Contract Management solves contract chaos and accelerates successful deals.
According to industry studies, managing the contract process, from generation to signature, can be 18% of the selling effort. Why? Most contract processes are still manual, bogged down with paper or encumbered by email attachments, phone, fax, mail, lost documents, and last-minute non-compliant terms and conditions.
But what's the impact of not managing contracts effectively? First, organizations see declining productivity while contract review and approval times increase and desired contract outcomes--a "closed/won" opportunity--fall by about 40% analysts say. Disputes and terminations increase along with review and approval times. And, we all know, any delay in the selling process can kill a deal cold.
So what's the solution?
Through SFDC Appexchange and SpringCM your organization can control contract chaos and gain visibility into the entire lifecycle--from creation to approval and renewals. This improves forecasting because you now have a clearer view of how delayed contracts impact close dates. Automated workflows replace manual steps between sales reps, management, legal, sales operations and prospects, slashing the time needed to create and approve contracts, get them to the right people for review and approval, and get the contract signed.
Because SpringCM is fully integrated with Salesforce.com, sales reps can see where their deals stand right from within the Salesforce Opportunity screen. Centralized pre-approved contract templates mean that sales reps can access the most current contracts and addenda from within SFDC directly. And through reviews and negotiations, SpringCM tracks changes, iterations, and edits so you never lose a version and always know who made a change and when. As the contract moves through the process, the contract status is automatically updated in Salesforce, so everyone involved with the opportunity stays on the same page. And has the right versions and information on existing contracts as renewal negotiations begin.
In addition to contracts, SpringCM easily manages all the documents related to the opportunity from within Salesforce.com--like ROI models and executive summaries. Easy-to-understand dashboards show your contract pipeline at a glance. Management knows where contracts stand in the sales funnel and provide more accurate forecasts. SpringCM also enables collaboration with your legal team, without requiring that they have a Salesforce.com license. During the review process, attorneys can comment on the contract, using a simple pinpoint approach to ask for clarification or changes. And all these comments are tracked, so they don't get lost in process.
When the contract is ready, one click sends it off for customer review or signature.
CHOOSING THE RIGHT SOLUTION
A contract management solution can help you streamline the entire sales contract process--from contract creation through contract approval and reporting and contract renewal.
1. Full integration with Salesforce.com. A best-practice contract management solution, like SpringCM, should be fully integrated into Salesforce.com. It shouldn't require a second login, or duplicate data entry; users should be able to create and manage contracts from the Salesforce.com Opportunity, using the familiar SFDC interface.
2. Centralized library of contracts that can be automatically selected based on the SF.com opportunity data.
3. Ability to directly email links to contracts to a contact from within SF to reduce "management by email attachment" confusion.
4. Automatic creation of a contract folder when the contract is sent to the contact where all contract-related material can be stored.
5. Standard business-rule-based routing for contract creation, editing, and approvals.
6. Access to contracts for comment, editing, and approval to teams who don't have SF licenses-legal counsel, customers, consultants, etc.
7. Complete visibility into contract stages through Salesforce.com as well as integrated reporting to execs and management. I
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|Date:||Jul 1, 2011|
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