Why should Contract Management be an integral part of overall Sales Process ?

In today’s subscription economy, Quote To Cash is one of the common business processes across all organizations. The variety and complexity in its offerings require the best configuration of products, services, and pricing to create up-selling and cross-selling opportunities.

With more and more companies offering their products and services in subscription models, the need of the hour is to establish long term commercial relationships with customers and partners with the help of well-crafted agreements and renewals.

Benefits of this new paradigm are better revenue management and reduced conflicts.

  • Authoring an agreement is a part of the Contract lifecycle process in which it is important to take care of contract obligations, have knowledge of price protection or price escalation and have awareness of other terms and conditions to enhance contract effectiveness
  • Contract management no longer works in a silo and a continuous data flow between other applications like CPQ & CRM gives a granular insight into data
  • The automation with standardization in Contract Management reduces errors, expedites sales cycle and helps accelerate business growth
  • The auto renewals of assets before the expiration date of the agreement is another big advantage of this integration
  • Availability of key agreement data such as SLAs and contract documents corresponding to each account in CRM is a time saver for the sales and services team

In summary, the key aspect of CLM applications is not just the features and functionalities it offers out of the box, but how well it is implemented and integrated with QTC solutions for meeting client needs & achieve greater value for the business.

Article By Sachin Mittal — Solution Architect, CLM — Forsys Inc

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