing the value of HubSpot contract management when it comes to outbound and inbound contracts, agreements, and suppliers.
This is the main question that LTHOME is currently trying to answer. Should they continue to use the same contract management processes that have led to success in the past, or should they make the switch to a digital solutions like HubSpot? Based on the advantages of digital solutions, it seems clear that going paperless is ultimately the best decision.
For more information on contract management best practices, you can visit the National Archives website.