Streamline Contracting Processes With Salesforce Contract Lifecycle Management
Whether a business is trying to increase customer satisfaction or grow revenues, the contracting process plays an essential role. However, it can be very complex and costly without an integrated Salesforce solution.
Extensive negotiation periods, missed deadlines, and post-signature risks can reduce the value of a contract. Fortunately, there is a better way: a Salesforce contract management solution like Juro.
| Contract Management |
Access to a Centralized Data Hub
In addition to streamlining contracting processes, sales leaders benefit from the advanced reporting and analysis features of a Salesforce-integrated contract management solution. The platform enables them to monitor performance results with dashboards that show high-level data and summarize more granular data for specific stakeholders.
The platform also allows both sales and legal departments to work on the same document without having to switch tools. This helps eliminate friction between the two teams and speed up the contracting process.
Infiwave sales manager Sophia Perez believes that the contract management solution can help her company achieve its business objectives by allowing her to improve contract creation and management, increase renewal rates, reduce contract cycle times, and mitigate risks. She says that she can better connect with customers by streamlining the sales and contracting process. The software also provides real-time updates so managers can track the status of contract process stages. It helps them to stay on top of their game and ensures that contracts do not miss key deadlines.
Better Collaboration Between the Sales and Legal Departments
Contracting may not be the most exciting part of the sales process, but it’s essential to making sure customers are satisfied and your business remains compliant. The key is ensuring that contracts are updated quickly, based on accurate information and administered well. A seamless integration between Salesforce and a CLM solution allows both departments to get the job done faster without sacrificing accuracy.
Contracts often have complicated terms, and they must be carefully tracked and enforced, milestones monitored and data reported. By integrating Salesforce and a CLM solution, both departments can access the same data hub, allowing them to share contracts with one another more easily. For instance, some CLM solutions allow legal to create a library of pre-approved clauses for frequently negotiated items such as limitation of liability. This way, when a prospect stalls negotiations over Clause A, sales can push back with Clause B or C without waiting for legal to catch up.
Secure E-signatures
The contracting stage of a sales process is the most crucial time for companies to build trust with customers and reduce risk. When contracts are updated quickly and administered effectively, customers benefit from a better experience. This is why the process must be smooth for both sides to avoid unnecessary friction.
A top-rated contract management salesforce solution will come with secure e-signatures that can be used across the globe. The legal weight of these eSignatures is recognized under ESIGN and EU eIDAS regulations, and they can make contracts legally binding.
An integrated system for contract lifecycle management salesforce will perpetuate healthy collaboration between the sales and legal departments. It will allow the sales team to self-serve within Salesforce, while the legal department stays in control of review and compliance. This allows them to focus on high-value projects and eliminates avoidable delays. This is a key step to improving overall productivity, efficiency, and growth. It also ensures that all stakeholders have access to the most up-to-date information.
Reduced Time-to-Close
With a contract lifecycle management system, your sales and legal departments can streamline the contract process. This can increase the value of each deal, improve customer experience, and reduce your risk. It also helps you accelerate your contract cycle.
Using CRM systems like Salesforce can help your sales teams manage lead and client information. However, it’s not ideal for managing contracts because of its limitations. To fully optimize the contracting process, you need a specialized contract management system that integrates with your CRM and ERP.
With a comprehensive contract management system, you can create contracts directly from your accounts, opportunities, or quotes. Then, you can use structured forms and a rules engine to speed up the contracting process. You can even receive chatter notifications on contract milestones to keep track of your progress. You can also extract useful data from your contracts to take advantage of upsell and cross-sell opportunities. This can improve your contracting efficiency and boost revenue.
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