Sales reps and sales teams operate on a deal for months. They eventually win the deal and then battle through the contract procedure. The whole end-to-end process from contract creation through negotiation and redlining, to registering can be a nightmare.
Salesforce contract management system facilitates the sales process by enabling businesses to have a clear view of the entire lifecycle of the clients — from lead generation to deal close and beyond. It helps during the sales cycle and provides one central place to view accounts, opportunities as well as other relevant information about the account via deal notes. Despite this, the contract management process is nevertheless a frustrating cycle of emails, faxes, telephone calls and at times text messages as either side of a trade attempt to coordinate to get the contract signed. Sales representatives and their customers lose patience and prices are usually stalled and occasionally lost because of contract management inefficiency.
No Truth of Single Source
Each handoff of a contract generates more possible alterations and more confusion if not managed properly news.
During the contract procedure, contracts are routed around to get concessions and input. During this stage, the back-and-forth negotiation between the parties generally ends with multiple variations of the contract being made. There is now no single source of truth. ESPECIALLY if the parties are utilizing email, a basic file sharing tool between multiple branches and offices. It’s practically impossible to ensure that the latest version has been worked on.
File Storing
File Cabinets
Filing cabinets — both physical and digital (Dropbox or Google Docs) — are dead ends. How long have you spent searching for contract info, only to later find that you don’t have the latest version? And storing something online doesn’t make it simpler to find it ensure that it’s authentic.
Contract (In)consistency
Contract Repository
Business is dynamic and so are the contracts which govern business. Company policies, regulations, laws, and contemporary corporate legal language generally change over time. Maintaining templates and operating from older contract versions is something which sales groups often do. Revenue operations teams get contracts back together with expired information, graphics or trademarks, and they must be certain dates, dollars, and information are right before sending a final version to a customer.
Data Disaster
While copying an older contract might appear effective, often it comes with a few specific drawbacks. Unchanged names, dates, and addresses are extremely common mistakes. Missing or incomplete information about a product, service, or a carryover of a special term that has been used on an old arrangement, all slow the process and indicate the sales rep was not working with a brand new and new contract.
Losing Momentum
You finally get”yes” from a customer after a lengthy deal cycle, operate through internal approvals and send it for touch, only to learn that something has changed — possibly a merger, acquisition, reorg/ layoff or funding freeze. Does one or all this seem familiar?
Like Apple, Salesforce also has an App shop (Salesforce AppExchange) to buy apps for your Salesforce instance. One class of Apps is contract management applications that integrate seamlessly into your Salesforce account. By augmenting your Salesforce case with a contract management program, employers are more likely to have a quicker and much more hassle-free contract procedure.
The benefits of Contract Management within Salesforce
Benefits of Contract Management within Salesforce
By placing contract management in Salesforce, everything is compact — contract production, changes, approvals, signatures, archiving and renewals. Businesses can remove paper contracts, do away with file cabinets and improve data accuracy. Sales reps get easy access to every contract for a given customer, so they could spend much less time producing, updating and negotiating contracts and closing deals faster. Additionally, this frees up more time to market.
Contact Ultria for a presentation or more information on the advantages of streamlining contract direction with Salesforce.