Without a Contract Lifecycle Management (CLM) system, the critical contract process grinds to a halt. Contract processes that are not governed by CLM can suffer from the lack of clear delegation of responsibilities during the review cycle as well as the lack of visibility into the latest versions and negotiations of a contract, resulting in painful status calls and emails.
The contract review process varies by organization and grows in complexity as contract negotiations necessitate the involvement of cross-functional groups - both internally and externally - including legal, finance and executive management. Companies who leverage a contract solution to help streamline and track contract activity are able to recognize impressive returns in the categories of productivity and visibility for their teams.
SpringCM simplifies collaboration during contract reviews and approvals by tracking each action taken on a contract and increases visibility by allowing reviewers to easily identify pending and completed activity at every stage of contract review.
In SpringCM’s 2016 State of Contract Management report, sales professionals indicate that the contract process involves departments outside of Sales, and employ a variety of ways to collaborate on contracts:
Use SpringCM Advanced Workflow to automate contract routing during negotiations and to ensure it gets to the right people at the right time. SpringCM Advanced Workflow allows you to introduce smart routing and conditional logic to your contract workflows and ensures proper oversight to contracts flowing through the system.
With SpringCM Activity Tracking, you’ll always know the status of a contract during negotiations and reviews. Users gain visibility into all changes made to the contract, including who has taken any action, what actions were taken, the date the actions were taken and the comments provided. In addition, you can track pending actions such as who has the contract and their assigned task, the date the task was assigned and when it is due. Every action taken on the contract is recorded in the document history, providing a complete audit trail of the contract process.
Send a secure link to the contract from SpringCM to easily collaborate externally with prospects, vendors and partners to share, capture feedback, and redline important documents without introducing the risk of using email attachments.
SpringCM integrates with common CRM software, including Salesforce, in addition to serving as a stand alone platform. Sales reps can access all relevant customer data without leaving the CRM itself. On the other hand, stakeholders can view contracts from SpringCM without needing an additional CRM license, saving customers money. Additionally, all the information within a contract is fed back into the CRM, providing analytics into contract performance and a 360-degree view of the customer.
SpringCM integrates with leading electronic signature tools, AdobeSign and DocuSign, allowing contracts to be signed within seconds straight from SpringCM.
Avoid contract errors from the start and minimize version confusion throughout the process. From SpringCM’s secure cloud repository, both parties can work on one contract at the same time, eliminating the back-and-forth (and risk) involved with emailing contract redlines.
Surface the latest version, while still having access to the contract's history, including older versions. When it’s time to edit a contract, users can lock into the document to ensure one player is making edits at a time, and automatically notify all stakeholders when an action has been completed on the contract. Compare the current version of a contract to past versions to gain a better understanding of how your negotiations evolved and ensure no changes to the contract have been overlooked during review.
Users can select pre-approved clauses and related terms from a shared clause library that can be added to a template and reduce reliance on Legal. Legal users can also leverage the familiarity of Word with the SpringCM Microsoft Office 365 Add-in to quickly find and review alternative language in the clause library, keeping the contract process moving and standardizing contract language across the organization.