Top 5 Industries Using Salesforce Contract Management

Content

• What is Salesforce contract management?
• How does Salesforce contract management software help businesses?
• Which are the top industries using Salesforce contract management software?
• Technology
• Financial Services
• Healthcare
• Manufacturing
• Real Estate

Nothing is more important for businesses than contracts. Every industry, from software to manufacturing, depends on a contract lifecycle to get up and running. All departments—from legal to sales—must work together to maximize the benefits of the contractual agreements. The contracts and associated tasks frequently exist independently of the teams making the requests. 

One way to overcome this disjointed approach to contract management is assembling all the relevant stakeholders under a single roof to share expertise, responsibilities, and information. Dock 365 contract management software allows just that by seamlessly integrating with Salesforce. Thanks to the integration, departments across industries can collaborate on contract lifecycle management from within the CRM platform. There’s two-way data sharing, self-serving contracts, and more benefits for both sales and the legal team.

What is Salesforce contract management?

Salesforce CRM (Customer Relationship Management) is a versatile platform used across various industries to manage customer relationships, sales processes, and data. Integrating contract management software with Salesforce allows businesses to enhance contract-related capabilities within the CRM platform. It provides a centralized platform for the sales team to manage customer contracts and oversee the contracting process.

Thus, multiple stakeholders, such as sales teams, legal departments, and customers, can collaborate on contract creation, negotiation, and approval processes within Salesforce. Moreover, the legal team can leverage CRM to generate sales agreements.  These two-way data sharing between Salesforce and contract management software can provide insights to better the overall business operation. 

How does Salesforce contract management software help businesses?

Contracts are a vital part of the sales process. That is why enabling the sales team to oversee and contribute to the contracting process can benefit the business at many levels. It allows organizations to take a customer-centric approach to contract generation and close deals faster. There are no unnecessary delays or switching multiple platforms to turn viable leads into clients. Other benefits of contract management software integrated with Salesforce include: 

• Self-serve Contracts

Salesforce contract management allows the sales team to initiate contract requests within the CRM platform. As a result, the sales staff does not have to wait for the legal department to begin the sales agreement. They can self-serve competent contracts using pre-approved templates and clauses available in the CMS system. Moreover, the legal can still stay in control by overseeing the contract lifecycle.

• Import Contacts

Administrative tasks can take up a lot of your legal department’s time. Manually entering the necessary data while generating each sales agreement can be troublesome. Thankfully, Salesforce contract management software makes the job easier by enabling the legal team to import CRM data into CMS. Thus, they can create legal agreements for customers without manually filling necessary form fields.

• Improved Transparency

Thanks to Salesforce integrated contract management software, the sales teams can easily access and organize contracts from within the CRM platform. Thus, customer contracts are easy to find, review, and reference. They can quickly retrieve contract terms and details when communicating with customers or prospects.

• Identifying Upsell and Cross-Sell Opportunities

By analyzing contract data, sales teams can identify opportunities to upsell additional products or services to existing customers. They can determine if customers have outgrown their current solutions or if complementary offerings could benefit them.

• Renewal Management

Salesforce integrated contract management software provides automated reminders for contract milestones. Thus, the sales team can proactively manage contract renewals. They can track renewal dates, review contract terms, and engage with customers in advance to ensure renewals are smooth and timely.

• Contract Document Management

Sales teams can efficiently manage contract documents, access the latest versions, and share them with customers as needed. It reduces delays in the contract negotiation process and ensures that all parties are working with the correct documentation.

• Scalability

As the sales team grows, contract management systems can scale to accommodate increased contract volumes and complexity, ensuring consistency and efficiency in contract handling. Contract data-driven insights can inform sales strategies and customer interactions.

Which are the top industries using Salesforce contract management software?

Integrating Salesforce with contract management software offers several significant benefits to industries across the board. It reduces manual data entry and duplicate work. Sales and contract management teams can seamlessly move from lead generation and opportunity management in Salesforce to contract creation and management, improving overall efficiency. Here are the top five industries where Salesforce contract management software is popular:

Technology

The technology sector widely adopts Salesforce CRM to manage sales pipelines, track customer interactions, and drive business growth. It helps technology companies, including software providers, hardware manufacturers, and IT service providers, streamline their sales processes, deliver personalized customer experiences, and monitor customer support cases.

Sales teams in the technology sector often deal with complex contracts for software licenses, maintenance agreements, and service-level agreements (SLAs). Access to the contract management process through the integrated system helps them understand product pricing, terms, and renewal dates. It can also enable tech companies to identify opportunities for upselling additional services or products.

Financial Services

Banking, insurance, wealth management, and other financial services organizations leverage Salesforce CRM to enhance customer engagement, manage leads, and automate compliance processes. Salesforce enables them to provide tailored financial solutions, manage client accounts, and ensure regulatory compliance.

The financial services sector involves complex contracts with clients, partners, and regulatory bodies. Accurate contract management is crucial for compliance, risk mitigation, and profitability. Integrating Salesforce with contract management software can enable users to manage client agreements, track financial regulations, and automate approval processes. It can also help the sales team monitor and renew contracts with third-party service providers and partners within the CRM platform.

Healthcare

Healthcare providers, pharmaceutical companies, and medical device manufacturers utilize Salesforce CRM to improve patient engagement, manage sales pipelines, and streamline healthcare operations. They require instant access to contracts to manage all these functions efficiently.

Moreover, Healthcare organizations deal with numerous contracts with vendors, insurers, and suppliers. Managing these contracts efficiently is essential for cost control, regulatory compliance, and patient care. Salesforce integrated contract management software can help healthcare providers track contracts with vendors, manage compliance requirements (e.g., HIPAA), and ensure timely renewals. It can also help in managing relationships with insurance companies and tracking reimbursement agreements.

Manufacturing

Manufacturers adopt Salesforce CRM to manage customer relationships, sales opportunities, and order processing. Salesforce helps manufacturers optimize their sales processes, collaborate with distributors and suppliers, and monitor inventory levels effectively.

Manufacturers frequently engage in contracts with suppliers, distributors, and retailers. Efficient contract management can optimize the supply chain, reduce costs, and ensure product quality. Salesforce can be used to manage supplier agreements, monitor quality assurance contracts, and automate procurement processes. It can also assist in tracking warranties and maintenance contracts for equipment and machinery.

Real estate

The real estate industry commonly uses Salesforce CRM (Customer Relationship Management) to streamline operations, enhance customer relationships, and improve sales and marketing efforts. Real estate professionals deal with lease agreements, property contracts, and client agreements. Efficient contract management is essential for maximizing property value and tenant satisfaction. Salesforce integrated contract management can help real estate companies track lease agreements, manage property maintenance contracts, and streamline tenant interactions within the CRM platform. It can also assist in automating rent escalations and lease renewals.