How to Solve the Problem of Contract Version Control

By Michele Curley

  November 29, 2016        Contract Management

Things can go wrong with any job, in any industry. Human error, miscommunications and sometimes just bad luck can throw off the best laid plans.

For an organization that relies on contracts to define their business, when things go wrong, it can mean a prolonged contract process, extra costs, delayed revenue - or in the worst scenarios - a lost deal.

Depending on its size, an organization could have tens to thousands of contracts in motion - with many requiring edits and approvals before they can be signed. With so many edits being shared, it’s easy for things to get out of hand. Often, the wrong version of a contract can accidentally be introduced into the process. Whether the contract was wrong from the moment it was generated, or got mixed up during the redlining process, having the wrong version of a contract can dramatically delay a deal. Instead of selling, time is then spent tracing the contract back to see where things went wrong. Sometimes you don’t realize the contract is outdated until it’s too late.

Continue reading...

Getting to the Issues with Contracts and Elections

By John Dickow

  November 3, 2016        Contract Management

At SpringCM, we like to keep things light, and so just for kicks we thought it would be fun to see how many similarities we could find between the election cycle and the contract management lifecycle.  Of course when it comes to contract management, SpringCM has a solution that can make the process much easier for everyone involved.  Sadly, we can’t say the same about elections!

Continue reading...

5 Contract Management Nightmares

By Team SpringCM

  October 28, 2016        Contract Management

Looking for a good scare this Halloween? Forget about the ghost stories and scary movies. We're talking about real-life scenarios affecting the lives of sales people, managers, general counsel, and IT departments.  

Contract nightmares.   

They can cause unnecessary psychological trauma to salespeople when quotas and sales goals aren't met. Plus, corporate lawyers can be stuck on the Nightmare on Risk Street if the proper protocols aren't set properly for contract reviews and approvals.    

Grab a pillow to hide behind. Here are 5 contract management nightmares. 

"The contract stories you are about to read are based on real events..."

Continue reading...

Work on Contracts Leads to Nobel Prize

By Team SpringCM

  October 12, 2016        Contract Management

When you think of the Nobel Prize, it’s often the Nobel Peace Prize recipients who get all the glory - and rightfully so! But in addition to the Dalai Lama and President Barack Obama, today we’re also honoring Oliver Hart and Bengt Holmstrom, two professors from Harvard and MIT who’ve been awarded the Nobel Prize in economics for their contributions to contract theory.

And as you might guess, we’re pretty passionate about contract theory around here! The Royal Academy of Sciences, which awards the Nobel Prize, noted that “Contracts are essential to the functioning of modern societies.”

Continue reading...

Contracts and Commercial Excellence: Building and Managing an Optimized Contract Lifecycle

By Teju Deshpande

  September 28, 2016        Contract Management, Legal

Most organizations today manage their contract management function through a combination of skilled lawyers, processes (either manual or automated) and contract management technology (ranging from simple contract repositories to sophisticated enterprise contract management systems).

Often, organizations manage contracts in silos, with each business unit utilizing its own systems, language, workflows and processes.

Continue reading...

Three Ways CLM Helps Complete Your CPQ Investment

By Greg Adams

  September 9, 2016        SpringCM Partners, Contract Management

Where has the year gone? I wrote back in January about the implications of the Salesforce acquisition of SteelBrick, and how the Salesforce Quote-to-Cash partner ecosystem would be shaken by that acquisition. It’s been three quarters of a year, and here we are on the verge of Dreamforce. With SteelBrick now (mostly) rebranded as Salesforce CPQ, the Dreamforce ISV floor will certainly have a different look and feel from prior years, as formerly grand marketing displays from Configure, Price, Quote (CPQ) and Quote-to-Cash (Q2C) vendors likely get scaled back.

What won’t be scaled back at this year’s Dreamforce is SpringCM’s presence as a leading player in the Salesforce Quote-to-Cash ecosystem. Over the last year, I’ve seen some really impressive results from my counterparts over at SteelBrick, who have been extremely successful in promoting their solution as the de facto standard for CPQ in the Salesforce Q2C ecosystem. What has also been fun to witness is how instrumental SpringCM has been at facilitating the success of some of those SteelBrick implementations, and how much value CLM and CPQ can deliver for customers seeking the maximum return on their CPQ investment. As Dreamforce approaches, whether you’re a SteelBrick customer currently, or a potential SteelBrick customer, here are a few areas where a Contract Lifecycle Management (CLM) investment can help ensure your sales process fires on all cylinders.

Continue reading...

How to Get Control of Your Contracts

By Karry Kleeman

  September 2, 2016        Technology, Contract Management

At SpringCM we are all about helping other businesses accelerate their Digital Transformation in order to create a more efficient workplace and a better customer experience. That means using technology to empower all employees - not just in IT - to improve their overall productivity, speed and agility. This idea couldn’t be more relevant when it comes to how businesses are managing contracts.

Almost 50 percent of sales professionals surveyed in SpringCM’s 2016 Contract Management Report said their contract process lasts over a month, holding their business back from revenue and opportunities for more deals.  

Contract Lifecycle Management (CLM) has emerged as a critical business processes that eliminates extra steps and drawn-out tasks involved in the contract process and speeds up the overallsales cycle. In fact, NCR was able to cut down their contract process by 75 percent after leveraging SpringCM’s CLM solution.

Continue reading...

What is Contract Lifecycle Management (CLM)?

By TJ Crowns

  August 15, 2016        Contract Management

The sales landscape is constantly changing and it’s up to companies to keep up with evolving technology that can improve the selling process. Digital transformation is accelerating sales productivity by connecting tools and processes, leveraging mobile technology to allow people to work from anywhere, and providing in-depth analysis into an organization’s selling process, allowing them to learn from it and make improvements.

Contract lifecycle management, or CLM, is a major contributor to digital transformation.  Gartner defines CLM as:

“...a solution and process for managing the life cycle of contracts created and/or administered by or impacting the company. These include third-party contracts, such as outsourcing, procurement, sales, nondisclosure, intellectual property, leasing, facilities management and other licensing, and agreements containing contractual obligations now and in the future.”

At SpringCM, we define contract management as the process by which an organization can strengthen and tap into the value of its contract portfolio in order to shorten the sales cycle and reduce costs. The value comes from the time and money saved while managing contracts, and making room for a company to expand its sales.

Continue reading...

Redlining: More Than Just One Step in the Contract Lifecycle

By Ernesto Carrera

  May 13, 2016        Workflow, Contract Management

When I speak with people about contract management software, they often mistake it as just a redlining tool.

By definition, redlining is the process of two or more people adding, redacting, or adjusting language within a contract to help identify potential risks in the deal. Today - it’s much more than that.

Rarely do contract negotiations just happen once in the contract lifecycle. Instead, both the buyer and seller make changes to the contract - throughout the contract’s lifecycle. The contract can go back and forth between parties for days, or weeks before it’s ready to be approved. Sometimes at the approval stage, Sales Managers or the customer could reject a terms within the contract, sending it back to negotiations.

If negotiations are happening throughout the contract lifecycle, it’s critical that you’re ready for redlines from the very beginning of the contract process.

So how can you be prepared for redlining at any time, and still accelerate the contract to close? The key is in the tools you use to negotiate contracts.

Continue reading...

SpringCM Talks ‘Project Unite’ at SteelBrick Customer Success Summit

By Team SpringCM

  May 9, 2016        Contract Management

The Salesforce environment now has it’s own set of applications dedicated to accelerating the entire quote-to-cash cycle. It was a hot topic at the SteelBrick Customer Success Summit, where SteelBrick partners and customers gathered in San Francisco on April 20 - 22 to learn more about increasing sales productivity.  

Karry Kleeman, Chief Revenue Officer at SpringCM, led a discussion in a session titled, “Getting the Complete Package with CPQ + Contract Management.” He spoke about how SpringCM, a Salesforce Platinum Partner, is accelerating the contract process to help shorten the sales cycle and speed the time-to-revenue.

But Kleeman pointed out that when it comes to SpringCM’s relationship with Salesforce, the contract and document management platform does so much more than add velocity to contracts.

Continue reading...

Search Blog

Subscribe to Email Updates