Contract management – or contract lifecycle management (CLM) – is a software solution that provides full-time, automated contract monitoring and helps optimize each stage of the contract lifecycle. Pretty straightforward.
What Should the Right Contract Management Solution Look Like…and Do?
In part one of this two-part blog series, we explored some of the challenges and strategies around a global contract management solution implementation. From the required melding of global-local considerations to the absolute need for contract visibility and data transparency, having the “right” contract lifecycle management technology (CLM) means having the advanced capabilities to meet a wide range of enterprise, performance and user objectives. Here’s how to make it so.
Choosing the Right Contract Management Solution to Keep from Spinning Out of Orbit
In the spirit of the anniversary of the first moon landing 50 years ago, if a typical contract management solution implementation is “one small step” toward improving a company’s efficiency, then a global deployment is “one giant leap.”
In this two-part blog series, we’ll explore the mission control elements that are critical to ensuring that leap doesn’t end up lost in space.
Give your organization a clear, consistent process for optimizing contract management.
According to the IACCM (International Association of Contract & Commercial Management), two-thirds of participants at their conference a few years ago admitted that their companies lack a clear, consistent workflow for contracting. Some had no formal definition, while others had wide variations between countries or operating units. Since contracts are the most fundamental part of doing business, not having your workflow in high gear means your organization is going to sputter and stall.
Executives in all functions and lines of business are driven to create shareholder value, a challenge that increasingly requires them to take calculated risks that often involve the supply chain. From a shareholder’s perspective, nothing destroys the perceived value of an investment faster than negative press, even when it is the unintended result of ‘pushing boundaries’. In some cases, the criticism may not even be due to a company’s own actions, but rather those of their suppliers (or suppliers’ suppliers).
How supplier management is impacting organizations more than ever.
Organizations are starting to adopt a new attitude when it comes to their suppliers – treat them like customers. This seems basic, but the truth is, supplier management is evolving fast; it is critical not only to catch up but to get ahead of the curve.
Expanding the value of contracts by leveraging relationships on the Salesforce platform.
As the leading authority on all things contract related, The International Association for Contract & Commercial Management (IACCM) has a truer picture of the current state of contracts at any given time than anyone. As such, IACCM looks at the impact of contracts and the relationships they represent beyond just the legal department, and they are big proponents of using contracts as “living documents” to maximize the potential they hold to benefit all parties involved.
Integrating Determine contracts with Salesforce contacts to drive business opportunities.
The Determine Contract Management App on the Salesforce Appexchange is yet another way to be more agile, proactive and responsive in the ever-competitive business world. [inlinetweet prefix=”” tweeter=”” suffix=”#ContractManagement”]Teams that can jump on opportunities to build sales and secure new third-party relationships by immediately initiating the contract process on the spot give themselves – and their organizations – every advantage in empowering bottom-line results.[/inlinetweet] The following screenshots show you how easy it is to request, manage and collaborate on contracts between our Salesforce app and Determine Contact Management solution.
Harness the power of Determine Contract Management, directly in your Salesforce opportunities.
For those who aren’t that familiar with Salesforce, here’s a little background. Salesforce, a global giant and the world’s leading customer relationship management (CRM) platform, helps companies customize, personalize, track, and analyze prospect and customer journeys. Boasting over 150,000 customers, the cloud-based platform provides its clients with insight, visibility, and control into their sales cycles – all the way from developing a new sales lead to the decision of “Let’s Do Business.” That’s why so many sales teams — likely yours — rely on it.
How much value is your business gaining from your contracts?
If an executive asked you what a given contract was worth, most of us would likely give an answer based on the estimated spend with that supplier as a result of projected volume, negotiated costs and term. While this would be an accurate answer, it limits the “value” of the contract to its transactional footprint.