Configure, Price, Quote (CPQ) tools, like Salesforce CPQ, are commonly used to streamline product assembly, product pricing and the delivering the quote to the customer, but can limit your business when it comes to closing the deal.
Paired with CPQ, Contract Lifecycle Management (CLM) tools put a process behind contracts to accelerate contract generation, negotiation, and approvals and shorten the overall sales cycle. CPQ + CLM address the broader needs of contract management, to drive productivity across the entire company, from one platform.
CPQ tools are known for handling simple contracts, however, when it comes to non-standard contracts, it’s not that simple. Many contracts are complex and need to be negotiated and approved before being signed. CLM solutions manage contracts from a secure cloud repository, allowing businesses to generate non-standard contracts and deploy intelligent workflows to streamline contract negotiations and approvals while tracking every action along the way to ensure the process keeps moving and nothing falls through the cracks.
At the same time, CLM tools address roadblocks that are common amongst businesses using CPQ alone to manage contracts: