Every contract takes a different track, but do you have a standardized process for contract reviews and approvals?
The contract process involves many steps, which includes sending the contract to internal and external parties for reviews, approvals and signatures. Without a way to regulate and track the path a contract takes fosters an inefficient method to manage and predict what will happen during the duration of a contract cycle. This makes it harder to foresee contract bottlenecks and mitigate errors.
The ramifications of a slow contract process can limit the number of deals a salesperson closes, or worse, negatively impacts business objectives with inability to bring in revenue in a timely manner. Instead, valuable selling time is often spent sending emails or making phone calls inquiring about the contract’s status.
Automating the contract process ensures contract cycles are directed internally and externally more efficiently and all contract changes are saved for prompt reviews and approvals.
In SpringCM’s 2016 State of Contract Management report, sales professionals said workflow is the #1 challenge to the contract process. Over 42 percent said it is not easy to see where a contract has stalled in the process.
SpringCM automates the contract process, eliminating extra steps to shorten the time it takes to process a contract. Users can standardize their contract process, and set up workflows according to the specific contract.
With SpringCM Workflow Designer, you can define, formalize and adjust your contract process from a browser without any additional software. Users can trigger new workflows from any action taken on a contract, even from external systems like Salesforce. Organizations can leverage robust workflow analytics to gauge effectiveness and further optimize their process.
Quickly track down a contract by searching for metadata such as start date or customer name. With SpringCM, organizations can define how they tag contracts, according to their specific business needs. These tags can sync with Customer Relationship Management (CRM) systems, like Salesforce, to keep sales teams working on the same key customer data. Furthermore, tags can be leveraged to track contracts containing non-standard or negotiated clauses, to enable reporting on trends on organizational risk.
SpringCM gives administrators a complete view of their organizations contract process, with the ability to monitor and report on their contract workflows. Users can stay on top of the current workflows in motion, identify and troubleshoot contract bottlenecks and further optimize their process.