Magazine article CRM Magazine

Contract Management Solves Contract Chaos and Accelerates Successful Deals

Magazine article CRM Magazine

Contract Management Solves Contract Chaos and Accelerates Successful Deals

Article excerpt

Like thousands of organizations you've invested in the power of to help you manage your business. Isn't it time you bring the same power and control to the contract process?

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, 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. …

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