Data-driven contract management is the need of the hour for every business. It is about seeing the forest as well as the trees. Extracting business intelligence from contractual agreements provides organizations with a solid foundation for management. It gives a comprehensive overview of the contract lifecycle, also minute details to derive maximum value from contracts.
That being the case, enterprises require a contract management solution with easily accessible and searchable information. Adopting Salesforce CLM provides a centralized platform to facilitate efficient contract data management. They allow organizations to aggregate data from CRM (Customer Relationship Management) and contract management software for an accurate and up-to-date contract database. Thus, businesses can utilize contract intelligence when and how they want to.
Contractual agreements command most business partnerships. Hence, organizations need to pay more attention to the value of executed contracts. Having a solid framework to manage all contract-related information can go a long way in optimizing contract lifecycle management.
Contract data management system, a vital part of contract management, involves collecting, analyzing, and storing relevant data throughout the contract lifecycle. Whether it is sales or vendor contracts, staying on top of valuable information about them can be an immense help to the sales and procurement team. Contract data management provides them with quick and easy access to all data to better serve their function. From vendor lists to obligations, the ability to retrieve all this information at the right time can simplify business operations.
Contracts are an abundance of informative material. Deliverables, Expiration dates, Customer and vendor information, Pricing, Schedules, Products, Services, Terms and Conditions, Modifications, Penalties & fees, and Supporting documents are some of the vital contract-related data.
They fall broadly into three categories: contract metadata, operational data, and substantive data. Operational data includes any information related to the contracting process, from turnaround to contract costs. Keeping up with the operational data can help to rectify bottlenecks in the contract lifecycle.
Whereas substantive data consists of any contract-related information that helps to maintain legal and industrial guidelines. It includes information like contract value, duration, parties involved, obligations, and so forth. Lastly, contract metadata comprises data about contract data. Contract type, users, creation date, keywords, and author name all fall under contract metadata.
For organizations, contractual agreements are unignorable assets. They set the tone for business relationships and provide insights to improve processes. Tracking the flow of data through the entire contract lifecycle provides functional and long-term pointers for efficiently managing the business and contracts. Contract data management system paves the way for easily retrievable data.
Thus, organizations do not have to end up on the losing end without real-time document status. With contract data management, the contractual agreements are not scattered across the platform. Consequently, enterprises can assess the current state of legal documents, amendments, and business relationships. It makes for a more comprehensive contract, generation, analysis, and management. Furthermore, they can also quickly spot contract threats and potential.
Though legal documents contain a wealth of actionable intelligence, organizations require a reliable system to retrieve functional information. Salesforce CLM assists firms dealing with large volumes of contracts by consolidating the enormous CRM and contract data into utilizable information. The organization can retrieve accurate and current information anytime from within either Salesforce or contract management software. Here’s how organizations can utilize Salesforce CLM to set up a competent contract data management system.
Every department requires ready access to current and accurate information. But when it comes to contract management, there are always multiple versions and parties floating around. Hence, it is challenging for businesses with heavy contract loads to keep track of all the contracting processes and their results. Hence, the first and foremost step of contract data management is to accumulate contract-related information to create a centralized database.
Salesforce CLM enables organizations to do just that. Integrating Salesforce with contract management software empowers to initiate a sole source of contract data. From customer information to executed contracts, the integrated system’s sync function allows users to aggregate CRM and CMS (Contract Management Software) data to a single platform. With its advanced AI and OCR (Optical Character Recognition) capabilities, it is so easy to search and retrieve data whenever necessary. Thus, users get to enjoy real-time access to key data from either platform.
Apart from accumulated information, contract data management also incorporates keeping track of contract processes. Salesforce CLM goes one step further by involving invested parties other than the legal department in contract lifecycle management. Thanks to the integrated system, users can monitor workflows, approval processes, and document versions from Salesforce or the contract management software platform.
Salesforce CLM also refines contract data management with automated notifications for obligations and document status. Thus, sales and legal teams can set up alerts to track obligations, relevant clauses, and amendments as the contractual agreement passes through the contract lifecycle. Thanks to contract data management through Salesforce CLM, businesses stay apprised of relevant contract milestones.
Comprehensive reports are integral to the contract data management system, ensuring critical information reaches the right people. Organizations require all the involved parties to remain on the same page when it comes to contract lifecycle management and business operations. Detailed reporting and timely sharing are the way for enterprises to avoid miscommunication and costly errors.
Salesforce CLM empowers organizations to accumulate relevant data from CRM and CMS platforms to facilitate extensive contract reporting. The integrated system encourages data aggregation, collaboration among departments, and real-time information sharing. With advanced contract data management through Salesforce CLM, users can easily access detailed and customizable reports on active contracts, expiring contracts, contract value, key dates, customer lists, milestones, and more.
As we already discussed, utilizing Salesforce CLM for contract data management means all-inclusive reports with accurate CRM and CMS data. Organizations require a means to analyze this information and derive useful insights. The customizable reports and dashboards enable users to set up benchmarks and KPIs (Key Performance Indicators) for the contract portfolio.
The Integrated system’s advanced analytical tools help to identify and oversee significant contract metrics. Users can readily filter and retrieve contract repositories using type, author, location, creation date, and so. Through Salesforce CLM the sales team can readily access relevant contract-related information to improve sales processes. It helps businesses to determine what worked from a particular contract and what did not. Moreover, enhanced contract analysis through the integrated system also enables users to instantly identify and mitigate red flags in the contracting process.
Accurate and current contract data is an indispensable component of contract lifecycle management. Adopting Salesforce CLM to facilitate effective contract data management enables users to ensure that relevant information gets to the right person at the right time throughout the contract lifecycle. Some of the other benefits of a contract data management system are:
Salesforce CLM enables users to auto-populate CRM data into the contract management software to create contracts. Thus, there is no need for manual entry or human error during the contracting process. Moreover, real-time data synchronization between CRM and CMS platforms means there is constant information sharing between departments, eliminating miscommunication and inaccuracies.
Integrating Salesforce with contract management software for contract data management means users can readily track the progress of contractual agreements throughout the lifecycle. Thus, comprehensive contract reporting and analysis enables organizations to stay on top of contract milestones, deadlines, performance, and obligations. Consequently, businesses can identify and rectify contract risks before they lead to financial or legal consequences.
Contract data management system provides long-term insights into running a business through accurate data, reporting, and detailed analysis. Salesforce CLM aggregates contract-related information from CRM and CMS platforms to identify opportunities, trends, and profitable patterns in the contracting process. Thus, organizations can identify and optimize contract performance through contract data management.
Conventional contract administration frequently results in executed contracts ending up in secure storage where they are unreachable. Going through the executed contracts only during the renewal or terminal stage does not help either of the parties. Contract data management system enables organizations to utilize contract data to enhance the contracting process.
Moreover, businesses can make the most out of the process by adopting Salesforce CLM. The integrated system empowers users to aggregate CRM and CMS data to create a single source of information. With accurate and current information available readily through a centralized platform, the contract data management system is greatly improved.
To learn more about our contract management software, schedule a live demo now.
Schedule a live demo of Dock 365's Contract Management Software instantly.