Salesforce is a customer relationship management solution that helps companies to manage their customers efficiently. CRM systems have revolutionized and streamlined the administration of various departments within an organization for every customer. The process of Salesforce Contract Management involves the effective management of contracts that are made with the vendors, customers, business partners or employees.

Contracts are an integral part of business activity since they are legally binding and inspire compliance for all the involved parties. Contracts help in maintaining order among its acquaintances within the organization, and it is necessary to manage such contracts for optimum outcomes. Contract Management Software aids in managing the contracts throughout its lifecycle efficiently and providing the company with detailed insight into the various aspects of a business effectively. Since contracts are complex documents with legal validity, contract management software is essential for every company to control, store and execute such sensitive documents. When integrated within a Salesforce solution, the contract lifecycle management software has immense potential in streamlining the entire process enabling the organization to handle its business activities productively.

Click here to read A Day in the Life of a Contract Administrator

Contract Management and Salesforce

The Quote-to-Cash process of Salesforce is an important aspect that dictates the entire buyer-company relationship. The Quote-to-Cash is an end to end process that begins with the buyer’s interest and ends with the revenue. From creating a quote to the final execution, every activity in the process is duly recorded in the system, which can be retrieved at any time by the managers for insight and evaluation. Integrating the Salesforce CRM system with contract management software has a plethora of benefits. Every deal, purchase, sales, and returns on the course of business activity will have legal soundness and validity only if the contracts of the same are composed and managed cleverly. Neglecting the contracts may result in unfavourable situations for the organization as non-compliance can have adverse effects. Integrating the Quote-to-Cash process with the CLM system can greatly improve the efficiency, accuracy, productivity and ultimately customer satisfaction.

Seven Essential Features in CLM for Salesforce

The Contract Lifecycle Management Software is the backbone of the Salesforce process, which enables the effective management of legal contracts on the course of business activities, thereby increasing the productivity of the organization. The seven essential features of CLM system that increases the potentiality of Salesforce software are:

  1. Central Repository

    The main beneficial feature of the CLM system is its centralized repository. All the contracts that were created and drafted can be stored securely in the repository. When the contract documents are stored in a single place, it becomes easy for the managers to retrieve any document at any time with ease. With the central repository, companies can control the documents effectively.

    Click here to read 6 Tips to Streamline Redlining and Negotiating in Contracts

  2. Structured Initiation & Creation

    The Contract Lifecycle Management process begins with the contract initiation, and the software offers a structured methodology with which the managers can easily and efficiently initiate the process. The entire process is simplified with the help of pre-defined templates which accelerates the contract creation process without any room for errors or complications. The structured process helps the organization to initiate, create and execute efficiently.

  3. Streamline the Process

    The contract management tools allow the managers to streamline the process of managing the contracts through automation. Workflows can be easily set up in the CLM system which automates the entire process of contract management right from contract requests to approvals. The notification system enables the manager to be duly notified of every single change, addition, elimination made in the document, thereby by enabling control, and process streamline.

  4. Performance Metrics

    The success of a partnership or a deal can be measured only through the performance of the contracts during a given period. The contract management software integrated with the CRM system can give valuable insights into the overall performance of the contract with which the managers can effectively measure, and evaluate the outcome. It also enables in forecasting for the future by providing reliable data of past performances.

    Click here to read Benefits of using E-Signature in Contracts

  5. Real-Time Updates

    The real-time updates feature of the CLM software makes it smart and reliable by providing the managers with notifications in real-time. The stages of a contract process can be easily tracked as it progresses. When the updates are served real-time, the managers are provided with instant knowledge of the progression and smart management of the same.

  6. Integration with QTC Process

    Perhaps the most distinctive feature is the possibility of integrating the contract management software with the Quote-to-Cash process completely. Through integration, processes such as revenue management, price configuration, price quotation, incentives, Ecommerce and more can be easily and effectively managed. The entire sales process and the contract lifecycle can be tracked, managed, controlled, and executed through the integration of the management systems.

  7. Accuracy and Time Management

    The CLM software increases the accuracy of the contract documents through the automated notification system. The organization can keep tabs on a contract and make informed and accurate decisions on renewal or cancellation at the end of its lifecycle. It also enables the organization to manage time as the system provides an easy-to-analyze metric system with which the managers can arrive at a decision fairly quickly.

    DocuCollab’s Contract Management Software can be easily integrated with the salesforce-based Customer Relationship Management which increases the overall productivity of the organization by streamlining the processes and rendering valuable insights into the performance. With DocuCollab, the legal and the managing teams of the enterprise can efficiently access and assess the revenue generation as well as the contract performance throughout a given period, thereby increasing the organizational efficiency.

Click here to learn more about DocuCollab’s Contract Management Software.